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Category: Resource
13 Articles
Orange arrow What is an Individual Taxpayer Identification Number (ITIN)?

  In some instances an employer may have an employee who uses an Individual Taxpayer Identification Number or ITIN. What is an ITIN? An ITIN is a tax processing number issued by the Internal Revenue Service. It is a nine-digit number, (Similar to a Social Security Number) that always begins with th...
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Orange arrow My business is changing locations, how do I inform the Illinois Department of Revenue?

  ILLINOIS DEPARTMENT OF REVENUE ADDRESS CHANGE There are 4 different methods in which you can inform the Illinois Department of Revenue that your business has changed its address. By phone – 217-785-3707 Please complete the following to inform by e-mail: Log into the Tax Payer Answer C...
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Orange arrow What is FICA?

  The Federal Insurance Contributions Act (FICA) refers specifically to the Social Security (OASDI) and Medicare Federal taxes. Both the employer and the employee contribute to FICA Each of these taxes is reported separately. For more information, see the instructions for Form 941. What is the 2015 ...
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Orange arrow What is the new Chicago minimum wage?

  On December 2nd, 2014 the Chicago City Council passed an ordinance that will raise the minimum wage for Chicago workers to $13.00 per hour by 2019. The ordinance also increases the minimum wage for tipped employees in from the current state minimum of $4.95 to $5.45 in 2015 and $5.95 in 2016. Chic...
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Tagged: Minimum Wage

Orange arrow Do I have an employee or an independent contractor?

  The IRS has defined the diference between an employee and independent contractor. It is very important to understand the difference as each is handled differently for taxes and filing. This article will assist with an overview of how to determine who is an employee and who is an independent contrac...
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Orange arrow What is Federal Unemployment(FUTA)?

  The Federal Unemployment Tax Act, with state unemployment systems, provides for payments of unemployment compensation to workers who have lost their jobs. Most employers pay both a federal and a state unemployment tax. Only the employer pays FUTA tax; it is not withheld from the employee's wages. F...
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Orange arrow What is Minimum Wage?

  The federal minimum wage provisions are contained in the Fair Labor Standards Act (FLSA). The federal minimum wage is $7.25 per hour effective July 24, 2009. Many states also have minimum wage laws. Some state laws provide greater employee protections; employers must comply with both. Tip Credit: ...
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Tagged: Minimum Wage

Orange arrow How long should I keep records?

  It is very important to keep specific records on file. Per the IRS, all records of employment taxes for at least four years after filing the 4th quarter for the year. These should be available for IRS review this includes: IRS These records should be kept for a minimum of 4 years: Your...
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Orange arrow What is a Control Group?

  A Control Group can be defined in one of the following ways: Parent-subsidiary group A parent-subsidiary group is one or more chains of corporations connected through stock ownership with a common parent corporation if: Stock possessing at least 80% of the total combined voting power of al...
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Orange arrow Affordable Care Act (ACA) FAQ

  What is an Applicable Large Employer (ALE)? Are you one? Who is a Full Time Employee? Who is a Full Time Equivalent (FTE)? How do I determine a Full Time Employee? What is a Measurement Period? What is a stability Period? What is a Control Group? What is Minimum Essential Coverage (MEC)? Wha...
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Orange arrow What are the Affordable Care Act Certifications of Eligibility?

  Below highlights each Certification of Eligibility. Please speak with an accountant or your health care provider to determine if you meet one or all of these. Qualifying Offer Method In an attempt to ease the reporting burden for employers who offer minimum essential coverage at a very minimal ra...
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Orange arrow What are the different types of federal forms and publications?

  There are many forms a business may be required to file and some their employees are required to present to them. Below is a list of the most common federal forms employers and employees will see. I-9 The I-9 form is used to verify the identity and employment authorization of individuals h...
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Tagged: Payroll

Orange arrow What are Federal Holidays?

  Federal or "legal holiday” means any legal holiday in the District of Columbia. Legal holidays for 2016 are: January 1— New Year's Day January 18— Birthday of Martin Luther King, Jr. February 15— Washington's Birthday April 15— District of Columbia Emancipation D...
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