Media Data Services, Inc.

Most Recent News Highlights:

NEW JERSEY ENACTS LAW REQUIRING EMPLOYERS TO PROVIDE PAID SICK LEAVE: On May 2, 2018, Governor Murphy signed a bill requiring employers to provide paid sick leave. The law will take effect October 29, 2018. Employees will accrue one hour of paid sick leave for every 30 hours worked, up to 40 hours in a year. As an alternative to the accrual, employers may opt to provide employees with the full amount of paid sick leave for a benefit year on the first day of the benefit year. Employees will be eligible to use accrued paid sick leave on the 120th calendar day after employment begins, unless an employer agrees to an earlier date. NJ is the 10th state to enact paid sick leave requirements. This law preempts any of the existing 13 NJ local city paid sick leave requirements. For more information, please go to http://www.njleg.state.nj.us/2018/Bills/PL18/10_.PDF

RECENT NEWS FROM IRS: IRS released  FORM W-4 for 2018 (2/28/18) with CALCULATOR TOOL to help complete the form. Please tell your employees to review their withholdings based on this updated information and complete an updated Form W-4. Please submit any updated Form W-4s  to your to your Media Data Account Representative. Please read the IRS PRESS RELEASE and FREQUENTLY ASKED QUESTIONS and visit IRS.GOV  for more information.  

Highlights from Media's Recent Payroll News and YE 2017 & 2018 Preview: 

IRS:  1) All W-2s must be reported to the Social Security Administration no later than January 31, 2017. Any changes to employee social security numbers or addresses, as well as any reporting information on taxable fringe benefits or disabilities must be reported to Media by December 15, 2017 to avoid penalties.  2) 2018 pension plan limitations for 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan will be $18,500 up from $18,000. The catch-up contribution limit for employees aged 50 stays at $6,000.

Social Security Administration (SSA) Announcement: The SSA announced that the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $128,400 from $127,200 beginning January 2018.

ACA and Health Care Reporting: Reporting requirements relating to the Patient Protection and Affordable Health Care Act and the Health Care and Education Reconciliation Act of 2010 are no longer optional for employers that filed more than 250 Form W2s. Media has the tools necessary to accommodate all reporting requirements for Form 1095-C. Please contact us if you require this service.

Update to FUTA Credit Reduction: California and the U.S. Virgin Islands are the only states or territories that remain subject to the FUTA credit reduction in 2017 at 2.1%. New Jersey, New York, Pennsylvania are not subject.

Update for State of New Jersey: NJ's minimum wage goes up to $8.60 in 2017 from $8.44 (consistent with rise with the index).

New York PFL: Please be aware that the New York Paid Family Leave (PFL) begins January 1, 2018. The current rate has been set at 0.126% of an employee's weekly wage. See below link for more information.

Please note that Media does not provide accounting or legal advice.  

Links to Full Text of Media's Payroll News:

2017 Year-End Information and 2018 Tax Preview 

New York PFL Update

Archives:

2016 Year-End Information and 2017 Tax Preview  

2015 Year-End Information and 2016 Tax Preview

2014 Year-End Information and 2015 Tax Preview

2013 Year-End Informatio and 2014 Tax Preview