Payroll Experts is thrilled to announce that we have been named a finalist for the prestigious 2009 Sterling Award in the category of Small Business.  In its 24th year, the Sterling Awards continue to honor our city’s best corporate neighbors and brightest rising stars.  The Sterling Award, Small Business category recognizes a company that demonstrates success through product or service innovation, quality and professionalism, and has made contributions to community-oriented projects.  We are extremely honored to be named as a finalist, as the process for being selected began with a rigorous application, which was reviewed along with all other Small Business category applications, by a panel of  four judges who narrowed our field down to the three finalists. The judging team then visited Payroll Experts and the two remaining finalists to conduct a personal interview and get a behind-the-scenes look at our operations. With that step complete, each judge will independently cast a set of points for the finalists based on our embodiment of the award criteria.  The winner will be announced at the Sterling Awards Banquet Thursday, November 12th.  We would like to extend a special thanks to our clients who graciously offered up their kind words to be used in our presentation.  Your testimonials definitely wowed the judges and brought a smile to all of our faces.  Thank you all for your support and for being a part of the Payroll Experts' family!  ..

AMERICAN PAYROLL ASSOCIATION
Compliance Update

Social Security Wage Base Remains at $106,800 in 2010 The Social Security Administration (SSA) announced on Thursday, October 15, 2009, that the 2010 social security wage base will be $106,800, unchanged from 2009. As in prior years, there is no limit to the wages subject to the Medicare tax; therefore all covered wages are still subject to the 1.45% tax.

The FICA tax rate, which is the combined social security tax rate of 6.2% and the Medicare tax rate of 1.45%, remains at 7.65% for 2010. The maximum social security tax employees and employers will each pay in 2010 is $6,621.60. This is unchanged from the 2009 maximum.

The social security wage base for self-employed individuals in 2010 will also be $106,800. There is no limit on covered self-employment income that will be subject to the Medicare tax. The self-employment tax rate remains 15.3% (combined social security tax rate of 12.4% and Medicare tax rate of 2.9%). In 2010, the maximum social security tax for a self-employed individual will be $13,243.20. This is unchanged from the 2009 maximum.

FICA coverage threshold unchanged for domestic, election workers The threshold for coverage under social security and Medicare for domestic employees will be $1,700 in 2010, unchanged from 2009; the coverage threshold for election workers will be $1,500 in 2010, also unchanged from 2009.  ..