Return to Sender
Filed quarterly; due by 31st following quarter close. Reports/reconciles employer federal income taxes (FIT, FICA)
Form 941
FMLA
Family Medical Leave Act
This type of insurance is a mandatory insurance to protect against employee injury on the job; mandatory by law once first employee is hired by an organization in NYS
Worker's Compensation
Compensation that makes up for out-of-pocket expenses while carrying out work-related duties; not considered taxable income
Reimbursements
$16.00/hour
What is the NYS hourly EE minimum wage?
State Income Tax
What is an Employee Withholding payroll tax?
Filed Annually; due to employees by Jan 31st following year. Employee annual wage, gross to net, with withholding/deduction summary; used to file personal income tax return
W-2
FUTA
Federal Unemployment Tax Act
This law mandates accrual of Sick PTO:
Min. 40 hours time off* (0-4 EEs)
Min. 40 hours PTO (5-99 EEs)
Min 56 hours PTO (100+ EEs)
~1 hour accrued for every 30 hours worked
NY Paid Sick Leave
*time off may be unpaid based on annual revenue of the business; if $1M or more, it is PTO
Sum of money paid to an employee upon completion of a task, usually sales of goods or services
Commission Wages
$66,300
What is the Long Island, Westchester and NYC Boroughs minimum salary for exempt EE?
Medicare
What is a shared payroll tax?
Filed quarterly in New York; due by 31st following quarter close. Reports/reconciles employer state income tax, state unemployment insurance tax, local income tax
NYS-45
LIT
Local Income Tax
Mandate that private-sector employers with 10 or more employees, who have been in business for at least two years and do not already offer a qualified retirement plan, must provide access to a state-sponsored retirement savings program for their employees. Employees are automatically enrolled in a Roth IRA, contributing a default of 3% of their wages, with the ability to opt out or adjust their contribution. The employer's responsibility is limited to administering the payroll deductions and remitting the funds to the program
NY Secure Choice Savings Program
The amount an employee is paid for each piece of product produced
Piecework Wages
$17.00/hour
What is the Long Island, Westchester, and NYC Boroughs hourly EE minimum wage?
Federal Income Tax
What is an Employee Withholding?
Filed Annually; due by Jan 31st following year. Employer wage summary, by employee with company totals, gross to net, with withholding/deduction summary
SUI
State Unemployment Insurance
This law states that, when employees work over 10 hours during a 24 hour period, an extra hour must be paid at minimum wage
Spread of Hours
Broad term describing financial benefits the employee receives that increase net pay, including but not limited to: 1) charge tips, 2) commissions, 3) bonus
Other Earnings
3.9% to 10.9%
What is the (range for) income tax withholding rate?
State Unemployment Insurance
What is an Employer Responsibility payroll tax?
Filed Annually; due by Jan 31st following year. Annual FUTA return
Form 940
FICA
Federal Insurance Contributions Act
1) Form I-9 (EE legal name, SSN/ITIN, address); and
2) Form W-4/ applicable state withholding form; and
3) Signed employee agreement (wage acknowledgment); and
4) (optional) Employee banking info.
What is required to setup an employee on payroll?
Financial benefits an employee has already received that do not increase net pay (cash award, cash tip, employer 401(k) match) included in taxable compensation calculation so taxes can be withheld on these amounts, but will not show up on an employee’s paycheck as monetary amount as benefits were already received
Other Items
$62,353.20
What is the NYS minimum salary for exempt EEs?
Social Security
What is a shared payroll tax?