Potpourri
The new CRM system goes by this name
What is HUBSpot?
This is an easy and prompt way to add a new employee
What is Quick Hire?
The OBBBA was signed into law on this patriotic national holiday, 2025
What is July 4th?
Employers are required to send W2s out to their employees by this date of the new year
What is Jan 31st?
Contractors do not receive one of these if they did not make $600 in non-employee compensation, dividends, or interest in the year
What is a 1099?
What is Taxable and Non-Taxable
Effective for 2025 through 2028, individuals who receive qualified overtime compensation may deduct the pay that exceeds their regular rate of pay – such as the “half” portion of “time-and-a-half” compensation
What is the FLSA OT Premium
This box is where your Federal Income Tax withheld goes
What is box 2?
An agreement between states allowing employees who work in one state but live in another to pay income taxes only to their home state.
What is Reciprocity?
The two places Eligibility Rules can be set up in the system
What is Management/Benefits/Eligibility Rule and Client Management/Time Management/Eligibility Rule
High earners of $145k+ prior year wages must make their catch-up contributions a Roth (after tax)
What is the Roth Catch Up Rule; Secure 2.0 Act
This is a Corrected Wage and Tax Statement is used by employers to correct errors on a previously submitted Form W-2, IRS (www.irs.gov) and the Social Security Administration
What is a W2 C
This requires overtime pay (1.5x) for non-exempt employees working over 40 hours a week.
What is the FLSA, Fair Labor Standards Act?
Maximum annual deduction is $25,000; for self-employed, deduction may not exceed individual’s net income (without regard to this deduction) from the trade or business in which the tips were earned.
What is No Tax on Tips?
Your employer's identification number can be found in box
What is EIN?
Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas Washington and Wyoming do not have this
What is Withholding Tax (state income tax)
Not: ER is still responsible for withholding federal taxes
This are the 401K and IRA limit increases for 2026
What is (401(k) limit increases) $24,500 and $7,500 for Simple?
Retirement plan contributions (e.g., 401(k)), health insurance premiums, or dependent care benefits belong in this box
What is Box 12?