Blog - Page 24 of 24 - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

City of Sandusky Tax Increase for 2015

Effective January 1st, 2015, the municipal income tax rate for the City of Sandusky will increase to 1.25%. All tax withheld for the City of Sandusky must be at the rate of 1.25%. The credit factor (tax credit) for residence tax purposes will remain 0.00%. The credit rate (credit limit) shall not exceed 1.25%. If …

Change in FUTA Tax Rate for 2015

The federal unemployment tax, also known as the FUTA tax, pays unemployment compensation to workers who lose their jobs. Employers pay FUTA taxes on the first $7,000 of each employee’s annual wages at a rate of 6.0%. Employers who pay their state unemployment taxes on time receive a credit reduction of 5.4%, making the net …

Ohio’s minimum wage is increasing effective January 1st, 2015

For companies with gross receipts over $297,000.00, the new hourly minimum wage will be $8.10 for non-tipped employees and $4.05 for tipped employees. For companies with gross receipts under $297,000.00 the minimum wage remains at $7.25 for non-tipped employees and $3.63 for tipped employees. If you have any questions related to these increases, please feel …

Employer & School District Withholding Tax Change 2015

Effective with any payments made after January 1, 2015 (including your December, 2014 payments that are due in January), all employers will be required to pay their income tax and school district income tax withholdings electronically using the Ohio Business Gateway. Also, any other withholding forms such as the annual reconciliations (Forms IT941, SD141 and …