When you're making your list and checking it twice, be sure to include payroll processing in your list of things to get done before the holidays!
Corporate Payroll Services and banks will be closed on Monday, December 25, 2017 and Monday, January 1, 2018 in observance of the Christmas and New Year’s holidays. On Friday, December 22, 2017 Corporate Payroll Services will close early, at 2pm.
If you are a direct deposit or CPS Checks customer, please submit payroll at least one business day early to ensure proper funding of employee bank accounts.
Christmas Direct Deposit deadlines are:
Checks Dated On: Submit Payroll By:
Friday, 12-22-2017 Wednesday, 12-20-2017
Tuesday, 12-26-2017 Thursday, 12-21-2017
Wednesday, 12-27-2017 Friday, 12-22-2017
New Year’s Direct Deposit Deadlines are:
Checks Dated On: Submit Payroll By:
Friday, 12-29-2017 Wednesday, 12-27-2017
Tuesday, 1-02-2018 Thursday, 12-28-2017
Wednesday, 1-03-2018 Friday, 12-29-2017
Payrolls must be submitted prior to your branch’s cut off time to be processed the same day. Payrolls submitted after your branch’s cutoff time on Friday, 12-22-2017 or Friday, 12-29-2017 will not be processed until the following Tuesday. Auto-run payrolls will be processed early to ensure timely funding of employee bank accounts. If you have any questions, please contact your Payroll Specialist at your Branch Office.
Also please note that delivery companies often run behind at this time of year. So if you usually receive your payroll by a certain time, it may arrive later in the day than usual due to heavier delivery volumes. To ensure timely delivery, you may want to submit your payroll one to two business days early.
At this time of year, all of us at Corporate Payroll Services would like you to know how thankful we are that you have chosen us to be your payroll provider. Have a safe and happy holiday season and a prosperous 2018!
Social Security Maximum Taxable Earnings Updated…Again
Due to potential tax changes currently being considered in Congress, the IRS has indicated that guidance for the 2018 tax year, which includes the payroll tax tables, will be issued later than normal. Since both the House and Senate bills contain changes to income tax rates, personal exemptions and the standard deduction, which may be effective in 2018, it is anticipated that the withholding tables and Form W-4 will require extensive revisions.
Currently, the final bill is being negotiated in conference committee to reconcile the different tax reform bills passed by the House and the Senate. That final negotiated bill would have to be passed by both houses and signed into law by the President.
When and if a bill is signed into law, employers will continue to use 2017 withholding tables until the new 2018 tables are released. Even if the rates are effective January 1, 2018, the IRS will need time to incorporate changes required by the new law. The IRS acknowledged that payroll professionals will need time to program and test the updates, as well. Of course, Corporate Payroll Services will continue to monitor the changes and keep you updated as guidance is provided.
Social Security Earnings Limit Changes
The maximum earnings subject to the Social Security tax will increase to $128,400 in 2018 from $127,200 in 2017. The original increased amount was $128,700, but it was recalculated when the Social Security Administration received additional salary data after the deadline which was not included in the original calculation. The $1200 or 0.95 percent increase is based on the government’s estimate of inflation-adjusted wage growth. Employers may want to notify affected employees of the increase.
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