FAQ for Businesses
Why should I choose Pappalardo & Merrill for my business accounting over other providers?
It’s simple. We specialize in new business startups and businesses that have been underserved by their previous accounting firm.
We concentrate on helping you grow your business. That means using all available tools and strategies to lower your tax bill and creating detailed plans for the financial challenges ahead.
What are the rates and the social security wage bast limit?
Social Security and Medicare taxes have different rates and only the social security tax has a wage base limit. The wage base limit is the maximum wage subject to the tax for the year. Determine the amount of withholding for social security and Medicare taxes by multiplying each payment by the employee tax rate. There are no withholding allowances for social security and Medicare taxes.
The 2011 employee tax rate for social security is 4.2% (amount withheld). The 2011 employer tax rate for social security is 6.2% (10.4% total). The 2011 wage base limit is $106,800, unchanged from 2010.
The 2011 employee tax rate for Medicare is 1.45% (amount withheld). The 2011 employer tax rate for Medicare tax is also 1.45% (2.9% total). There is no wage base limit for Medicare tax; all covered wages are subject to Medicare Tax.
Can I hire a youth under the age of 16 to work for my company?
No youth shall be employed or permitted to work in an hazardous occupation, except in an apprenticeship, vocational rehabilitation, or training program approved by the commisioner. No youth under 16 years of age shall be employed or permitted to work without a certificate except:
a) For his parents, grandparents, or guardian
b) At work defined in this chapter as casual
c) As farm labor
No youth under 12 years of age may be employed or permitted to work excpet for his parents, grandparents, or guardian, or at work defined in this chapter as casual, or in the door-to-door delivery of newspapers.
Chapter 276-A
NH Youth Employment Law
What do I need to file with the states of New Hampshire or Massachusetts when I hire a new employee?
For businesses it is an obligation to report all new hires within 20 days after you hire a new employee or rehire a former employee. Also, businesses that contract with individuals or sole proprietors to perform services are required to report these individuals within 20 days if the reimbusement for such services is anticipated to exceed or exceeds $2500.00 in a calendar year.
New Hampshire with link to this pdf
http://www.nh.gov/nhes/documents/des605.pdf
Massachusetts with link to this pdf
http://www.mass.gov/Ador/docs/cse/programs/newhire/nhr.pdf
Do you specialize in certain kinds of businesses?
No. We have experience in helping clients find business success, no matter what their field.
We have worked with a wide variety of businesses – auto dealerships, contractors & real estate developers, law firms, restaurants, non-profits and designers & architects, to name a few.
My business is not located in New Hampshire. Can P&M still help me?
Yes, we can. While our offices are located in Derry and Plaistow, New Hampshire, we work with clients across the country.
How do your services work?
Your first meeting will be with one of our partners, Adam Pappalardo or Fred Merrill. From there, you’ll be teamed with one of our experienced staff members for your day to day needs. Adam or Fred will continue to look after your account and complete your tax return.
Are your services expensive?
No. Since our goal is to improve your bottom-line, we start by providing you with the most cost-efficient services available.
Our team-centered approach that works on two levels – better, expanded service for you AND more cost efficiency. By having a staff member share the workload with a partner, we can charge a lower hourly rate, further adding to your bottom line.
What are the tax deadlines for fiscal-year business taxpayers?
Partnerships
Form 1065 – Due on the 15th day of the 4th month after the end of the partnership’s tax year.
Corporations and S Corporations
Form 1120 and Form 1120S – Due on the 15th day of the 3rd month after the end of the coporation’s tax year.
Estimated Tax Payments
Due on the 15th day of the 4th, 6th, 9th, and 12th months of the corporation’s tax year.
Trusts and Estates
Form 1041 – Fiscal-year estates and trusts must file Form 1041 by the 15th day of the 4th month following the close of the tax year
What is the business standard mileage rate?
Taxpayers are required to have a detailed milage calendar.
The 2011 standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:
PURPOSE
RATES EFFECTIVE AS OF
01/01/11
BUSINESS .51
MEDICAL/MOVING .19
CHARITABLE .14
How much will bookkeeping services cost?
Using our accounting and bookkeeping services can save you on two of your most important business assets — money and time. Outsourcing this vital function to our seasoned professionals will help you reduce overhead associated with additional staffing such as benefits, payroll taxes and software, to name a few.
And the best part? By leaving the accounting and bookkeeping to us, you have more time to focus on what you do best — run your business! Contact us today to learn how much time and money you can save by outsourcing your accounting and bookkeeping to P&M.
What is the 2010 FICA wage limit?
Do not withhold social security tax after an employee reaches $106,800 social security wages. (There is no limit on the amount of wages subject to Medicare tax.) Social security and Medicare taxes apply to the wages of household workers you pay $1,500 or more in cash. Social security and Medicare taxes apply to election workers who are paid $1,300 or more.
If my children work for me in my business, what employment taxes do I have to pay?
FICA tax generally is imposed on all employers and employees. However, some employment is exempt from FICA tax including:
-employment of a child under age 18 for a parent; or by a child under age 21 for a parent, if the services are not in the course of the parent’s trade or business or consist of domestic service in the parent’s private home.
read more link to here http://cpa-services.com/special_hir.shtml
What if a MA based self-employed (MA resident) has no insurance? How is that handled on the Massachusetts tax return and what are the consequences?
If a person is self-employed and can afford to purchase a plan through Health Connector and fails to sign up by November 15, 2007, they will lose their personal exemption on their 2007 Massachusetts tax return, unless there is an appeal granted by the Health Connector.
Do we offer payroll services?
We offer competitively priced payroll services. We have an experienced staff that will process your weekly payroll in an efficient and timely manner. We give personalized attention to each client, which ensure that you will speak directly to the person preparing your payroll if there are any questions.
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