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Payroll Documents

Payroll FAQ's

Q. How does the New Credit for Hiring a Veteran work for employers?

This credit is a part of the Vow to Hire Heroes Act which was signed into law on November 21, 2011. This new law allows a maximum credit of $2,400, per eligible veteran worker, for employers who hire veterans who have been unemployed for at least one month. The credit is increased to a maximum of $5,600, per eligible veteran worker, for employers who hire a veteran who was unemployed for at least six months. Employers who hire a veteran that has been unemployed with a service connected disability may be able to claim a maximum credit of $9,600 per eligible worker. This credit is scheduled to expire on December 31, 2012.

Q. How long should I keep my payroll records?

Payroll records and employment tax records should be kept for a minimum of 7 years. Employee files should be kept for a minimum of 7 years after the relationship with the employee has been terminated. Benefit plan and pension plan records should be kept permanently.

Q. How Much Can My Employees Contribute to 401(k) Plans in 2015?

In 2015, the amount participants can elect to contribute on a tax deferred basis to their 401(k) plans is $18,000. This is also the amount for 403(b) plans and most 457 plans.

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