The first time clock was invented in 1888 by Willard Le Grand Bundy, a New York jeweler. A year later, his brother, Harlow Bundy, formed Bundy Manufacturing Company which started mass producing time clocks. At that time they were mechanical machines.
By the late 20th century, time clocks switched over to electronic or computer-based time clocks. Some common types included: magnetic strips, RFIDs, and barcodes. Many systems even allow employees to request vacation or view their hours worked through the system. Smartclocks include technology similar to smartphones, with biometric components available to prevent “buddy clocking”.
CheckMark offers a large variety of different time clock solutions including biometric options. To figure out which type is right for your business, request a quote today.
Info from Wikipedia
Payroll doesn’t have to be hard. Payroll Software fits the bill for many companies and is a great and affordable option for them. However, it doesn’t fit the bill for all. If you’ve struggled with any of these 10 signs, consider contacting us for a free payroll services quote and let’s see if we can help you out!
1. I don’t have time for payroll! Payroll Services is a quick and easy submission of hours every payroll period. Your payroll specialist handles the rest. No more midnight troubleshooting.
2. I don’t know a thing about payroll. If you are totally clueless about payroll, it might be best to leave it to payroll specialists.
3. I need to focus on the core of my business. No shame there. Payroll is easy to take off your plate.
4. Complicated tax structure. So you live in one of those places that has what feels like a bazillion local and state taxes with all these different rules. Well, you can make that someone else’s problem.
5. When are taxes due? IRS loves late payments…means extra income for them!
6. I’m not organized. Payroll and payroll taxes require good organization to be accurate and timely.
7. It’s the bane of my existence! If you hate it, might as well pass it off to someone who likes it and spend more time doing what you are good at and enjoy.
8. Payroll taxes are daunting and stressful. You aren’t the only one. They also don’t have to be stressful to you.
9. Paying employees is stressful and confusing. Taxes, deductions, additional income, vacation…they all add up!
10. I’m worried about IRS penalties. No one likes penalties. Payroll Services assume the liability if they make a mistake.
Learn more about our Payroll Services or ask for a free quote today!
From 1913 on, tax law significantly expanded to include corporate and individual income taxes. 1918 saw additional expansion to include foreign tax credit and more income and deduction items.
1926 saw Title 26 come to be which formed the Internal Revenue Code and the US Code which included things like gift and estate provisions. The IRS was reorganized in 1954 to the IRS we know today.
WWI saw federal taxes expanding. Andrew Mellon who served as Secretary of the Treasury and was quite a wealthy businessman suggested that income tax reduction could spur growth. Multiple cuts were made, the last was the year before the Great Depression hit in 1929. Income taxes were raised again towards the end of the Depression and WWII and then reduced time and time again in the following presidencies. Bush’s second presidency also featured big cuts for corporations and the wealthy.
1986 saw a thousand pages of new IRS Code which included lowered tax rates, new international rules, lowered capital gain taxes, and much more. Not surprisingly, the tax code has been modified 34 out of 97 years(1913-2010)!
What will the future of payroll taxes hold?
Research from Wikipedia.
The United States currently has one of the most progressive tax systems in the industrialized world…but it wasn’t always that way. Currently, taxes from all sources (federal, state and local) add up to 24.8% of GDP and are based on net income of individuals and corporations.
Before 1776, taxes were paid to the United Kingdom by the Colonies who also imposed local taxes. Originally, when the United States was formed, the Articles of Confederation did not give the federal government the power to tax and left that to the States. However, in 1787, the US Constitution did give the federal government that power BUT a portion of those taxes had to be given back to the states based on population. Tariffs were the primary form of taxation during this time and throughout the 1800s.
Property taxes became the primary source of tax income, however a shift needed to occur to tax intangible property such as corporate stock…
In 1837, some states added income and property taxes. (In 1911, Wisconsin became the first to adopt individual and corporate tax). The Revenue Act of 1861 allowed a federal income tax until after the Civil War but was then found unconstitutional. It wasn’t until the 16th Amendment in 1913, that the federal government was granted the power to levy income tax on both property and labor and included corporate and individual income tax.
Next week: Payroll tax’s journey from 1913 to present day
Research from Wikipedia.
Wishing you, your friends, and family a fun-filled and wonderful July 4th!
How do I comply with the Reporting of Employer Sponsored Health Care on my W2s in my CheckMark Payroll Software?
Note: This reporting is NOT required for 2011, but will be mandatory for certain employers starting in 2012. For more information, refer to the IRS Notice 2011-28.
Continue using your Health Insurance deduction for the employee as you normally would. The reporting of the Employer Sponsored Health Care will not change what you are currently doing with your employee’s insurance AND this amount you’re reporting for the Employer Sponsored Health Care is NOT taxable and the values are NOT included in the employee’s taxable income.
Set this up at Year End:
1. Setup an Additional Income category as a Fixed Amount (0.00), Omit from net and exempt from ALL taxes. Check Box 12 and enter Code DD.
2. Assign the income to all employees that receive this benefit and enter the amount paid by the employer for each employee under the YTD tab at the end of the year..
It will show on the W2 in Box 12 with Code DD – it does NOT show on the W3.
HR on the brain and don’t know where to start? Request a demo on our HR Online Support Center and see how we can help! http://checkmark.com/hr_support.php