For 2015, there are new regulatory requirements issued by the government that reflect what an employer needs report and file for payroll purposes. Effective January 1st, 2015, new federal laws cover taxation, benefits, government contractors, workplace safety, and healthcare (with addition to reports W2 and 1009, employers need to give to on-board employees with details about compensation pay and withholdings).
What payroll laws will affect my filing requirements for the 2015 fiscal year and improve my payroll solutions?
On deductions for HSAs, new regulation increases annual limitation to $3,350 for an individual on a high deductible plan and $6,650 for individual with family coverage on a high deductible plan.
Dental and vision benefits and employee aid programs are addressed as limited excepted benefits. Rules mainly influence group health plans and insurance providers starting in 2015 for plan years (Enforced by IRS, HHS, & EBSA).
Executive Order 13658 requires certain government contractor’s minimum wage to increase to $10.10 per hour and $4.90 for tipped employees.
Industries that are partially exempt from OSHA record keeping requirements have been updated and added to the list. Now these companies are required to report and keep OSHA 300 logs, which has developed on the types of serve injuries/fatal accidents. This may affect your company’s payroll system; awareness of the list and distress employees under the act should be compensated in wages.
Larger firms with over 100 or more full-time employees make obligatory ‘pay-or-play’, put into effect by the ACA.
On a state level, laws that went into effect in 2015 focus on paid-sick leave laws and ‘ban-the-box’ laws. For payroll laws in Oklahoma, no laws effecting paid-sick leave; this is an added benefit and if added, employer enforces sick leave in employee handbook. State employees go off a schedule based on the years of service.
State Unemployment Insurance (SUI) for Oklahoma has modified their payroll laws recent. For 2015, wage based has decrease to $17,000. Contribution rates now must fall between 0.1% and 5.5%. New Hire reporting must be filed within 20 days to the Oklahoma New Hire Reporting Center. All basic Oklahoma Withholding Requirements carry from previous year.
LUXA Enterprises is a group specializing in payroll services and payroll law for small and mid-size businesses in the Tulsa and surrounding areas. LUXA Enterprises provides help in payroll processing services for small businesses to increase each entity to grow from a trusted provider.