Changes to 2007 W-2, Minimum Wage, & More








Hi, I’m Jayne Miller, the QuickBooks Gal.


Welcome to another in our series of “Quicklets” –informational podcasts about QuickBooks and related bookkeeping topics. You can listen to our archived podcasts at blog.quickbooksgal.com. If you are a Peachtree user, be sure to listen to our new PeachPods at peachpods.custmbiz.com.


Today I want to talk a little about the changes to the 2007 W-2 form (don't forget to order your forms soon), and remind you of the changes in the Federal and State minimum wage laws (last July) . As a bookkeeper, payroll supervisor, or consultant, you will want to be advised of these changes and how they affect your state.


Changes to W-2 forms for 2007

The Social Security Number is being moved to the top of the W-2 form as the result of complaints that in the current form, where the number is underneath the name/address window in the envelope, it was sometimes visible.

Federal Minimum Wage changes are not the only changes to be aware of. Some but not all states altered their state minimum wage rates in July.


As a bookkeeper or payroll supervisor, you will need to know how your state is affected.


The states that have no minimum wage and therefore use the federal minimum wage are: AL, LA, MS, SC, TN.


The states that explicitly use the federal minimum wage are: GA, ID, IN, NH, NM, ND, OK, PR, SD, TX, UT, VA, WY.


The states that increased their minimum wage effective July 1. 2007 are: IL, MI, NV, PA, WV.

Payroll rates and bases - 2007

Soc. Sec. and Medicare rates 6.20%/1.45%


Social Security wage limit $97,500


Medicare wage limit Unlimited
FUTA taxable wage base $7,000
FUTA rate 6.2%
FUTA maximum credit 5.4%
Minimum FUTA deposit rate 0.8%

Mileage - 2007

Business


48.5¢/mile
Relocation
20.0¢/mile



Medical


20.0¢/mile
Charitable rate
14.0¢/mile



* Can be used only if taxpayer owns/leases a passenger auto, van, pickup, or panel truck not for hire (e.g. as taxi) that was not depreciated under ACRS, MACRS, or Sec. 179 in earlier years.
-The General Ledger, August 2007


Are you backing up your data?


I hope you find this discussion helpful. If you have questions about this topic, just drop me a line at jayne@quickbooksgal.com. If you are a QuickBooks user, check out blog.quickbooksgal.com for our podcast series about QuickBooks and other related bookkeeping topics.


Don’t forget that we are now serving Incline Village and Lake Tahoe. We have two great consultants in the area that will be happy to assist with QuickBooks or Peachtree training & support. Visit our website at tahoe.custmbiz.com.


Well, that’s it for now. I appreciate your time and hope you will join me again next time for another in our Quicklet series. If there are topics you would like me to cover or have questions, send your email to jayne@quickbooksgal.com.


Don’t forget to visit our website, www.quickbooksgal.com or www.custmbiz.com to learn more about me and my services.


Remember, you can read or listen to past podcasts at blog.quickbooksgal.com or our new Peachtree series at peachpods.custmbiz.com.


I’m Jayne Miller, The QuickBooks Gal. Thanks for listening.


Jayne Miller is the owner of Custom Business Solutions a consulting firm in Reno, NV that specializes in providing bookkeeping and software support.

Comments

Post a Comment

Popular posts from this blog

How to "Un" Apply Credits In QuickBooks

Image
Got a QuickBooks Mess? Call The QuickBooks Gal! Welcome to the QuickBooks Minute. I’m Jayne Miller, the QuickBooks Gal Recently, one of our Reno QuickBooks customers asked about "unapplying" credits in QuickBooks. While there are nicely labeled apply credits buttons, there are none marked unapply. This is the case for both customers (invoicing) and vendors (paying bills). So here is how it is done: For customers, it is a fairly easy process. Go to the invoice to which the credit was applied. Then click on the "Apply Credits" button. In the lower half of the new window that pops up is a list of Previously Applied Credits. Simply find the one, or ones you wish to unapply and click on the check mark next to it to make the check mark disappear. The credit will no longer be applied or tied to that invoice. For Vendors, i.e. bill payments, it is not as clean and simple. The only way to unapply a credit in such a case is to Delete the credit. You can then ...
Read more

Qbb, Qbm, Qbx, or Qbw - What's the Difference?

Image
Got a QuickBooks Mess? Call The QuickBooks Gal! Welcome to the QuickBooks Minute. I’m Jayne Miller, the QuickBooks Gal Do you know the difference between a QuickBooks Back up (.qbb), QuickBooks Portable file (.qbm), Accountant's Copy (.qbx) and a QuickBooks Company file (.qbw)? As a consultant & a bookkeeper, I am often asked what's the difference between these types of files. Many times a client will bring me their work along with what they think is a backup when, in fact, they have just copied the entire QuickBooks company file. Of course, I can't restore from that type of file, however I can drag & drop it into the proper directory on my computer in order to process their work. However, if they had just brought a backup or portable file, then I could have restored and worked just as easily and they would not risk their company file by copying it....I am always afraid that I might accidentally delete it, so I stay away from that option! Here's a comparison o...
Read more

Printing Labels In QuickBooks

Image
Got a QuickBooks Mess? Call The QuickBooks Gal! Welcome to the QuickBooks Minute. I’m Jayne Miller, the QuickBooks Gal. One of my clients recently asked if it was possible to print labels in QuickBooks… and if so, how is it done? QuickBooks prints mailing labels or Rolodex cards from any of the following lists: • Customers & Jobs- (customer names only, not specific jobs) • Vendor • Employee • Sales Rep • Other Names Here's how: Go to the File Menu, click Print Forms and then click Labels. Choose the names you want to appear on the labels or cards. QuickBooks gives several options on the “Select Labels to Print” window that displays. Click OK after choosing the options and the “Print Labels” window displays where you can select the appropriate label format that you require. That's today's QuickBooks Gal minute. Please come back for more tips and tricks for QuickBooks users. I’m Jayne Miller, the QuickBooks Gal. Thanks for listening. Got a QuickBooks Mess? Call The Quic...
Read more