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.
* 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.
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