Paymaster
What is Paymaster?
Paymaster offers several products that can put you in total control of your payroll and time & attendance management. It's Evolution suite of products are ready to handle any payroll; no matter the size or complexity. For your time & attendance needs, there simply isn't an equivilant to either edition of our WebClock systems.
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Paymaster Description
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PayMaster makes sure that our clients receive all of the tax credits that they deserve. Currently, the Affordable Care Act, the WOTC and the Excess FICA Tip Credit are available to qualified companies. PayMaster is constantly monitoring changes in applicable legislation and regulations to ensure compliance.
Function:
1. Workforce Opportunity Tax Credit-
It"s Tax Credit Service helps your company obtain these credits by providing guidance in preparing pre-screening certifications, monitoring of pertinent job applicant information to verify eligibility, and providing post-hiring documentation of hours worked and wages paid to determine the amount of the applicable credit.
2. Affordable Care Act-
If you provide health insurance to your employees and pay more than 50% of the premium, you can qualify for the Small Business Health Care Tax Credit. Up to 35% of the employer paid health insurance premiums can be taken as a tax credit, and by 2014, this credit will go up to 50%. Non–Profit organizations are also eligible for up to 25% credit, increased to 35% in 2014. The maximum credit is available if your average annual wages are less than $25,000 and you have 10 or less employees. Between $25,000 and $50,000 in annual wages and between 10 and 25 Full Time Equivalent employees the credit gradually phases out.
3. Excess FICA Tip Credit-
A food and beverage establishment is allowed a general business credit for the amount of the employer's excess FICA tax obligations attributable to employee tips received on the establishment's premises, in excess of those tips treated as wages for purposes of satisfying the minimum wage rate applicable to such individuals under Section 6(a)(1) of the Fair Labor Standards Act of 1938 (FLSA). Under Sec. 45B(b)(2), the "excess employer's social security tax" is taken into account only for tips received from customers in conjunction with providing food or beverage for consumption on the premises of an establishment at which tipping of employees serving the food or beverages is customary or for tips received from customers in connection with the delivery of food to the customer if the tipping by customers is customary.
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