Offering Focused Insight into Your Business Information
MEDOWS CPA is the CPA firm of choice for the self-employed and small businesses in Manhattan. We offer clients a full line of accounting and bookkeeping services. Throughout the year, we supply our clients with financial statements and reports critical to understanding their financial status. We also offer assistance for setting up QuickBooks® for new entities or clients switching accounting software.
Payroll Services Tailored to Your Business.
Free yourself and your staff from the hassles of payroll processing and get back to doing what you do best—running your business. As your local payroll partner, we work hand-in-hand with you to implement a payroll solution that meets your unique needs. Once in place, you will work with a dedicated payroll specialist throughout the payroll process to ensure continuity—reducing errors and saving you time and money.
Our payroll specialists can address your payroll needs, including check processing and printing, direct deposit, pay cards, and forms processing. We also help keep you in compliance with tax authorities via up-to-date quarterlies and annual payroll tax filings and problem resolution. Let us handle your payroll and relieve you of:
- Standard payroll activity, including check processing and printing, direct deposit, pay cards, and W-2, W-4, and 1099 filings
- After-the-fact payroll tasks
- Monthly and quarterly payroll returns processing
Fixed-Fee Bookkeeping, Tax and Payroll Services
We realized that clients may need more than one service. We offer an affordable, fixed-fee package plan including all tax, accounting and payroll preparation needs With this pricing model, you can easily budget your accounting expenses for the year, so there aren’t surprises on your monthly invoice or worry about additional hourly fees.
New York State Payroll Changes
In 2014, New York State implemented a fundamental change to how it calculates its NYS unemployment insurance tax. Rather than having wages taxed on the first $8,500 paid to each worker in the calendar year, New York has implemented reforms to increase the amount of unemployment tax.
- Year 2013 and prior $8,500
- Year 2014 $10,300
- Year 2015 $10,500
- Year 2016 $10,700
- Year 2017 $10,900
- Year 2018 $11,100
- Year 2019 $11,400
- Year 2020 $11,600
- Year 2021 $11,800
- Year 2022 $12,000
- Year 2023 $12,300
- Year 2024 $12,500
- Year 2025 $12,800
- Year 2026 $13,000
After 2026, the wage base is permanently adjusted on January 1 of each year to 16% of the state average annual wage, rounded up to the nearest $100. The state average annual wage is established no later than May 31 of each year. The average annual wage cannot be reduced from the prior year level.
The tax rate is typically 4.1 percent but can increase to a maximum of 9.99 percent based on claims against a company. The rate can also decrease if companies do not have unemployment claims.
In addition, on October 20, 2014, NYS mandated that payroll returns due on or after April 30, 2015 must be filed electronically and any taxes due must be paid electronically. This mandate applies to both paid and self-prepared payroll returns. Our office of NYC CPAs is up to date on allNew York State payroll mandates and is happy to assist you with the filing of your payroll returns.