Who knew payroll changes were going to be such a huge hit on this site (#9 in 2009). So, keeping up with the reference theme here are the changes for 2010:
Per the Canada Revenue Agency (”CRA”) payroll site:
Annual employment insurance to be deducted from employee pay is $747.36 in 2010 (up from $732 in 2009) and the maximum annual canada pension plan amount is $2,163.15 in 2010 (up from $2,119 in 2009). To be clear, the rate at which these amounts are contributed did not change it was the earnings limits that increased which then increased the amount to contribute.
In the United States, the IRS guidance on employment taxes is:
For 2010, the federal rates did not change: 6.2% for social security, 1.45% for medicare, 0.8% for FUTA (when offset by state unemployment payments - the federal rate is actually 6.2%)
As always, please do not forget the employer portion of these payments - and as I’ve mentioned … perhaps it’s time for payroll services?
4 comments ↓
Hi Rose
I really like this site - so much on here - Thanks
Suzanne Sande
778-885-8500
Complete Bookkeeping Services
North Shore.
Hi Wendy
Sorry about calling you Rose but with my name also people call me by my last - guess I am use to it but didn’t
want to be rude.
So thanks Wendy - will be referring people to your site
Suzanne Sande
Hi Wendy, I find your site informative and I would like you comment on HR Managers that do not take the time to inform the applicant on the final decision. I have been in so many interviews, first and second. I sent my thankyou letters and no reply. Is this the protocol?
Hey there! This is kind of off topic but I need some help from an established blog. Is it difficult to set up your own blog? I’m not very techincal but I can figure things out pretty fast. I’m thinking about setting up my own but I’m not sure where to begin. Do you have any points or suggestions? Thank you
Leave a Comment