Reminder: Southland Data Processing will be closed on December 25, 2017 and January 1, 2018.
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2018 Legal Update Seminar
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Join us for our Legal Update on January 25, 2018 at 11:00 a.m. at Southland Data Processing in Upland.
Space is limited, click here to learn more and reserve your spot today!
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What's new for tax and wage rates in 2018? Make sure you have all the facts you need with our helpful guides:
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Quick Links To Our Website
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Dept. Of Labor Information
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Payroll Deductions Calculator
(Click Image Below)
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Is It Time To Upgrade To A New Payroll Service?
If you are already a Southland Data
Processing client, we appreciate your business. If not, and you are looking to upgrade to a new payroll service, click on the link below to receive a free quote.
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Southland Data Processing's Payroll &
HR Newsletter
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IRS Announces 401(k) & IRA
Contribution Limit For 2018
 The IRS recently announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018. Read on to see how this could affect your business:
Highlights For 2018
- The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased from $18,000 to $18,500.
- The limit on annual additions to defined contribution plans under §415 (c)(1)(A) increases to $55,000 (from $54,000).
- The limit on the annual benefit under a defined benefit plan contained in §415(b)(1)(A) increases to $220,000 (from $215,000).
- The annual compensation limit under §401(a)(17), §404(l), §408(k)(3)(C), and §408(k)(6)(D)(ii) increases to $275,000 (from $270,000).
- The limitation under §457(e)(15) concerning elective deferrals to deferred compensation plans of state and local governments and tax-exempt organizations increases to $18,500 (from $18,000).
- The compensation amount under federal regulation §1.61-21(f)(5)(i), concerning the definition of "control employee" for fringe benefit valuation purposes, increases to $110,000 (from $105,000). The compensation amount under §1.61-21(f)(5)(iii) increases to $220,000 (from $215,000).
Highlights That Remain Unchanged From 2017
- The limit on annual contributions to an IRA remains unchanged at $5,500. The additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000.
- The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans and the federal government's Thrift Savings Plan remains unchanged at $6,000. Read More
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Play or Pay: Rising Penalties' Role in Complying with the ACA (SHRM.org)
Every year the Affordable Care Act (ACA) is in effect, some employers must decide whether they will play according to the ACA's rules or pay ACA penalties. Understanding those rules is imperative, especially now that repeal and replace efforts have failed.
Read More
IRS Announces 2018 Pension Plan Limitations
(IRS.gov)
Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If during the year either the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced or phased out until it is eliminated, depending on filing status and income.
Read More
How to Improve Engagement & Retention of Young Hourly Workers (SHRM.org)
Did you know that over half of your entry- level, hourly employees are planning to leave in less than a year? With turnover costs adding up to as high as 200% of an employee's annual salary, find out what you can do to improve retention and increase your organization's
profitability.
Read More
4 Key Compensation Trends in 2017
(SHRM.org)
From the rising share of compensation that's
tied
to a
chieving performance goals to prohibitions on asking about salary
history, these trends and pay topics made a huge impact on 2017, and are sure to have a continuing impact in 2018.
Read More
What it Takes to Make Good Decisions in the New World of Work (SHRM.org)
Many companies are starting to take education
and employee training into their own hands to ensure their employees are equipped for a rapidly evolving future. Making good decisions in today's business world requires a new and different kind of thinking, and there are tactics that can help grow these new types of leaders.
Read More
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Toll Free Number: (866) 946-2032
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Corporate Office
1317 W. Foothill Blvd.
Suite 222
Upland, CA 91786
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307 S. Jupiter Rd.
Suite 200
Allen, TX 75002
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About Southland Data Processing.
Southland Data Processing, a leading payroll service located in the Upland
, CA and Dallas Fort Worth area, can provide you an array of state-of-the-art cloud based-systems that are completely scalable for any organization.
Contact us today!
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Copyright © Drip Marketing, Inc. All rights reserved. Any information in this publication is solely meant to provide general information for the reader and is not intended to constitute HR, financial, insurance or legal advice.
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