Every every business owner should update certain numbers released from the IRS.
For those that use mileage write off:
The IRS issues a new mileage rate for business owners every year. This is the amount of money that business owners can write off per mile driven for business use if they do not capitalize their vehicle.
The new rate for 2017 is 53.5 cents. Down a half cent from the previous year.
Group Term Life Insurance table:
For W2 employee’s Group Term Life Insurance is taxable in excess of $50k worth of cover. For every $1,000 worth of coverage in excess the IRS has a table in Publication 15(b). The chart is listed below for 2017. Make sure your payroll is updated for those making more than $50,000.
Example: A 37 year old making $56,000 is ($56,000 – $50,000) = $6,000
$6,000 / $1,000 = 6
6 x 0.09 = $0.54 Payroll Tax Liability
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