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To: SCALEMAN
On the other hand the amount of paperwork and time necessary to comply with Federal regulations related to payroll are amazing and they don't even come close to what is involved in Federal filing at the end of each fiscal year.

What makes you think that would change?

`SEC. 903. WAGES TO BE REPORTED TO SOCIAL SECURITY ADMINISTRATION.

`(a) IN GENERAL- Employers shall submit such information to the Social Security Administration as is required by the Social Security Administration to calculate Social Security benefits under title II of the Social Security Act, including wages paid, in a form prescribed by the Secretary. A copy of the employer submission to the Social Security Administration relating to each employee shall be provided to each employee by the employer.

`(b) WAGES- For purposes of this section, the term `wages' means all cash remuneration for employment (including tips to an employee by third parties provided that the employer or employee maintains records documenting such tips) including self-employment income; except that such term shall not include--

`(1) any insurance benefits received (including death benefits);

`(2) pension or annuity benefits received;

`(3) tips received by an employee over $5,000 per year; and

`(4) benefits received under a government entitlement program (including Social Security benefits and unemployment compensation benefits).

`(c) SELF-EMPLOYMENT INCOME- For purposes of subsection (b), the term `self-employment income' means gross payments received for taxable property or services minus the sum of--

`(1) gross payments made for taxable property or services (without regard to whether tax was paid pursuant to section 101 on such taxable property or services), and

`(2) wages paid by the self-employed person to employees of the self-employed person.

Sorry, no savings there.

188 posted on 02/14/2005 8:18:11 AM PST by lewislynn (The meaning of life can be described in one word...Grandchildren)
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To: lewislynn
"Sorry, no savings there

Sorry, but filling out and mailing a report as to what I paid each employee in wages and possible benefits is much less than compliance as we know today.

194 posted on 02/14/2005 9:09:28 AM PST by SCALEMAN (Super Cards/Rams Fan)
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