Chicago Chapter - APA

December, 2007

Volume 1, Issue 4

Newsletter of the Chicago Chapter of the American Payroll Association

2008 Calendar

Coming in January

2007 Calendar

January

No Meeting

February

3 – CPP Review Class

17 – CPP Review Class

March

3 – CPP & FPC

Review Class

17 – CPP & FPC

Review Class

30 – Chapter Meeting

Compliance Priorities

What’s New for 2007?

31 -- CPP & FPC

Review Class

April

7 – CPP Review Class

May

22 -26 – 25^th Annual Silver

Safari Congress,

Las Vegas

June

21 – Chapter Meeting

Tax Day –All Day

Meeting

July

No Meeting

August

3 – Chapter Meeting

Officer Elections

September

3-7 National Payroll

Week Celebration

19-20 14^th Annual

Illinois Statewide

Bloomington, IL

October

No Meeting

November

1 – Chapter Meeting

Preparing for Year End

9 – Holiday Party

Official newsletter of the Chicago Chapter

Happy Holiday-2007

From the Chicago Chapter – APA

Board Members

President

Chris O”Hara, CPP

Vice President

Mary Kazmierczak, CPP

Recording Secretary

Gabriel Vergara, CPP

Treasurer

Hank Mazik, CPP

Gov. Liaison

Katie Staffeldt, CPP

Correspondence

Secretary

Mary Weiner, CPP

Education Director

Patricia Bradberry Newly Elected: Carolyn Kerkman

FPC/CPP Recognition Dinner & Holiday Benefit

The Chicago Chapter held its annual CPP/FPC Recognition Dinner and Holiday Benefit on November 9th. It was a wonderful evening filled with lots of good food, presentations, entertainment (both the expected and the unexpected kind) and just lots of fun.

Congratulations to all who received their CPP or FPC pins that night. You have joined an elite group of payroll professionals and you should be very proud of yourself. It takes a lot of effort and self motivation to come to class, study, take the test and then pass the test. Pat yourself on the back for a job well done. Don’t forget to get those RCH’s so you don’t have to take that test again.

We recognized our FPC and CPP class instructors, special members, and vendors who supported us in 2007. Martin Armstrong, CPP was our keynote speaker. His presentation was

enlightening as was his insights to the war in

Afghanistan.

(Continued in column on right)

Thanks to your generosity, The Off the Street Club received many, many donations for their December 24^th Children’s event. Thank you to everyone who donated toys or clothing. I’m sure there will be a lot of happy children who will have a Merry Christmas this year because of your generosity. We received a special Thank You call from Ralph at ‘Off the Street Club.’ He was very grateful for all of our donations.

The evening ended with many door prizes to give away and for those that stayed; dancing.

Thank you all for your dedication and support to the Chicago Chapter in 2007. We wish you all the best for a happy and successful 2008.

2008 Fast Wage Facts….

FEDERAL

Agency internet web sites:

--Internal Revenue Service: www.irs.gov

--Social Security Administration: www.ssa.gov

--U.S. Dept. of Labor: www.dol.gov

Minimum Wage: $5.85

Minimum Cash Wage: $2.13

(Tipped Employee)

Maximum Tip Credit: $3.72

Youth Sub-Minimum Wage: $4.25

FICA (Social Security)

Maximum Taxable Earnings: $102,000

(Up from $97,500 in 2007)

EE / ER Deduction: 6.2%

Maximum Deduction: $6324.00

(Up from $6045.00 in 2007)

Self-Employment Tax: 12.4%

FICA (Medicare)

Maximum Taxable Earnings: No Limit

EE / ER Deduction: 1.45%

Maximum Deduction: No Limit

Self-Employment Tax: 2.9%

FUTA (Employer-Paid)

Maximum Taxable Earnings: $7,000

Percent of Taxable Wages: 6.2%

Maximum Credit: 5.4%

Normal Net Tax: 0.8%

Supplemental Wage/Bonus Rate 25%

(flat rate withholding method)

State Income Tax

Wage Withholding: Wage %

Supplemental Wage/Bonus Rate: 3%

ILLINOIS

Agency internet web sites:

--Dept. of Revenue: www.revenue.state.il.us

--Dept. of Employment Security:

www.ides.state.il.us

--Dept. of Labor: www.state.il.us/agency/idol/

The web address is: www.taxtalktoday.tv

Unemployment Insurance

Max. 2008 Taxable Earnings: $12,000

(Increased from $11,500 in 2007)

Page 2

2007 Chapter Officers

President

Chris O”Hara, CPP

Vice President

Mary Kazmierczak,

CPP

Recording Secretary

Gabriel Vergara,

CPP

Treasurer

Hank Mazik, CPP

Gov. Liaison

Katie Staffeldt, CPP

Correspondence

Secretary

Mary Weiner, CPP

Education Director

Patricia Bradberry

CPP

Chicago Chapter News

FPC and CPP Classes

The Chicago Chapter Review Class for the Spring 2008 CPP Certification test will be held at ADP, 100 Northwest Point Blvd, Elk Grove Village, IL 60007 on the following dates:

February 2, 16, 2008
March 1, 15, 29, 2008

April 12, 2008

8:30-5:00

Payroll Source, 2007

FPC Review Class

March 1, 15, 29, 2008

8:30-5:00

Payroll Practice Fundamentals, 2007

Continental breakfast begins at 8:30, class begins at 9:00

See the chapter website for more information.

More Government Updates

Pension Reform – 401(k), 403(b), SEPs, 457 Plans and SIMPLE plans

2008 2007 Catch- up

401(k), 403(b), 457 SEPs Deferral Limits $15,500 $ 15,500 $5,000

Simple Plans Deferral Limits $10,000 $ 10,000 $ 2,500

2008 Annual Compensation under section 401(a): $230,000.00

2008 Standard Mileage Rates

WASHINGTON — The Internal Revenue Service today issued the 2008 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning Jan. 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be: