To assist our Clients in achieving their goals and in obtaining satisfaction by providing innovative, high-quality, personalized service; to provide an environment that will allow the members of our firm to grow individually recognizing the importance of family to each member; to be giving members in our profession and community; to maintain the highest level of professional ethics and independence; and to recognize that success is not necessarily defined by money or status, but by happiness in our daily lives.
To ensure that the client ultimately obtains the greatest benefit, we look at all aspects of our clients’ financial position. Our firm is strictly fee-only which means we do not have the potential bias of having to make commission sales, therefore we can always be objective and keep the clients’ best interests first and foremost. We are our clients’ greatest advocate and realize that our growth and well-being is dependent upon how well we assist our clients’ growth and well-being.
We stress the right of privacy and confidentiality regarding our clients’ personal and business information. Our relationships are built on trust and we will do everything in our power to earn and ensure that trust.
How we take advantage of the Internet
By giving our clients the ability to access information concerning their accounts. We use the internet to gather investment information which we pass along to our clients. We also use the internet to individually communicate with our clients.
These tools help in our search for sound investment opportunities, as well as in our effort to track them. Not only is the Net a useful tool when we are initially looking for a new company to invest in, but it is also useful for tracking news and earnings changes for the companies we have already bought, or identified as a potential buy.
This tracking is done automatically and electronically so that we do not have to rely on memory, or manual systems to do it. Each day our electronic mail-boxes are filled with press releases, earnings changes, and key stories effecting the stocks and industries that we own or are considering the purchase of.
Valued customers like you are the foundation of our success.
Refer a business associate to Canon Capital Payroll Services and receive $25.00 off your next payroll invoice. When they become a Payroll Services client, your next payroll is free!
For more details, please call and ask for Vicki Barnes at extension 150.
Canon Capital Management Group, LLC
484 Harleysville Pike
PO Box 228
Harleysville, PA 19438
Phone: 215-723-4881
This year brings another decrease in the Philadelphia City Wage Tax. Effective July 1, 2023, employers must withhold wage tax at the new rate of 3.75% from all paychecks issued to Philadelphia residents. The wage tax for non-residents of Philadelphia will remain at 3.44%.
This change must be in place for all paychecks dated after June 30, 2023.
Questions? We’re happy to help. Give us a call at 215-723-4881.
Canon Capital Payroll Services will process your company’s payroll for you quickly and easily, giving you more time to run your business.
Provides with each Payroll
- Payroll Checks and/or Direct Deposit Vouchers
- Payroll Register
- Payroll Input Sheet
- Deduction Registers
Preparation of Tax Liability Deposits
- Federal and State Withholding
- Federal and State Unemployment
- FICA
- Local Taxes
- LST(formerly OPT/EMST)
Preparation of Quarterly Tax returns
- 941 Federal
- State Withholding
- State Unemployment
- Local
- LST(formerly OPT/EMST)
Preparation of Annual Tax Returns
- W-2’s, Federal, State, and Local W-3’s
- 940 FUTA
Optional Services Include:
- Customized Reports
- Check Signatures, Stuffing
- QuickBooks GL Interface
- 1099 & 1096 Preparation
- Other Options to meet our clients’ needs
Are you a self-motivated leader and experienced accountant looking for a new opportunity?
Do you desire more freedom in managing your own schedule and client base while utilizing various service offerings and a team of experienced staff?
If so, our open position for a Tax Preparer/Accountant might be the next career step for you. Learn more and apply.
2025 Tax Limits
Minimum Wage:
Federal: $7.25
PA: $7.25
NJ: $15.49
Minimum Wage with Tips:
Federal: $2.13
PA: $2.83
NJ: $5.62
FICA:
Maximum earnings: $176,100
Employer percentage: 6.2%
Maximum Deduction: $10,918.20
Self-Employment Tax: 12.4%
Employee percentage: 6.2%
Maximum Deduction: $10,918.20
Medicare:
Employee/Employer percentage: 1.45%
Wages Paid in excess of $200,000: additional employee tax of 0.9%
Self-Employment Tax: 2.90%
FUTA:
Rate: 6.0%
Maximum credit: 5.4%
Normal net tax: 0.6%
Maximum Earnings: $7,000.00
PA State Tax:
State percentage: 3.07%
Philadelphia Resident: 3.75%
Philadelphia Non-resident: 3.44%
Local jurisdictions: as applicable
PA SUI:
Employee percentage: .07%
Employer percentage: contribution rates vary by employer
Maximum Earnings: $10,000.00
401(k) Limits:
Annual elective deferral limit: $23,500
“Catch-up” contribution limit: $7,500 (must be 50 years old by the end of the plan year)
Increased “catch-up” (ages 60-63): $11,250
Simple IRA Limits:
Annual elective deferral limit: $16,500
“Catch-up” contribution limit (must be 50 years old by the end of the plan year): $3,500
Increased “catch-up” (ages 60-63): $5,250
Mileage allowance:
Business purposes: 70 cents/mile
Charitable purposes: 14 cents/mile
Medical purposes: 21 cents/mile
Moving purposes: 21 cents/mile
Updated IRS Filing Regulations
If your business regularly files paper returns, you will want to pay attention to this update. Effective January 1, 2024, the threshold of the number of paper returns the IRS will accept from one business entity has been reduced from 250 to 10 returns in a calendar year. For example, if your business files ten or more of any type of return — such as W2s or 1099s — by paper within a calendar year, you will be required to file them electronically. Learn more.
Spring Cleaning for Your 401(k)?
You may have noticed recent market fluctuations – both positive and negative – but have you considered how these changes impact your asset mix? Employer-sponsored retirement plans (401(k), 403(b), etc.) offer plan-specific investment options. We suggest a full account rebalance at least once per quarter. Taking this step will ensure that you are still holding your desired allocation – like if your 80% equity exposure slipped down to 75% — allowing you to sell investments with increased value and buy what is low. If you need help determining the right asset allocation for your situation, our team of Investment Advisors is ready to help.
AI-generated Content: Convenient but Lacking
AI (artificial intelligence) tools can be timesavers, but you must be on guard when using them. AI tools often generate incorrect or plagiarized content, so it always needs to be reviewed by a person. People relate to people best, so even better – stick with having human team members create your content.
One source, many services, the right decision.
Our team of professionals is here to help. Call 215-723-4881 or contact us online to get started.
