Federal law requires most employers to withhold federal taxes from their employees’ wages. Whether you’re a small business owner who’s just starting out or one who has been in business a while and is ready to hire an employee or two, here are five things you should know about withholding, reporting, and paying employment taxes. […]
Small Business Tax Tips: Payroll Expenses Read More »
If you’re thinking about hiring new employees this year, you won’t want to miss out on these tax breaks. 1. Work Opportunity Credit The Work Opportunity Tax Credit (WOTC) is a federal tax credit for employers that hire employees from the following targeted groups of individuals: A member of a family that is a Qualified
Tax Breaks for Hiring New Employees Read More »
According to the Joint Congressional Committee on Taxation, the average U.S. taxpayer pays 10.1% in income taxes. Many at the bottom pay little or no income tax at all, and some even receive more back in credits than they pay in. On the other hand, the top federal marginal rate is 39.6% with several brackets
How Much do Americans Really Pay in Taxes? Read More »
Since the financial crash of 2008, there is a growing trend in corporate America. Companies of all sizes are searching for ways to do more with less. Efficiency is the name of the game, and many jobs that were once done by humans have been taken over by machines, outsourced overseas, or eliminated altogether. In
Are Your Employees Working Overtime? Make sure your Wages are in Compliance Read More »
Although many may not be aware of it, taxes went up for all employees in 2013. Though on the income tax side, only the highest income earners saw their taxes increase. Congress and the President also allowed the payroll tax holiday to expire, resulting in a 2% increase to Social Security taxes. The payroll tax
The Employee Payroll Tax Holiday Ended in 2013 Read More »
Business owners have many options when it comes to structuring their entity and whether or not they pay themselves a salary or just draw from the company profits. Deciding the best option from a tax liability standpoint can often be confusing. Here are some basic guidelines on when a business owner should take payroll. Sole
When Does the Owner of a Company Need to Take Payroll? Read More »
Continuing our discussion on DIY vs. using an outside payroll company, here is a look at what is involved with outsourcing your employee payments to a professional payroll processor: Considering a Payroll Processing Service: Payroll service professionals devote all of their time and resources to processing pay checks, making tax calculations, and preparing to allocate
Payroll Processing: Should you DIY or Use a Payroll Service? (Part II) Read More »
For organizations to operate effectively, they must be able to pay their employees on time while remaining in compliance with all tax laws and regulations. This means processing paychecks and direct deposits correctly and in a timely manner. Payroll is one of the company’s largest expenses and errors in payroll processing can adversely affect the
Payroll Processing: Should you DIY or Use a Payroll Service? (Part I) Read More »
Businesses are overwhelmed with paperwork these days. Employee payroll, insurance, retirement plans, the list goes on and on. And with laws and regulations changing constantly, keeping up with all that paperwork AND staying in compliance with the government can be more than a full time job. In past years, the solution was to bring in
Finding a Reputable Payroll Service Provider Read More »
Payroll outsourcing, many entrepreneurs find, is a bottom-line money-saver; the main reason for this is the myriad rules, regulations and filing deadlines that are associated with payroll functions and the time it takes to learn, understand and apply them. The outsourcing of payroll will also save the business owner both time and money and both
Why You Should Consider Outsourcing Your Payroll Read More »
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