If you run a business and you’re not sure how to pay yourself, you’re not alone. Even with guidelines from the IRS, determining what makes sense for you can seem complicated. Plus, more than 70% of business owners work more than 40 hours a week, so it’s not unusual for personal finances take a back…
In recent years, there has been an increase in the number of businesses classifying workers as independent contractors rather than employees. While there are several differences between these two types of workers, the biggest (and most important to you as an employer) is the requirement to deduct the various payroll taxes from each employee’s paycheck,…
Payroll is the lifeblood of your business, so we understand the nervous feeling about anything that threatens to interrupt it. Knowing what information you will need ahead of time can definitely minimize disruptions for your employees and preserve your peace of mind. During the transition make sure you keep these areas in mind: DataIf you’re…
Payroll deductions are payments withheld from an employee’s paycheck by the employer. Examples include: Federal and state income taxes Insurance premiums Retirement contributions Wage garnishments Medicare and social security taxes Most payroll deductions are voluntary and can be taken out of a paycheck on a pre tax or post-tax basis. Taxes and wage garnishments, on…
Technology has definitely come a long way, payroll service providers have turned basic administrative functions into value-added employee experiences. But if you’re a small business owner who’s been paying employees on your own, working with an accountant, or have had a bad experience with one of the big payroll software providers, you might not be aware…