Did you know that failing to pay the nanny tax can cost you up to $25,000 in fines and penalties?
As an employer, youre responsible for collecting, paying, and reporting certain federal and state employment taxes for your employees. These taxes, which are withheld from your employees paychecks, include Social Security and Medicare taxes
Payroll taxes are federal, state and local taxes withheld from an employees paycheck by the employer. These taxes consist of income taxes, unemployment taxes, and deductions for Social Security and Medicare taxes, the last of which are often referred to as the payroll tax.
In life, we tend to be very focused on growing and evolving on both personal and global matters. From looking to grow a specific skill set or picking up a new hobby, to evolving technology and coming up with new environmentally friendly options, growth is always present in our lives.
Hiring a nanny is a big decision, as it will impact your personal life and finances in several ways.
As a small business owner,hiring your first employeemeans that its time to implement a payroll process.
As adentist, finding the time to calculate payroll can be difficult when youre juggling patients, employees, your overall practice, and your life outside of the office.
As a small business, you have a long to-do list. Completing tax forms is probably not at the top. However, you should understand what tax forms apply to your business or else you could face steep IRS penalties. But, how can you keep up with so many forms with nonsensical names such as W-2, W-4, 1099 or 941?
While filing taxes can be a painful, time-consuming task, one thing that people dont get mad about during tax season is receiving a refund.
A wage garnishment is any legal or equitable procedure where an employer withholds some portion of a persons earnings for the payment of debt.
As a small business owner, offering a 401(k) plan for your employees is one of the best benefits you can offer. While saving for retirement is something your employees know they should be doing, they may not actually be participating in your 401(k) plan. If low 401(k) participation is a problem for your small business,download the recordingfor our webinar, 6 Ways to Improve and Update Your Retirement Plan in 2019, to learn how to get your employees invested.
Were ridiculously proud of our Customer Service team today for winning their 11thstraight Stevie Award, garnering a Gold for 2019 Contact Center of the Year for Financial Services in the 16thAnnual American Business Awards®.
With 2019 in full swing, theres no better time than now to review your payroll system to ensure that everything is in good working order.
As a small business owner, it can be hard to stay on top of current news between everything youre juggling. With tax season in full swing, a potential government shutdown approaching, you probably have a lot of questions about what you should be doing. This week, we rounded up some articles that cover these important topics and will get you prepared for tax season and what to do in case another shutdown happens.
Did you know, besides getting your potential refund faster, there are actually several benefits to filing your taxes early?
When setting up payroll for your small business, one of the things youll have to set up is a payroll schedule. Depending on where you live, your state may make this decision for you and provide guidelines for the type of payroll schedule you need to follow. Other states leave the choice up to business owners to decide. The four payroll schedules are: weekly, bi-weekly, semi-monthly, and monthly. Most confusion comes with understanding bi-weekly and semi-monthly payroll schedules becasue they seem very similar. However, there are a few differences you should know.
According to Investopieda, tax season is the time period between January 1 and April 15 of each year when individual taxpayers traditionally prepare financial statements and reports for the previous year.
Understanding the true cost of an employee can be confusing. After all, its not just an employees wages that business owners have to account for. There are alsopayroll taxes, benefits, and other associated costs that need to be considered.
As a small business owner, processing payroll is just one item on your to-do list, but ever-changing regulations and tax code updates can make it the most time-consuming task in a given week. These tax updates occur at the federal, state, and local levels, and depending on where your business is based and where your employees live, some small businesses have it tougher than others. Weve started this monthly series to focus on state-specific tax considerations, to help you keep up with whats changing around you.
When it comes to tax season, youre likely crossing your fingers that a big refund is coming your waybut its important to get things in order now to help anticipate what your final tax liability will be.