Payroll/Taxes
Payroll/Taxes · December 02, 2024
Let's start by reviewing what federal law requires you to retain:
Each employee's personal information, including their full legal name, Social Security number, contact information, emergency contacts and occupation, needs to be kept. If you offer benefit plans, the benefits enrollment data should also be retained.
Payroll/Taxes · November 04, 2024
Payroll is an integral part of every business. The payroll accounting process involves paying wages, calculating hours, applying benefits, deducting taxes and collecting garnishments, all while staying in compliance with federal rules, state laws and local regulations.
Payroll/Taxes · August 12, 2024
At the end of every year, most businesses go through the process of filling out a Form W-2 for each employee, which can make for a very stressful time. The pressure of knowing that even the smallest of mistakes can result in costly consequences can make business owners uneasy.
Payroll/Taxes · July 29, 2024
Employee classifications are based on job duties and responsibilities. The classifications impact compensation, benefits and work hours; they are also used by employers to maintain compliance with labor laws.
Payroll/Taxes · July 01, 2024
On-call employees are required by their employers to be available for work even during the employees' time off.
Whether you must provide on-call pay for these employees depends on a few factors. But if you're not paying for these hours, you may be violating the Fair Labor Standards Act rules for hours worked and overtime. And that's a recipe for hefty fines.
Payroll/Taxes · June 10, 2024
If you know in advance what common errors employers make with W-2s, maybe you can avoid those mistakes next year. Know also that the data needed for state W-2 reporting may be more difficult to gather from far-flung employees, but states are cracking down on employers who haven’t withheld.
Payroll/Taxes · May 14, 2024
Tax season may be over for this year, but it's never too early to start for next year. How can you make tax prep easier for your employees?
Payroll/Taxes · May 05, 2024
Minimum wage and overtime requirements are established by federal law, under the Fair Labor Standards Act (FLSA). That said, the FLSA has evolved over the years, and what was true at the time of its passage in 1938 differs from what currently stands today.
Payroll/Taxes · April 02, 2024
Pay stubs can be referred to as pay or wage statements and may be considered the decoder ring of payroll. Pay statements summarize employees’ gross pay, taxes and deductions, and net pay. They can be in printed format or made available electronically.
Payroll/Taxes · March 18, 2024
By nature, nonprofits operate with the selfless assistance of volunteers. However, what if we told you that nonprofits also have paid employees who rely on regularly scheduled paydays?