With the start of a new year, many of us make resolutions to become leaner, stronger and more fit. These are broad resolutions that can be applied to both our personal lives and to our business strategies. In terms of business, these questions become: How can I run my business leaner than the year before; how can my business gain a stronger customer base; and how can I stay financially fit? Continue reading “Is Your Business Getting Leaner, Stronger and More Fit?”
Many employers are scrambling to produce W-2 forms and get them sent to their 2015 employees by January 31, 2016. While this is the most visible part of the process, there’s much more to it. Continue reading “W-2s: How Are You Spending Your Time This January?”
As the name implies, the State Unemployment Tax Authority, or SUTA, concerns the state unemployment tax. All small businesses are required to pay this tax, and the amount charged is calculated based on a percentage of the wage an employee is due, and on the experience rate of your company. Continue reading “Suffering from High SUTA Costs?”
Like many types of employment-related paperwork, W-2 and W-4 forms are a fact of life for employers and employees alike. Both are related to an employee’s tax situation, but these two similar-sounding forms serve different functions. Continue reading “Alphabet Soup Can Spell Trouble for Employers”
Employees represent a company’s biggest asset to growth and profitability, but often the biggest expense as well. For this reason, maintaining accurate time and attendance records is critical to managing your workforce. An automated time and attendance system that meets your organization’s needs and integrates with your HR and payroll systems can yield a strong return on employee investment. Following are some of the significant benefits: Continue reading “4 Reasons to Automate Your Time and Attendance”
Employees look forward to payday. When it comes to payroll, you can’t just wing it; it has to be right, every time. Payroll processing is a necessary business practice that costs time and money, while exposing the business owner and the company to corporate and personal liability, and producing no profit in exchange.
From processing regular and overtime wages to correctly accruing Paid Time Off (PTO), payroll is a minefield of opportunities to make a mistake. Record-keeping requirements, Wage and Hour compliance, regulatory reporting, and state, federal and local tax compliance are fraught with hidden and costly accounting responsibilities and risks.
Continue reading “The Pitfalls of Payroll Processing”
Federal Tax Deposits (FTDs) for Form 941, or Employers Quarterly Federal Tax Return, are made up of withholding taxes or trust funds (income tax and Federal Insurance Contributions Act (FICA) taxes, which are Social Security and Medicare held in trust), that are actually part of an employee’s wages, along with the employer’s share of FICA. FTDs for Form 940 are taxes paid by the employer to provide for unemployment compensation to workers who have lost their jobs. Only the employer pays FUTA tax; it is not deducted from the employee’s wages. Continue reading “Delinquent Payroll Taxes = Harsh Penalties for Employers”
While wage garnishments are a fact of life for anyone who processes payroll, they also can turn into a tedious, time-consuming hassle. By definition, wage garnishment is a legal procedure through which a portion of a person’s earnings are required to be withheld for the payment of a debt. Regulated by Title III of the Consumer Credit Protection Act, garnishments are allowed only in select states, and must be authorized by a court. Continue reading “Garnishing Wages: a Complex Process”
The Wage and Hour Division of the United States Department of Labor (DOL) is responsible for administration and enforcement of our nation’s labor laws. Since 2000, the Wage and Hour Division (WHD) has recouped over $1.25 billion in back wages for more than two million workers. Wage and hour compliance is something that impacts just about every employer, whether they have two or 2,000 employees, and penalties for non-compliance can be devastatingly expensive. Continue reading “Wage and Hour Compliance: a Moving Target?”
Typically, the Payroll Department is the first to be thanked for a job well done and also the first to be called out when something isn’t right. So when it comes to payroll, finding an expert is a top priority for most business owners. Payroll can take a lot of time away from other areas of your business that actually need more of your attention, simply because payroll must be processed in a timely matter and calculated correctly. Continue reading “It’s National Payroll Appreciation Week!”