Paying Social Security tax is a time-honored tradition—since 1937, to be exact. Both employers and employees pay the tax. But when an employee hits the Social Security wage base, it’s game over for withholding and contributing the tax.Read More The Social Security Wage Base Is Your Cue to Stop Withholding This Tax
Here’s the scoop: In 2021, 68% of private industry workers had access to employer-provided retirement plans. Do yours? If you don’t offer employees a small business retirement plan, like a 401(k), it might be time to hop on the bandwagon. Read on to learn about the types of 401(k) plans to choose from. About 401(k) […]Read More Types of 401(k) Plans: Traditional, Roth, and More
If you have employees, you need to compensate them. So, you set an hourly rate or salary. But, you might also give other types of wages to your employees. And if you do, you need to know if those other wages count as compensation. Why? Knowing what is compensation is a key part of putting […]Read More What Is Compensation? | Employer Guide
If your company offers retirement plan options, you have to ensure each employee can benefit equally from the plan. To do this, you must consider who is a highly compensated employee (HCE). Not familiar with highly compensated employees? No worries—we’ll go over the HCE definition, how to determine who is classified as a highly compensated […]Read More What Is a Highly Compensated Employee?
Here’s another tax to add to the payroll checklist: local income tax. Cities, counties, small areas, and localities across the country have a local income tax for individuals working or living in the area. But, what is local income tax? What are your responsibilities? What is local income tax? So, what is local tax exactly? […]Read More What Is Local Income Tax?
Employers juggle many responsibilities, including calculating and withholding payroll taxes and other deductions. But, what exactly does payroll taxes include? And, how do you know how much to withhold from employees’ wages? If you’re wondering about understanding payroll taxes, never fear—your payroll taxes breakdown is here.Read More What Are Payroll Taxes?
Quick: Off the top of your head, how much money is your business bringing in? How much are you spending? At some point, investors, lenders, and (cough) you will need to know. But don’t panic when someone asks about your company’s revenue and expenses. Just whip out your income statement. What is an income statement, […]Read More What Is an Income Statement?
One word, two syllables. And completely unavoidable if you’re an employer. Ah yes, we’re talking about payroll. It’s a pretty common term in the workplace (Don’t forget to run payroll!). But, what is payroll exactly?Read More What Is Payroll? The Employer’s Must-have Guide to Paying Employees
Here’s the situation: Your employee takes a little time off because they can’t physically work. What happens? In some cases, the employee must receive short-term disability insurance benefits. But, that all depends on whether you decide to offer it—or whether your state forces you to due to a state disability insurance program. Does yours? Let’s […]Read More An Overview of State Disability Insurance for Employers
When it comes to pulling reports, establishing a business budget, and filing taxes, you need to know your company’s fiscal year. So, what does a fiscal year mean, exactly? When does the fiscal year start? And, how long is a fiscal year? Read on to get the answers to these questions and more.Read More What Is a Fiscal Year for Your Business and Books?