Mike Kappel, Author at Patriot Software

Patriot Software Mike Kappel

What Are Payroll Liabilities?

A business owner without liabilities is like a house without a door—you just don’t see it. And if you’re an employer, one of your many liabilities revolves around payroll. You can’t neglect or delay paying your payroll liabilities, or you may face disgruntled employees, IRS penalties, and upset payroll service providers. So, what are payroll liabilities? Continue reading “What Are Payroll Liabilities?”

What Is Form 1099-MISC, and Are You Responsible for Distributing It?

Use Form 1099-MISC to report payments to independent contractors.

As a business owner, you have a lot on your plate. And sometimes, you need to hire outside workers with special skills to complete certain tasks at your business. To accomplish these tasks, you might consider hiring an independent contractor.

Does the above scenario sound all too familiar to you? If you hired a contractor during the year, you might need to file Form 1099-MISC. So, what is Form 1099-MISC?

Continue reading “What Is Form 1099-MISC, and Are You Responsible for Distributing It?”

What Is an Independent Contractor?

An independent contractor is a non-employee status worker who may do work for you.

As a business owner, you might need to hire a worker at some point or another. And depending on your type of business, you might need to hire employees, independent contractors, or both to get the job done.

But, how much do you really know about independent contractors vs. employees? Can you get away with hiring just independent contractors? Read on to learn what is an independent contractor and how they differ from employees.

Continue reading “What Is an Independent Contractor?”

Everything You Need to Know About IRS Form W-2

Form W-2: What You Need to Know

If you have employees, you are responsible for many tasks like running payroll, withholding payroll taxes, and distributing IRS Form W-2.

As you might know by now, Form W-2 can be uber confusing. Who receives a form? Where do you send it? When is it due? Get the answers to these questions and more by reading up on IRS Form W-2 below.

Continue reading “Everything You Need to Know About IRS Form W-2”

End the Year Right With This Year-end Payroll Checklist

The new 2020 IRS Form W-4 eliminated withholding allowances. However, many states continue to use withholding allowances to determine state income tax withholding. 

One year is ending and another is beginning. It’s a time for wrapping tasks up and starting new things—including your payroll. At the end and beginning of each year, there are certain payroll requirements you must complete. To help you stay on top of your responsibilities, use a year-end payroll checklist. Continue reading “End the Year Right With This Year-end Payroll Checklist”