If you’re an employer, you typically must withhold and remit federal income, Social Security, and Medicare taxes from employee wages. And to report wages paid and certain taxes withheld, you likely need to fill out Form 941. Read on to learn what is Form 941 and familiarize yourself with the form.
Do you know how often you need to deposit federal income, Social Security, and Medicare taxes? You can’t deposit the taxes whenever you feel like. Your deposit frequency is based on a lookback period. So, what is a lookback period? Continue reading “What Is a Lookback Period for Forms 941 and 944?”
When you become an employer, you add a lot of things to your plate, like running payroll. And, one of your employer responsibilities with payroll is withholding certain taxes, such as SUTA tax. But, what is SUTA tax? Continue reading “What Is SUTA Tax? Definition, Employer Obligations, & More”
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?”
Offering employees attractive benefits is a great way to improve engagement and retention. FSAs and HSAs are healthcare plans that cover medically-related expenses not included under a traditional health plan. Do you know the difference between HSA vs. FSA? Continue reading “HSA vs. FSA: What’s the Difference?”
Choosing your accounting method is the first step in handling your company’s books. If you’re a small business owner, you may prefer the simplicity of cash basis as opposed to accrual or modified cash-basis accounting. But before solidifying your decision, learn the pros and cons of cash-basis accounting. Continue reading “Pros and Cons of Cash-basis Accounting”
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?”
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.
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”
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”
