Your employees might have a change in family status while at your small business. An employee could get married, while another might give birth to or adopt a child. When your employees have a family status change, you need to update payroll records.
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Author:
Rachel Blakely-Gray
As Patriot's Content Manager, Rachel creates engaging and informative content aimed to help business owners understand complex accounting and payroll topics.
Can Your Employees Change W-4 Forms?
New employees must complete Form W-4 before they start working at your business. With Form W-4, employees input information that determines their federal income tax withholding, which allows you to run payroll. To adjust their withholding, employees must change W-4 forms.
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Payroll Tax vs. Income Tax
Tax withholding comes with the territory of being an employer. Employment taxes can be broken down into payroll taxes and income taxes. Most people use the terms interchangeably. But when you hear about a payroll tax deferral, you probably want to know the exact difference between payroll tax vs. income tax.
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New AZ State Income Tax Form Requires Employer Action
Arizona employers, you may know that Senate Bill 1828 substantially reduced the state’s income taxes starting with the 2022 tax year. But did you also know that it requires employer action for the 2023 tax year? You must now give all employees—not just new hires—a new AZ state income tax form.
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Correcting Employment Taxes: What to Do If You Withhold the Wrong Amount
It’s easy to make mistakes, especially when you have a million and one things on your plate. One error you could make is deducting the wrong amount from employee wages. Correcting employment taxes is necessary if you withhold too much or too little from your employees’ paychecks.
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What’s Your Payroll Tax Deposit Schedule? If You’re Not Sure, Read This
When you have employees, your responsibility isn’t just to pay them. You also need to pay the IRS their share, too. How often you pay the IRS depends on your payroll tax deposit schedule. But, not all employers follow the same schedule. Your schedule, and thus payroll tax deposit due dates, depends on the type […]
Read More What’s Your Payroll Tax Deposit Schedule? If You’re Not Sure, Read This
State Tax ID: What Is It, How to Apply, & Beyond
If you have employees, you have responsibilities—one of which is to obtain a Federal Employer Identification Number (FEIN). But, that’s not the only identifying number you need. More than likely, you also need a state tax ID number.
Read More State Tax ID: What Is It, How to Apply, & Beyond
What Is the Difference Between an Invoice and a Statement?
Invoices and statements are regularly used in business. You send invoices and statements to bill customers. And, vendors send you invoices and statements so you know how much you owe. But, what is the difference between an invoice and a statement?
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An Accountant’s Guide to Offering Payroll Services to Clients
“Behind every good business is a great accountant.” As an accountant, you probably agree with this saying (as you pat yourself on the back). But, you’re more than an accountant to your clients: you’re also their trusted advisor. And as an advisor, your role extends beyond reconciling their accounts. It might extend so far as […]
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How to Write Off Bad Debt
When customers make purchases on credit, you expect them to pay you. If they don’t, it can be frustrating and hurt your business. You need to know how to write off bad debt when this happens.
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