Deciding on a pay frequency for your small business is an important decision. Your pay frequency determines how often you process payroll and when employees receive their paychecks. Two popular, yet easily confused, pay periods are biweekly and semimonthly.
Read More Biweekly vs. Semimonthly Payroll: Understand the Difference
Here’s the situation: Your employee takes a little time off because they can’t physically work. What happens? They may be eligible for disability insurance benefits. Typically, you can elect to offer disability insurance to employees. However, five states have a mandatory state disability insurance program. Does your state require state disability insurance? Let’s get into […]
Read More State Disability Insurance: What Employers Need to Know
If you have an employee in Ohio, you need to include the Ohio school district number on Form W-2. The Ohio Department of Taxation is requiring this change to help reduce the number of reporting errors on individual income tax returns. Read on to learn more about this requirement.
Read More Ohio Form W-2 School District Reporting: How to Report School District Income Taxes
If you’re a fan of organization, consider adding structure to how you determine salaries and raises. Learn about the different types of salary structure you can use in your small business.
Read More 3 Types of Salary Structure You Should Know
In the United States, the most common type of retirement plan is the trusty 401(k). With over 60 million active participants and an estimated $7.3 trillion in assets, businesses of all sizes offer this type of plan to help their employees save for the retirement they deserve.
Read More Safe Harbor 401(k) Plan: How to Maximize Your Small Business’s Savings
Sometimes, payroll mistakes happen. If you pay an employee less money than you should have during a pay period, you owe them retro pay. What is retro pay?
Read More For Payroll Adjustments, There’s Retro Pay
If your employees receive tips, it is important to remember that tip income is taxable. Employees must report all tips they receive, and you must withhold payroll taxes on tips.
Read More How to Withhold Taxes on Tips
Found the best new hire thanks to an employee referral program? Great! Next on the agenda is paying out the referral bonus to the referring employee.
Read More Referral Bonus Payouts: Don’t Cut That Check! Your Guide Has Arrived
If you have an employee who lives in one state but drives across the border to work in yours, you might assume you need to withhold and remit income tax to both states. In some cases, you don’t. A number of neighboring states have worked out reciprocity agreements that let cross-border employees pay income tax […]
Read More Which States Have Reciprocal Agreements … and What Does That Mean?
Deferring compensation is one strategy employees can use to reduce their tax liability. Qualified and nonqualified are the two types of deferred compensation plans. To keep your business legal, learn how qualified vs. nonqualified plans differ.
Read More What Is the Difference Between Qualified vs. Nonqualified Plans?