Deductions & Contributions

What Is a Simplified Employee Pension (SEP)?

For small business owners, making significant contributions towards employee retirement can be a challenge. Simplified Employee Pension (SEP) plans can be a great savings option.

What Are Pre-tax Deductions and Contributions?

By Mike Kappel

Do you need to withhold money from employee wages beyond taxes (e.g., garnishments or benefits)? Then you might be wondering when exactly you deduct the employee’s contributions—before or after taxes. Well, it depends. For accurate withholding, understand what are pre-tax deductions.

employer using a calculator with lights in the background as they calculate fica tax

What Is FICA Tax, and How Much Is It?

By Mike Kappel

As an employer, you’re in charge of paying your employees … and handling those pesky employment taxes. One of the taxes you need to calculate and withhold is a payroll tax known as FICA. What is FICA tax?

What Are Payroll Liabilities?

By Mike Kappel

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 […]