The greatest expense for small business owners is often payroll. Why? Because when you hire employees, you pay more than just their wages—you also pay payroll taxes, benefits contributions, and other miscellaneous expenses. So how much does an employee cost?
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Employee - Tips, Training, and News
Which States Require an EITC Notice (IRS Notice 797) for Employees?
Several states require that employers give tax notices to employees regarding their possible eligibility for the Earned Income Tax Credit (EITC, or EIC). The tax notice is typically IRS Notice 797, although you can give alternative notifications.
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How to Handle Pay and Employment Issues When You Hire Remote Workers
Remote work is becoming more common. If you hire remote workers who work in a different state than where your business is located, you need to know how to handle pay and employment issues.
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What Is a Highly Compensated Employee?
If your company offers retirement plan options, you have to ensure each employee can benefit equally from the plan. To do this, you must consider who is a highly compensated employee (HCE). Not familiar with highly compensated employees? No worries—we’ll go over the HCE definition, how to determine who is classified as a highly compensated […]
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How to Employ Your Child: 10 Tips for Keepin’ It in the Family
Do you daydream about working with family members? You may consider hiring your child if you’re a small business owner. That way, you can show them the ins and outs of your business and the importance of hard work. At the same time, you gain an extra set of hands to get tasks done (win-win-win!).
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Understand the Difference Between Exempt vs. Nonexempt Employees
Employees want the wages they deserve. Employers want to avoid penalties and fines. Want the best of both worlds? Understand the difference between exempt vs. nonexempt employees.
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What Is a Nonexempt Employee?
Worker classification is critical. After you’ve narrowed down whether a worker is an independent contractor vs. employee, you’re not done. You need to also figure out if an employee is nonexempt. What is a nonexempt employee?
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W-2 Employee vs. 1099 Contractor: Which Is Better for Your Small Business?
You’re ready for some help around your business. Should you hire a W-2 employee or a 1099 contractor? The choice might not be yours. There are key differences between a W-2 employee vs. a 1099 contractor that you must understand to stay legally compliant.
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Independent Contractor vs. Employee Classification
Here’s a payroll question: How do you differentiate between employees and independent contractors? It all depends on the relationship between the potential employer and the worker, as outlined by the 2024 DOL contractor rule.
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New DOL Contractor Rule 2024: What to Know for Worker Classification
Not all workers are employees. Some might be independent contractors. Figuring out if your worker is an employee or independent contractor under the Department of Labor (DOL) guidelines can be difficult. The new DOL contractor rule 2024 aims to eliminate confusion. It provides detailed guidance on worker status. As a result, the number of workers […]
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