Key Takeaways − Manual payroll spreadsheets may work at first, but they quickly become risky as you grow. Common growth challenges include errors, missed deadlines, compliance headaches, and time drain. Automated payroll systems calculate pay, withhold taxes, and help keep you organized. A smooth transition starts with cleaning your data and choosing the right system. […]
Read More Transitioning from Manual Spreadsheets to Automated Payroll Systems
If you have a low- or moderate-income worker, they may be eligible for the earned income tax credit (EITC). Read on to learn all about the earned income credit, including who is eligible for it and how workers can claim the credit.
Read More What Is the Earned Income Tax Credit, and How Does it Work?
New Jersey started its paid family leave plan in 2009 with the New Jersey Family Leave Act. New Jersey paid family leave (PFL) made NJ the second state (after California) to pass a PFL policy. If you’re a New Jersey employer, you need to know about your responsibilities.
Read More New Jersey Paid Family Leave (+Q&A)
Payroll compliance isn’t a once-per-year task you can easily check off. Remaining compliant is a big job. You must make sure your business is compliant with all payroll laws year-round. You can make payroll compliance easier and less stressful by doing tasks throughout the year. In fact, there are some tasks, like filing taxes, that […]
Read More Payroll Compliance Checklist (By Payday, Month, Quarter, and Year)
Each and every employer is responsible for completing, distributing, and filing Form W-2 each year. But, what happens if filing Form W-2 slips your mind? Learn about what happens when you forget to file Form W-2 and the failure to file W-2 penalty.
Read More Forget to File? Here’s What You Need to Know About the Failure to File W-2 Penalty
As a small business owner, you should be able to answer “What is a W-2 form?” A W-2 form is a crucial document that reports an employee’s annual taxable wages and the amount of tax withheld from wages.
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When you have a business, you need a way to identify it. That way, you can submit payroll forms or tax returns, open a business bank account, establish a retirement plan, and more. So, how do you identify your business? You need a taxpayer identification number (TIN). Read on to learn what is a taxpayer […]
Read More What Is a Taxpayer Identification Number?
Part of being an employer is withholding taxes from your employees’ wages before giving them their paychecks. That’s why you need to understand taxable wages before you run payroll.
Read More What Employers Need to Know About Taxable Wages
When you become an employer, you add a lot of things to your plate, like running payroll. One of your employer responsibilities with payroll is withholding certain taxes, such as SUTA tax. But, what is SUTA tax?
Read More What Is SUTA Tax? Overview of the Mandatory Payroll Tax
Tax withholding may not be the most glamorous part of being a business owner. But if you have employees, it’s part of the job. In addition to federal income tax withholding, you may also need to handle state income tax withholding. Unlike federal income tax, state income tax rules and rates vary by state. So, […]
Read More What Is State Income Tax?