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 […]
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Form W-9 vs. W-4: What Are the Right Forms for Employees and Contractors?
You must withhold the right amount of taxes on employee wages when paying employees. But what if you need to pay an independent contractor? To keep tax information straight between independent contractors and employees, you need to know the difference between Form W-9 vs. W-4. Read on for the scoop.
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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.
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Optimizing Employee Discounts: A Comprehensive Guide for Small Businesses
Want to encourage employees to sport your company’s apparel? Or, looking for an employee benefit that’s appealing to new hires? You may consider offering employee discounts. Employee discount programs for small business come with several business benefits, like increased retention and sales. But before offering them, understand what qualifies as an employee discount and whether […]
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What Is State Income 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, […]
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“Do I Need to Pay That?” All About FUTA Tax Exemption
As an employer, you’re responsible for many different payroll taxes, including FUTA tax (aka, federal unemployment tax). But in some cases, you may not be responsible for paying FUTA tax. In fact, some businesses are exempt from the tax altogether. Get to know all about FUTA tax exemption and whether or not your business has […]
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What Is a Taxpayer Identification Number?
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 […]
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Who Pays Unemployment Tax? Understanding FUTA and SUTA Taxes
When an employee becomes unemployed, they might qualify to receive unemployment benefits. Unemployment benefits are funded by unemployment taxes, which are paid based on employee wages. But who pays unemployment tax? You or your employees?
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How to Withhold Taxes on Tips
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.
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Are Reimbursements Taxable? Guidance on Employee Expense Reimbursement Plans
Sometimes, an employee might pay for a business expense out of their own pocket. When that happens, you can reimburse the employee. An employee expense reimbursement does come with some complications. Are reimbursements taxable? Do you need to report the reimbursement? Find out below.
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