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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Payroll Taxes - Tips, Training, and News
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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A Breakdown of the Colorado Occupational Privilege Taxes
A handful of cities in Colorado have a local tax called an occupational privilege tax. Both employees and employers owe it. If you’re an employer in Colorado, it’s important to know if you owe the occupational privilege tax and what your city requirements are.
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State Income Taxes for Out of State Employees
Each state’s income taxes are different. Some states have low taxes, some have high taxes, and some states don’t have income taxes at all.
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The Basics of Schedule SE
If you are a small business owner who earns self-employment income from your business, you must pay self-employment tax. Like all taxes, there is a specific form to calculate and file self-employment tax. Do you know what form to use for self-employment tax?
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