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?
Paying Social Security tax is a time-honored tradition since 1937. Both employers and employees pay the tax. But when an employee hits the Social Security wage base, it’s game over for withholding and contributing the tax.
Read More The Social Security Wage Base Is Your Cue to Stop Withholding This Tax
Employers are responsible for withholding, remitting, and filing payroll taxes on behalf of their employees. And, there are some taxes you contribute on behalf of your employees. Social Security tax is one of those essential taxes that impacts both the employer and the employee.
Read More Social Security Tax: Get to Know it Before Writing That Paycheck
Sometimes, payroll mistakes happen. If you pay an employee less money than you should have during a pay period, you owe them retro pay. What is retro pay?
Read More For Payroll Adjustments, There’s Retro Pay
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.
Read More How to Withhold Taxes on Tips
Found the best new hire thanks to an employee referral program? Great! Next on the agenda is paying out the referral bonus to the referring employee.
Read More Referral Bonus Payouts: Don’t Cut That Check! Your Guide Has Arrived
One word, two syllables. And completely unavoidable if you’re an employer. Ah yes, we’re talking about payroll. It’s a pretty common term in the workplace (Don’t forget to run payroll!). But, what is payroll exactly?
Read More What Is Payroll?