Companies must report and deposit their portions of employment taxes, and a fair amount of accounting and filing is involved. Click through for some advice on what federal forms you need for what purposes.
Your payroll management process doesn't have to put your and your clients' reputations at risk. Click through for insight into how you can safeguard your company against a host of potential pitfalls.
Running a seasonal business means your payroll and human resources systems are constantly adjusting — expanding during busy times and scaling back when things slow down.
One of the first things to consider when choosing a payroll schedule is how it impacts your cash flow. Weekly payroll, for example, means cash is going out more often. That's fine — if cash is coming in just as steadily.
Payroll mistakes are costly — in time, money and employee trust. Understanding the following most likely errors is the first step toward preventing them:
Your employees expect their paychecks to be accurate and on time — and rightfully so. A single missed or delayed check can impact 86% of American workers financially. Beyond the dollars, it erodes trust between your company and your team.
Overtime pay for nonexempt employees isn't always as simple as multiplying a worker's hourly wage by hours worked. Certain types of bonuses can effectively increase an employee's regular rate of pay, which in turn effects how an employer must calculate their overtime earnings. Whether a bonus affects overtime depends on how it's classified under the Fair Labor Standards Act.
It's important to accurately track overtime hours because failing to do so can result in legal disputes and financial penalties. By tracking overtime, you can ensure that your employees are fairly compensated. It also means you'll be in full compliance with Fair Labor Standards Act requirements.
At the end of December, the IRS announced standard mileage rates for 2025. Below are the deductions, if you are using an automobile for approved purposes.
Hiring remote employees gives companies access to a larger pool of workers, but because each state has its own laws regarding workers' compensation, disability insurance and/or paid leave, as well as its own taxing authority, employers have to know and be prepared for the implications on state and federal income taxes when it comes to remote workers, Medicare withholding and unemployment insurance.