If you have employees, you need a reputable system for processing payroll, withholding taxes, and maintaining accurate records. There are a few ways you can run payroll, and each comes with its own price tag. So, what’s the cost of payroll?Read More What’s the Cost of Payroll?
So, you’re going to ship out your products, eh? With over two billion online shoppers worldwide in 2021, it’s easy to see why. But before you can start shipping for small business, you must make some decisions, like packaging, the shipping vendor, and speed. After all, you don’t want shipping for business to shrink your […]Read More Shipping for Small Business: How to Get Started, Costs, Accounting, & More
When you hire new employees, you need to collect information to verify employment eligibility and run payroll. Federal Forms W-4 and I-9 are just the beginning when it comes to new employee forms. You may also need to collect state-specific forms, including your state’s W-4. What is the state W-4 form?Read More Don’t Forget to Collect State W-4 Forms from New Hires
When it comes to running payroll, you know there’s a whole process that goes into it. You need to determine your employees’ hours worked, do some calculations, and give out wages. And, you must give yourself ample time to ensure employees receive said wages on payday. So, how long does payroll take to process?Read More How Long Does Payroll Take to Process?
In 2020, the IRS released the long-awaited new W-4 form, shaking up how employers handle income tax withholding. Because the IRS only made the new form mandatory for new hires and employees making Form W-4 changes, some employers might be unfamiliar with it.Read More New W-4 Form: Withholding Allowances Still Out, Plus Computational Bridge
Like past years, the IRS released changes to the income tax withholding tables for 2022. Use these updated tables to calculate federal income tax on employee wages in 2022. In addition to the annual tax rate and bracket changes, employers can still use the optional computational bridge released in 2021.Read More Updates to the Income Tax Withholding Tables and What You Need to Know
The November 2021 Infrastructure Investment and Jobs Act ended the Employee Retention Credit (ERC) program earlier than expected. Originally slated to expire December 31, 2021, the ERC ended retroactively for most businesses on September 30, 2021. With the ERC ending early, employers probably have questions about deposits—and penalties.Read More The ERC Ended Early. If You Already Reduced Your Tax Deposits, Here’s What to Know About Penalties
Do you receive most of your business income in cash? If so, you’re probably a cash-intensive business, which can put you under greater IRS scrutiny. Why? Because cash transactions do not leave a paper trail. So if you run a cash-intensive business, you need to keep detailed records.Read More Do You Have a Cash-intensive Business? [Definition, Audit Process, & More]
You’ve finished distributing Forms W-2. Just when you think you’re done, an employee comes up to you, hands you their form, and asks, Why are my W-2 Box 1 earnings less than my Box 3 and Box 5 earnings? Panicked, you glance over the W-2. That doesn’t help. You do a quick search of Form […]Read More Form W-2 Box 1: A Guide for Navigating Through Confusing Discrepancies
Once you send Forms W-2 to your employees, you don’t have to worry about the annual form until next year. Or, do you? If you don’t know how to fill out Form W-2, you may run into problems.Read More How to Fill Out Form W-2: Box-by-box Breakdown