Payroll & Taxes
For employees, it’s almost as good as hitting the lottery–they open their paychecks or log on to their bank accounts and find extra money courtesy of the company.
Ahh, it’s tax season. As Albert Einstein once said, “The hardest thing in the world to understand is the income tax.” But Benjamin Franklin once said, “In this world nothing can be said to be certain, except death and taxes.”
Payroll taxes are federal, state and local taxes withheld from an employee's paycheck by the employer. These taxes consist of income taxes as well as Social Security and Medicare taxes, the latter two often referred to as "the payroll tax."
We know that filling out a W-2 for your employees can be about as much fun as a root canal. All those tiny boxes that are hard to tell apart. A bunch of obscure rules you’re supposed to know. It’s easy to make a costly mistake or risk having it sent back to you because of an error.
So many boxes, numbers, letters. Lots of blank spaces with tiny type above them asking about things like wages, Social Security, Medicare, tips, etc. What does it all mean? What goes in these boxes really? What is the control number and where is it located (see our description of Box D)?
When evaluating payroll services, the numerous options can be overwhelming. Ultimately, the price you pay will depend on your company’s specific needs. To get a better understanding of what to expect before contacting providers, let’s examine some typical services and fees associated with the cost of payroll.
Now is a time of year when many businesses are considering signing up for a payroll service. Perhaps you’ve been doing payroll yourself and you’re tired of it, or you’ve hired on more employees, or you’ve been using a service that isn’t up to par.
The last Leap Year was on February 29, 2012. The next one will come around on February 29, 2016.
The following guide will cover:
The following blog post will cover:
We know tax tips are important to small business owners. The last thing you want to do is have to pay more than your fair share or even worse have to pay a penalty. As usual, there are some key changes the IRS is making in 2014 that employers should know about.