If you get pleasure from rewarding your team's performance with bonuses, you are not alone. But it's important to consider how those bonuses are given, along with the tax implications for both you and the employee. One-time bonuses are generally calculated by percentages. The rates cluster...
WASHINGTON — The Internal Revenue Service issued a consumer alert following bad advice circulating on social media about a non-existent “Self Employment Tax Credit” that’s misleading taxpayers into filing false claims. Promoters and social media are marketing something they describe as the “Self Employment Tax Credit”...
Question: Do we need to tell employees when employment laws change? Answer: Possibly. As the employer, you need to stay up to date on legal changes that affect your organization, and your leadership team, managers, human resources, and payroll departments should be kept aware...
A workweek is not the same thing as hours of operation. Rather, it defines the 168-hour period (i.e., seven 24-hour days) in which you track your non-exempt employees’ time to determine whether they’re owed any overtime. The workweek can start and end whenever you would like...
There’s Never Been More Mobile Employees Millions of small businesses rely on mobile employees. According to the International Data Corporation (IDC), the number of mobile workers in the U.S. will reach 93.5 million by 2024 and will account for 60% of the total workforce. It’s...
As a small business owner, it’s important to protect your payroll system from unauthorized access. Otherwise, cybercriminals can manipulate your payroll system to steal money from your organization. For more on phishing attacks and how to prevent them, read on. What Is a Phishing Attack? At...
While there have always been tax benefits of 401(k)s for employers, SECURE Act 2.0 is changing the way businesses and workers save for retirement. As a business owner, it’s important to understand how these 401(k) benefits can impact your bottom line and your ability to attract new...
High turnover can quickly become costly. We recommend the following practices to increase retention: Pick the right people in the first place. Put thought and care into your recruitment and interview procedures. The more time you and other employees can spend with candidates, the more...
If I am a minister/clergy, do I have to pay self-employment taxes? This is a very important question, and perhaps a question you have asked yourself. Whether you are a seasoned minister, or just beginning, understanding self-employment taxes is vital to your tax planning and...
Family Medical Leave, Paid Sick Leave, and PTO Employees need to take time off for various reasons, such as medical emergencies, recovery from an illness, planned medical procedures, family support, or leisure. Several laws govern the management of employee leave, and they affect most employers. Family...