A recent report from the Society for Human Resource Management found that 78% of surveyed businesses offered wellness benefits to their employees. It’s true that wellness programs are most common in large corporations, but small companies also can offer these benefits and reap the rewards. In general, wellness programs may improve worker morale and perhaps […]
As business owners know all too well, hiring an employee costs more than just paying a salary. Employers generally provide benefits to employees, which can be expensive. Moreover, employers must pay a share of Medicare, Social Security, and federal/state unemployment taxes. None of the above applies when your company hires an independent contractor – a […]
To process paychecks and prepare tax documents for your employees, you need to neter specific information about each of your employees in Quickbooks. Important Note: If you are a Quickbooks Payroll subscriber, you will be prompted to add all of your employee information during payroll setup. Use the following procedure to edit employee information or […]
As an employer, you have specific payroll responsibilities that are required by government agencies. These agencies can be federal, state, or local. Some of these responsibilities include, but are not limited to, withholding amounts from your employees’ compensation to cover income tax, Social Security, Medicare, and other payments. Choosing a Payroll Service To use […]
Payroll Tax Compliance Set-Up. Upon determining the status of service providers as employees (as opposed to independent contractors), business owners must register with regulatory agencies. For example, businesses employing workers in Louisiana are required to comply with employment rules and regulations as follows: INTERNAL REVENUE SERVICE (IRS) – In complying with federal law (overseen […]
Common knowledge in the entrepreneurial realm is that a single founder can only take a business so far. Nevertheless, professional service providers frequently choose this path when hanging out their shingle after leaving the stability afforded by their 9-5. This happens to be the route I find myself on, and I am quickly learning the […]
Employing talented individuals is an essential initiative of all business owners. Once hired, retaining top-notch talent becomes an equally important objective, as these performers have ample opportunities to utilize their skills in any number of ways for any number of organizations. Workforce turnover is costly, and losing key employees can be detrimental to a business. […]
It is critical for business owners to correctly determine the status of service providers as employees or independent contractors. In making this determination, you must first understand the relationship between your business and the service provider as it relates to the degree of control and independence. Internal Revenue Service (IRS) guidelines identify three categories of […]
Check out the link above for a great article on classifying workers as employees or independent contractors. The article was published by Susan C. Allen of The Tax Adviser on October 1, 2015, and it does a great job of explaining this complicated topic.