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As a business owner or manager, there are two things that create particular stress points in connection with room for error, financial loss, and legal liability: payroll and taxes. Did you know payments to part-time, full-time, or contract workers are deductible, but that if you use taxes withheld from employees to fund your operations, you are personally liable for paying back the IRS with possible added penalties? Common Payroll Mistakes: Setting up your payroll incorrectly Falling behind on tax payments and filings Miscalculating overtime Running payroll too late Forgetting to keep records Bad bookkeeping Common Tax Preparation Mistakes: Incorrectly reporting [...]
The Department of Labor and the Internal Revenue Service have joined together in an initiative to end the practice of misclassifying employees as independent workers or contractors. Millions of workers are misclassified as independent contractors instead of employees, which represents millions in lost payroll tax payments that are used to pay for programs such as Social Security and Medicare. If violations are reported, an employer could be subjected to penalties that include 20 percent of all the wages paid, plus 100 percent of the FICA taxes (employer and employee share) as well as criminal penalties up to $1,000 per misclassified [...]
The IRS has released a list of states that have defaulted on their 2012 Federal Unemployment Insurance Loans causing employers in these states to owe additional FUTA tax for the tax year 2012. The following are the FUTA tax rate increases for the affected states and credit reductions: Arizona 0.3% Arkansas 0.6% California 0.6% Connecticut 0.6% Delaware 0.3% Florida 0.6% Georgia 0.6% Indiana 0.9% Kentucky 0.6% Missouri 0.6% Nevada 0.6% New Jersey 0.6% New York 0.6% North Carolina 0.6% Ohio 0.6% Rhode Island 0.6% Vermont 0.3% Virgin Islands 1.5% Wisconsin 0.6% This rate will be applied to the 1st $7,000.00 [...]
What are the best ways to maximize your Social Security benefits? The Social Security Administration doesn't give case-specific advice to individuals, so it's up to the individual worker to know the rules and do the proper research. For example, writing on the Bankrate.com website, Jennie L. Phipps describes some keys to getting the most out of Social Security: (1) Wait a while. At age 70, the monthly benefit is 76 percent higher than it would be at age 62 and 32 percent higher than it would be at age 66. (2) But then again....Doug Carey, founder of the financial [...]
Making payroll is always a top priority. But for many companies during the economic difficulties of the last few years, payroll has been an ongoing concern every pay period. Creativity and loyalty to staff members has given many company leaders the incentive to find alternative ways to make payroll, rather than laying off valuable, dependable workers. In October 2008 the Society for Human Resource Management (SHRM) conducted a survey that examined paid leave policies and practices in the workplace. The survey was intended to help answer questions and propose potential solutions to help businesses stay viable and employees stay engaged [...]
Even the most savvy entrepreneurs sometimes have a difficult time keeping up with payroll taxes. According to howstuffworks.com, payroll taxes can create trouble, because “Complicated tax forms must be filled out and filed on an annual, quarterly, sometimes even weekly basis. Missed deadlines and improper tax filings can result in steep fines and even jail time.” A business owner managing payroll can be a huge time waster. That’s bad for the owner and bad for the company. Sitting in the office staring at a calculator cuts down on the time an owner can spend investing work into their business. Small [...]
Businesses save money by outsourcing payroll, but exactly how? The obvious answer is that outsourcing fees are less than the cost of paying in-house payroll staff member salaries and benefits. But there are other savings created by outsourcing that are less obvious. While it’s true that hiring fewer payroll staff members keeps individual salary budgets in check, an indirect result of this is also beneficial: keeping the company size classification in check. The federal healthcare law requires employers with 50 or more full-time workers to provide healthcare insurance to employees by 2014 or pay a penalty. So what if a [...]
Salary discrepancy between men and women.The salary gap between men and women in the U.S. has closed significantly in the last 50 years. But despite a generation or so of serious attention to the issue, there’s still a long way to go to achieve the elusive goal of equity. “These differences aren’t going to go away overnight,” said Dr. Nancy Bush, a marketing professor at Wingate (N.C.) University, noting that equal pay for men and women was part of the Republican platform during the 1956 re-election campaign of President Dwight D. Eisenhower. Men earned as much as 40 percent more [...]
Dating in the workplace: Legail Debacle or Life Changing Romance!For those enthralled in the best seller Fifty Shades of Grey, a workplace romance might seem like a positive next step in life (or in the workplace) but the reality is not that sexy. For employers it may prove to be an untidy and expensive embarrassment. All too often what starts as a common interest in another person can end up in a messy sexual harassment law suit. Sexual harassment is defined legally as a coercive tradeoff where job benefits are exchanged for sexual favors. It is illegal under the Title [...]
