Payroll Management

Ineffective payroll management and shoddy payroll systems can result in personal liability (including JAIL TIME) for non-compliance.

Business Management Daily helps our readers with information on payroll processing and tips on timesheets that will help you to implement payroll programs that pay off.

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It’s no secret that a large contributor to the tax gap—the difference between the taxes that are paid and the taxes that are owed—are independent ­contractors who don’t have taxes withheld from their payments. B Notices, properly called CP 2100/2100A notices, which require payers to backup withhold, are a key tax collection tool.

Payroll has no margin for error. Get employees’ pay wrong and you’ll hear from them. Get your tax deposits wrong and you’ll hear from the IRS. Get it right and what do you hear? Silence. But don’t think you toil in anonymity.

If you can’t show your time records are accurate, lawsuits claiming unpaid over­­time can get costly. That’s because—absent reliable employer records—courts will let employees fill in the timekeeping details. Make sure your records are easily ex­­plained and tamper-proof.

How can an employer reduce its exposure to claims for off-the-clock work if employees use their own electronic devices for business purposes?

To pay for health care reform, high earners—single employees earning more than $200,000 and joint ­filers earning more than $250,000—will pay an additional 0.9% in Medicare taxes, for a total tax rate of 2.35%, beginning Jan. 1, 2013. The IRS has issued “Questions and Answers for the Additional Medicare Tax” to provide guidance.

As the hot, sticky air of summer clears out, now is the time for you and your employees to do some clearing out of your own. The payoff: A smoother year-end Payroll ­process.

Question: We run a rural health clinic. We know that payments made under certain programs that encourage health care professionals to work in underserved areas are tax-free. Do these payments fall into that category?

The most common and costliest wage-and-hour mistakes made by employers involve failure to correctly adhere to overtime pay requirements under the FLSA.  Among the common mistakes: paying time-and-a-half for weekends and holidays; calculating overtime on a pay period basis instead of the workweek; and failure to pay overtime when employees weren't authorized to work the additional hours.
Credit-reduction states are listed on Schedule A of the 2011 Form 940. If you do business in one of those 20 states, and you receive a balance-due notice from the IRS, don’t despair.
Payroll expense is a usually a company’s largest deductible expense. That’s a huge impact on the bottom line. But there’s a world of difference between payroll and corporate taxes, according to consultant Gretchen Inouye, CPP.
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