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.
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.
Q. Can a Texas employer require employees to accept payment of wages through an electronic transfer of funds?
Payroll isn’t an easy subject to master, so it’s a safe bet that employees in your company don’t have a clue about what goes on in your office. That makes explaining key payroll changes to employees difficult. Tips from two payroll managers at large organizations:
Q: If an employer underwithheld income taxes by not using an employee’s W-4 form properly, and the employee is assessed interest and penalties when he files his 1040, can he hold the employer responsible for the interest and penalties, or even the underwithholding?
Question: Our company contracts with an employee who quit and started his own business. We know he had a child support withholding order in place and that the order remains in effect. Must we continue to withhold child support?