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Payroll Tax Responsibilities

Understanding Your FICA Obligations as a Small Business Owner

Understanding Your FICA Obligations as a Small Business Owner

By | Payroll Tax Responsibilities | No Comments

The term FICA, which stands for Federal Insurance Contributions Act, is a mandatory federal tax that requires employees to pay a certain percentage of each paycheck towards the Medicare and Social Security programs. Employers must pay the same percentage as employees from every paycheck while self-employed individuals pay both the employer and employee portion of…

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Proven Strategies to Reduce Payroll Tax Liabilities

Proven Strategies to Reduce Payroll Tax Liabilities

By | Payroll Processing, Payroll Tax Responsibilities, Taxes | No Comments

According to the Internal Revenue Service (IRS), just under one million businesses paid a penalty for problems related to the company’s annual tax return and approximately six million paid fines related to payroll taxes. Although the issue hasn’t improved much in the past three years, that doesn’t mean your company needs to waste money on…

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Determine Your Payroll Tax Deposit Schedule to Meet IRS Requirements

Determine Your Payroll Tax Deposit Schedule to Meet IRS Requirements

By | Outsourced Payroll, Payroll Processing, Payroll Tax Responsibilities, Small Business, Taxes | No Comments

The payroll process involves much more than just adding up an employee’s work hours and determining the amount of his or her paycheck for the period. You must also withhold payroll taxes along with any voluntary withholdings the employee authorizes such as premiums for health insurance. Additionally, the Internal Revenue Service (IRS) and state governments…

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When Should I Consider Using Outsourced Payroll Services?

When Should I Consider Using Outsourced Payroll Services?

By | Accounting, Human Resources, Outsourced Payroll, Payroll Processing, Payroll Tax Responsibilities, Uncategorized | No Comments

When you first started your business, you had only a few employees and no problem keeping up with payroll. Now that your business has expanded, processing payroll for so many employees seems like one more thing you no longer have the time to do. However, you can’t very well not pay your workers because you…

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