Payroll Tax Responsibilities Archives - Palmetto Payroll Solutions

Payroll Tax Responsibilities

The Basics of Small Business Payroll Taxes

Taxes. Sometimes we may grumble about them, but the reality is that they provide funds to keep America functioning. Businesses pay payroll taxes to provide essential services and support to American Citizens including Social Security and Medicare. As a small business owner, it is important to understand payroll taxes, including what needs to be paid…

Palmetto PayrollJanuary 15, 2023

Human Resources Outsourced Payroll Payroll Processing Payroll Tax Responsibilities Reporting Small Business Time Keeping

Understanding Employee Overtime Requirements as a Small Business Owner

Under federal labor laws, employees classified as hourly satisfy their overtime requirements after working 40 hours in one week. While working overtime, employees must receive one and one-half times their normal hourly salary. This sounds simple enough on the surface, but small businesses often find themselves facing fines and other legal consequences because they do…

Palmetto PayrollSeptember 2, 2021

Company Culture Payroll Tax Responsibilities Small Business Time Keeping

Should You Pay Your Employees Salary Or Hourly Wages?

The question of whether to have salary vs hourly employees is one that all business owners face. Both options have pros and cons, which can make it difficult to choose one over the other. Most companies offer salaried positions to some employees and hourly positions to other employees after considering which is best for each…

Palmetto PayrollAugust 16, 2021

Accounting Payroll Processing Payroll Tax Responsibilities Small Business

How to File Required 1099 Reports Electronically

The Internal Revenue Service (IRS) requires employers to provide a 1099 income reporting form for all independent contractors who earned more than $600 in a calendar year. Starting in 2020, the IRS required employers to select one of two types of 1099 forms rather than defaulting to the 1099-MISC form used in previous years. If…

Palmetto PayrollAugust 2, 2021

Accounting Outsourced Payroll Payroll Processing Payroll Tax Responsibilities Small Business Time Keeping

Receive The Maximum Benefits From Your Payroll Provider

Whether you are searching for a company to perform payroll services or have worked with the same provider for years, you need to ensure you are getting the most for your investment. This blog explores questions to ask your current or potential payroll provider to give you peace of mind that your company is receiving…

Palmetto PayrollJune 14, 2021

Human Resources Outsourced Payroll Payroll Processing Payroll Tax Responsibilities Small Business

Outsourcing Payroll Brings a Quick Return on Investment

Small and mid-sized business (SMB) owners often feel caught between a rock and a hard place when it comes to payroll. On the one hand, the task is taking up too much staff time. At the same time, owners of SMBs may worry about the cost of outsourcing payroll and entrusting another party with the…

Palmetto PayrollMay 30, 2021

Accounting Outsourced Payroll Payroll Processing Payroll Tax Responsibilities Small Business

Review Your Balance Sheet to Determine the Health of Your Business

How healthy is your business? Fortunately, the answer to this question is as simple as looking at its balance sheet. According to the Small Business Administration (SBA), a company’s balance sheet includes its assets, liabilities, and each owner’s share of equity as of the date of preparation. The owner’s share of equity should be the…

Palmetto PayrollApril 30, 2021

Accounting Outsourced Payroll Payroll Processing Payroll Tax Responsibilities Small Business Time Keeping

Avoid These Common Payroll Mistakes to Save Money

Processing payroll manually opens your company to the risk of making common payroll mistakes that could cause a significant loss of revenue. From the Internal Revenue Service (IRS) imposing penalties to overpaying employees, these payroll mistakes are all too easy to make. We review some of the top payroll mistakes we see and how to…

Palmetto PayrollMarch 15, 2021

Accounting Outsourced Payroll Payroll Processing Payroll Tax Responsibilities

Want a Successful Year End? Start Preparing Now!

Both individuals and businesses have traditionally used the end of a year to take stock of what went right and what went wrong. They use this information to begin planning for the new year even before it officially arrives. One simple way to start the process is to focus on any changes your company must…

Palmetto PayrollDecember 16, 2020

Payroll Processing Payroll Tax Responsibilities Taxes

Employer’s Guide to Determining Payroll Taxes

As an employer, you must withhold federal income tax and Federal Insurance Contribution Act (FICA/social security) for each employee. You are also responsible for remitting Federal Unemployment Tax Act (FUTA) paid entirely by you. If your state has income tax, you will need to withhold that as well. Unless you do business in Ohio or…

Palmetto PayrollNovember 16, 2020