Payroll Tax Responsibilities Archives - Page 2 of 2

Accounting Payroll Tax Responsibilities Small Business Taxes

Avoid These Common Small Business Tax Filing Mistakes

The actions you take now have a big impact on how much you pay or receive back as a refund when you file your small business tax return next April. At Palmetto Payroll, we typically advise small business clients to aim for breaking even with the IRS in that they neither owe nor receive a…

Palmetto PayrollOctober 1, 2020

Accounting Payroll Processing Payroll Tax Responsibilities Small Business

Prepare for Financial Reports to Look Different Due to COVID-19

Certified Public Accountants (CPA) should understand that financial reports they prepare in 2020 will look differently than reports they prepared in all years prior to 2019. The difference, of course, is that 2020 saw a global pandemic that had a devastating impact on small businesses across the country. Even companies that did not shut down…

Palmetto PayrollAugust 15, 2020

Accounting Payroll Tax Responsibilities Taxes

It’s Never Too Early to Make Next Year’s Tax Season More Efficient

Although we aren’t yet halfway through 2020, it’s not too early to prepare for filing your business tax return in 2021. The earlier you prepare and file, the less likely you are to make a costly mistake or even miss the tax filing deadline altogether. Below are several payroll tips we have offered to other…

Palmetto PayrollMay 12, 2020

Payroll Tax Responsibilities

Take These Steps to Avoid Payroll Tax Penalties for Your Business

There’s nothing fun about your business owing money to the Internal Revenue Service (IRS), especially when you made an honest mistake or omission. Unfortunately, this scenario is common. In 2016, the IRS assessed civil penalties against six million businesses for mistakes or omissions with payroll tax and just under one million paid a penalty related…

Palmetto PayrollJanuary 15, 2020

Payroll Tax Responsibilities

Understanding Your FICA Obligations as a Small Business Owner

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…

Palmetto PayrollSeptember 23, 2019

Payroll Processing Payroll Tax Responsibilities Taxes

Proven Strategies to Reduce Payroll Tax Liabilities

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…

Palmetto PayrollAugust 8, 2019

Outsourced Payroll Payroll Processing Payroll Tax Responsibilities Small Business Taxes

Determine Your Payroll Tax Deposit Schedule to Meet IRS Requirements

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…

Palmetto PayrollApril 16, 2019

Accounting Human Resources Outsourced Payroll Payroll Processing Payroll Tax Responsibilities Uncategorized

When Should I Consider Using Outsourced Payroll Services?

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…

Palmetto PayrollMarch 27, 2019

Payroll Tax Responsibilities

Avoid These Common Small Business Tax Filing Mistakes

Prepare for Financial Reports to Look Different Due to COVID-19

It’s Never Too Early to Make Next Year’s Tax Season More Efficient

Take These Steps to Avoid Payroll Tax Penalties for Your Business

Proven Strategies to Reduce Payroll Tax Liabilities

Determine Your Payroll Tax Deposit Schedule to Meet IRS Requirements

When Should I Consider Using Outsourced Payroll Services?

Free Download

Recent Posts

Archives

Categories