Tag

payroll functions

overtime requirements
Understanding Employee Overtime Requirements as a Small Business Owner Human ResourcesOutsourced PayrollPayroll ProcessingPayroll Tax ResponsibilitiesReportingSmall BusinessTime 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 Payroll
September 2, 2021
How to File Required 1099 Reports Electronically AccountingPayroll ProcessingPayroll Tax ResponsibilitiesSmall 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 Payroll
August 2, 2021
401(k) fiduciary responsibilities
Your Fiduciary Responsibilities When Offering 401(k) Employee Benefits AccountingReportingSmall Business

Your Fiduciary Responsibilities When Offering 401(k) Employee Benefits

The Internal Revenue Service (IRS) defines a fiduciary as a party that owes a duty of care to another party and must act in their best interest because of this. If your company offers a 401(k) retirement savings benefit to employees, the actions required to manage the accounts involve fiduciary responsibilities. This is true whether…
Palmetto Payroll
July 16, 2021
Human Resources Trends and How They Can Impact Your Business Human ResourcesOutsourced PayrollPayroll ProcessingSmall Business

Human Resources Trends and How They Can Impact Your Business

The year 2020 was like no other due to the COVID-19 pandemic. Now that much of the country has returned to normal, those in human resources management are discovering that some trends that emerged during the pandemic are here to stay. We outline some of three of these trends below. Virtual or Hybrid Working Arrangements…
Palmetto Payroll
June 28, 2021
Receive The Maximum Benefits From Your Payroll Provider AccountingOutsourced PayrollPayroll ProcessingPayroll Tax ResponsibilitiesSmall BusinessTime 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 Payroll
June 14, 2021
Outsourcing Payroll Brings a Quick Return on Investment Human ResourcesOutsourced PayrollPayroll ProcessingPayroll Tax ResponsibilitiesSmall 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 Payroll
May 30, 2021
Review Your Balance Sheet to Determine the Health of Your Business AccountingOutsourced PayrollPayroll ProcessingPayroll Tax ResponsibilitiesSmall 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 Payroll
April 30, 2021
Determine Your Payroll Tax Deposit Schedule to Meet IRS Requirements
Determine Your Payroll Tax Deposit Schedule to Meet IRS Requirements Outsourced PayrollPayroll ProcessingPayroll Tax ResponsibilitiesSmall BusinessTaxes

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 Payroll
April 16, 2019
When Should I Consider Using Outsourced Payroll Services?
When Should I Consider Using Outsourced Payroll Services? AccountingHuman ResourcesOutsourced PayrollPayroll ProcessingPayroll Tax ResponsibilitiesUncategorized

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 Payroll
March 27, 2019