Payroll and taxes are usually a confusing topic for businesses who can easily find themselves in trouble with the IRS if payroll taxes are not reported correctly. For churches and places of worship, payroll taxes can be especially tricky due to the dual-tax status of...
Whether you’re a small-business owner or an HR professional in a larger company, managing payroll can be a real hassle. The rules and regulations surrounding payroll can be complex, and often vary from region to region. Outsourcing your payroll functions to a firm that specializes in...
WASHINGTON -- President Trump's monthslong insistence on a payroll-tax cut continues to shape discussions over the next round of economic relief despite a lukewarm reception from economists and lawmakers in both parties. Mr. Trump's basic argument -- lower payroll taxes reduce hiring costs and put money in workers' pockets --...
The U.S. Chamber has updated the Guide to PPP Loan Forgiveness. This guide reflects recent substantive changes made by Congress and the administration to the PPP program to provide borrowers with more flexibility. These changes include: Extending the time to spend PPP funds from 8...
Payroll accounting is about recording your payroll expenses in your accounting system. These recordings are called "payroll journal entries," which can be made in your payroll journal and then posted to your general ledger. Or they can be recorded directly in your general ledger. To understand...
The fluctuating workweek method of calculating overtime has been on the books for decades. The Supreme Court first approved the method in 1942, shortly after the Fair Labor Standards Act (FLSA) was enacted [Overnight Motor Transp. Co. v. Missel, 316 U.S. 572 (1942)]. Moreover, Department...
Any newly hired employees in 2020 must fill out the redesigned W-4.The 2020 version of form W-4 does away with asking people to choose a number of allowances. Instead, you provide certain dollar estimates for the payroll system to use. Elimination of the Personal Allowances Worksheet With...
Bonuses are a form of variable pay that are used to inspire employee loyalty or reward performance, and it's essential to know about the different kinds. Discretionary Bonuses A bonus is discretionary if it's given solely at the employer's discretion and does not cause an expectation of...
You may have overpaid an employee because someone entered the wrong information into the system. Or maybe the employee or his or her supervisor submitted inaccurate data. Either way, this type of error is usually easily fixable. You do have to follow certain procedures, however. Reclaiming...
The Board of Governors of the Federal Reserve System maintains a list of federal banking holidays for the current year and the following four years. As 2020 approaches, you should take note of upcoming federal banking holidays and how they may impact your payroll processing...