A number of changes can be expected for small business tax in 2017. They come courtesy of the Internal Revenue Service (IRS), which is known for making changes on an annual basis, so keeping up to date with them is important. Let’s find out more about the changes pertaining to 2017 small business tax matters.
Time management is without a doubt one of the most important skill sets that an employee can develop. The reason for this is because it maximizes their productivity, allowing them to get the most out the time in which they work. An employee who manages their time well is an asset to the company they work for, as they will directly increase profits through their efficiency.
Statistics indicate that fraud associated with payroll data comprised over 10 percent of global corporate fraud cases, with enterprises suffering an average loss of approximately $50,000 annually. While $50,000 may not be much to Fortune 500 and 1000 companies, it can cripple small businesses and if trends continue, this amount is expected to grow. Below are some steps to ensure that your company doesn’t become victimized and can safeguard your payroll data.
Wage garnishment is an issue that every employer will face at some point, but many employers know little about it. However, it is a key aspect of payroll that employers will need to familiarize themselves with, so here’s a mini lesson on wage garnishment.
Generation Z is the name given to the generation who succeed the Millennials, who were born during or after 1993. While the Millennials grew up in the late 1970s and 80s and experienced a world without the Internet, Generation Z (at least in developed countries) has had Internet access from the beginning of their lives. This is one of the key things that make them distinct, but there is other things about them that employers should be aware of.
Trends in the workplace, like so many areas of life, are in a constant state of flux. Just a few of the changes which have been witnessed in the workplace during 2016 include overtime and salary, the elimination of yearly performance reviews, and the increasing desire for a workforce which is on-demand. Here are some 2017 workplace trends to watch for.
It takes extraordinary effort, time and patience to build a profitable business. Those who choose to run their own operation as opposed to working for someone else are few in number, and even fewer are actually successful. The path of the entrepreneur is one of the hardest, most arduous lifestyles an individual can lead, but the rewards for those that win are beyond words.
One important aspect of payroll processing is performing deductions from the paychecks of employees, both voluntary and mandatory. An example of a voluntary deduction is healthcare benefits. When an employee accepts this benefit they will pay for the premiums in the form of payroll withholding. The employer is considered the payroll representative and as such must calculate the healthcare deductions based on their corporate policy, as well as applicable state or federal regulations.
One of the most important aspects of operating a business is compensating employees. Not only does Payroll involve how much you’ll pay your workers, but also how and when. While many employers continue to pay their workers through old fashioned paper checks, there are a number of advantages you’ll gain by switching to direct deposits. These benefits can be broken down into three main advantages, which are security, convenience, and cost.
A number of social security changes are expected for 2017. Specifically, the wage base which is subjected to taxation is expected to grow from $118,500 to $127,200. Upon reaching this threshold, employees will no longer be subject to social security tax withholding. It has also been recently announced that over sixty five million people will receive COLA, or a cost of living adjustment of 0.3 percent for 2017.