There are a lot of debates regarding the newly established tax brackets. New tax brackets mean new rates thereby affecting the income ranges as well. Much of the arguments refer to how it would impact the middle class and those who own small businesses. Although most people would focus on the negative effects, small business owners will be glad to know that they could benefit from the tax reform provisions.
The holidays are coming. Even if you don’t personally celebrate the Thanksgiving/Christmas holidays, your business likely has to deal with payroll processing in a special manner (and any other legal holiday, for that matter). For many businesses and their employees, direct deposit is a very common aspect of payroll processing. But banks aren’t open on holidays. So, is direct deposit affected?
At the heart of any business is the payroll processing department. There would be no business, sooner than later, if you weren’t paying your employees. But without the right payroll software provider, paying your employees accurately and in a timely manner can become anything but a sure thing. Let’s find out how to choose the best payroll software providers for your needs.
Attention, all payroll personnel! Is the part of your job that requires calculating travel time the most dreaded part of your day? Do you know exactly what kind of travel time your company should be paying for? Goodness knows, you certainly don’t want hour and wage violations on your company’s record. The following will go through the most common travel solutions in regard to federal travel time rules for employee pay.
There are many challenges involved in the payroll process. One challenge, for many companies, is the topic of gross wages. Let’s take a closer look at gross wages to see if we can clarify matters.
Let’s face it, everything begins with gross pay when running payroll. What attracts many individuals to a particular job are the gross wages. And without them, how would payroll calculate an employee’s taxes and deductions on their wages? Take-home pay would be difficult to determine without knowing how to properly calculate gross wages. Read More
Most employers now use ACH transactions to compensate their employees. ACH, or Automated Clearing House, comes in the form of electronic payments, direct deposit, bill pay or direct debits. One of the greatest benefits of ACH is that it allows for same day payroll. Below are some tips for doing it correctly.
Employers are not legally allowed to stop their employees from discussing payroll, even amongst one another. Additionally, they are also prohibited from taking any adverse action against employees for such discussions, as doing so infringes upon the rights that employees have been given under the NLRA, or National Labor Relations Act, Section 7.
Today in the corporate world, most employees will expect employee benefits and salary increases over time. The wages they are paid should ideally be in line with inflation, and is a way of rewarding them for good work. However, figuring out the proper amount can be tricky. An employer should take into consideration their morale, schedule market averages, and their performance.
No legal mandate currently requires companies to offer severance pay to their employees. However, many businesses will provide it in the event that an employee terminates. In most cases the amount will depend on the length of time in which they’ve been with the company. Some companies will give a week’s worth of pay for each year someone has been employed, or a flat rate which is the equivalent of six work weeks. The severance may be split into separate payments or given all at once.
While mistakes will occur from time to time, one area where it should be minimized most is payroll. Small businesses especially are susceptible to errors since they lack the personnel and resources of their larger counterparts, making it challenging for them to keep up with constantly changing regulations. The worst thing about these errors is that even if they are not intentional, if not quickly resolved they can land you in hot water with the Internal Revenue Service. Below are three common payroll errors to watch for this year.