Calculating taxes and withholding for employees is not always fun. The task can become difficult at times. However, whether you have a small business or a large company, this task is very critical as it is your responsibility to take care of both employees’ payrolls and taxes. But what are the different taxes and how do you compute them?
A lot of employers are bombarded with employee leave issues and may find it tiresome to recognize and deal problems that arise concerning the Family and Medical Leave Act. The FMLA is very specific on requiring employers to inform employees about their FMLA rights. There are also guidelines to follow in terms of when to provide notices and what requirements must be submitted by the employee before filing for an FMLA leave.
It is recommended that employers make periodic audits on the employees’ leaves under the FMLA. Double-checking FMLA processes will ensure that the company is in compliance with the current DOL laws and will avoid administrative charges due to negligence of the FMLA.
Truth be told, it’s no easy task being responsible for COBRA management. But your business can end up showing out an awful lot of money if you end up missing a deadline and being assessed out of compliance penalties. To try to help businesses avoid this headache, we’ve put together several of the most common mistakes seen in COBRA management.
No, the “Pink Tax” is not something that is government levied. It’s not the kind of “tax”. It is a markup of services and goods charged to women when compared to comparable services and goods paid for (and purchased by) men. To bring attention to this phenomenon, a campaign was launched by Burger King. For a pink box of French fries, more was charged than for a normal box – but both boxes contained exactly the same portion of fries. Is your business using pricing that is gender-neutral? In fact, is your payroll department practicing neutral policies when it comes to how much men and women get paid?
When HRA (health insurance reimbursement) is first set up by a company, one question is frequently asked: is there a required (or specific) time frame for employee health expenses reimbursement? Employees, likewise, frequently ask what kind of time frame they have within which to get paid for their health expenses. For the most part, deadlines for health insurance reimbursement are HRA plan document defined.
When it comes to alterations involving employee benefits tax breaks, the Tax Cuts and Jobs Act (TCJA) has left people with some negative and positive feelings. Both the benefit-providing businesses and the benefit-enjoying employees are affected by this act. This could prove to be a headache for employees and payroll departments alike. Let’s take a closer look.
1099 employees, whether they work in the office of their employer or at home, have access to much greater freedom and flexibility than traditional forms of employment. At the same time, this freedom comes with more responsibility, particularly when it comes to taxes. Both self-employed people and contractors must familiarize themselves with their employment status, and how their taxes should be filed, as a failure to do so could lead to steep fines and other penalties.
Taxes and employee benefits are a key part of running a business. It is not something that should be taken lightly, nor should you wait until the last minute to do it. The best way to prepare for tax season is in advance, which will ensure the filing process goes as smoothly as possible. Below are some tips for achieving this.
Some business owners are considering providing their employees with benefits which will ease the financial impact of childcare. DCAP, or Dependent Care Assistance Program is a great way to start, and below is what employers should know about it.
The first batch of health insurance marketplace notices have recently been sent out and you may have received one. Below is a description of what these notices mean, why some receive them, and how you should respond.