Get It Right on the Pay Stub
Pay stubs can be referred to as pay or wage statements and may be considered the decoder ring of payroll. Pay statements summarize employees’ gross pay, taxes and deductions, and net pay. They can be in printed format or made available electronically. Pay stubs help employees confirm what was withheld from their gross pay so […]
Rallying Employees
Motivating employees does not simply depend on magic or personal leadership charisma. More often, a few simple practices can boost morale and enhance your team’s daily satisfaction. At both the office and in everyday life, two main types of motivation encourage people to perform. Intrinsic motivation means doing a task for its own sake, out […]
What To Know About Pay Frequency
It’s important for businesses to have a clear and consistent payment schedule to ensure fairness and adherence to labor laws and employee expectations. Lack of structure around paychecks could throw off budgeting and financial planning processes or put a business at risk of legal issues for possible violations of labor laws. Pay frequency influences each […]
Should I Have a Financial Advisor on My Team?
People who are looking to simplify their lives need a Financial Advisor. Let’s face it—you’re busy! Work demands, family pressures, and social obligations are just a few of the items clamoring for your attention. As a result, setting up and maintaining financial order may require more time, effort, and expertise than you can spare! Enter […]
Consider the Best Payroll Method
The ways to pay employees — especially as money continues moving into the digital sphere — have proliferated. You have options. Choose the one that best fits your business. You may want to peruse the different methods to see which makes the most sense for your business in terms of costs and employer responsibilities. Consider […]
Nonprofits Run Payroll, Too
By nature, nonprofits operate with the selfless assistance of volunteers. However, what if we told you that nonprofits also have paid employees who rely on regularly scheduled paydays? Nonprofits face payroll challenges similar to those of for-profit businesses Just like for-profit businesses, nonprofits have to learn how to accurately withhold payroll taxes on behalf of […]
Get Ready To File in 2024
The beginning of the new year is the time for taxpayers to start gathering their documents for filing their 2023 returns. And the IRS has announced some important enhancements taxpayers should be aware of to ease the yearly burden. It’s hoped taxpayers will find that the enhancements made by the IRS to the online filing […]
How To Avoid Pay Miscalculations
Employees can use a pay stub to confirm what was withheld from their gross pay so they can understand how the final net pay amount was arrived at. While no federal law requires pay stubs, most states do. Pay stubs should have these basic elements: Amount per pay period. Year-to-date pay. Basic identifying information: name […]
Employee Retention Credit: What’s Happening Today?
Many businesses, their accountants and advisers have been wondering what’s happening with the employee retention credit, a refundable tax credit for businesses and tax-exempt organizations that had employees and were affected by the COVID-19 pandemic. In recent weeks, the IRS has been focusing on weeding out companies that applied but were not eligible. Copies of […]
Avoid Incomplete or Disorganized Records
Every employer covered by the Fair Labor Standards Act must keep records for each covered nonexempt worker. There’s no required form, but the records must include accurate data about the employee and hours worked plus wages earned. Once you’ve complied on a federal level, thoroughly research your state-specific requirements for each location you operate in. […]