What happens if you thought you had an independent contractor, but after a bit of research, you come to find that the worker is an employee? Unfortunately, the IRS has become stricter on this issue in recent years after they discovered billions of dollars were being lost due to employee misclassification. Not only are there IRS implications, but you will also find yourself penalized by the IRS, and your state government.
Read MoreWhat exactly is a garnishment? Essentially, it’s an order by an authorized court or other authority that requires an employer to withhold money from an employee’s paycheck to forward to a designated payee. Some types of garnishments include tax levies, child support orders, creditor garnishments, bankruptcy, student loan collection, and wage assignments.
Read MoreIn the world of business, there are certain practices that may seem convenient in the short term but can lead to severe consequences in the long run. One such practice is paying employees under the table, a method where employers provide compensation without reporting it to tax authorities or adhering to formal payroll processes. While it might appear to save time and money initially, the negative impact on employers can be substantial.
Read MoreIn an increasingly interconnected world, businesses are expanding their reach and tapping into global talent pools. However, managing employees who reside in different countries brings forth a complex set of challenges, particularly when it comes to payroll.
Read MoreIf you work in payroll or HR, chances are at some point you will be approached by a fellow colleague inquiring about their paycheck. This conservation will vary from employee to employee depending on their hourly rate, benefit elections, tax localities and so on. While it is not your job to make sure the employee knows exactly how to read their paystub, it is in everyone’s best interest for you to be able to guide them as to why certain amounts are being withheld.
Read MoreFor businesses with sales-focused roles, where employees often receive commissions, efficient payroll processing is essential. To streamline this process, selecting appropriate payroll software becomes critical, particularly for those new to handling commission-based payroll.
Read MoreSummer and early Fall sees a swell in vacation requests. From small businesses to large corporations, organizations of all sizes will have to field a number of time-off requests from employees. If you haven’t implemented a strategy to calculate vacation pay for hourly employees, it can feel like a daunting task. Read onward to learn how to accurately calculate vacation pay for hourly employees.
Read MoreEfficient business processes are essential for the growth and success of small businesses. Streamlining operations, including onboarding, employee retention, training, and payroll, is crucial for maintaining smooth and effective business functions.
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