5 Things to Know About Severance Pay
Part of being a human resources manager is dealing with employees who need to be or have just been terminated by your company. It’s your responsibility to clearly explain the situation and have the...
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7 Tips for Filing IRS Form 941: Employer’s Quarterly Federal Tax Return
This article was last edited on 10/01/2020. For updated information on Form 941, visit https://www.irs.gov/forms-pubs/about-form-941. As an employer, you’re required to withhold income, Social Security, and Medicare taxes from your employees’ paychecks. You’re also required to...
4 Tips for Improving Communication in Your Workplace
Effective internal communication is essential in the workplace. It often takes multiple people being on the same page to properly execute important tasks. Hierarchies, unfamiliarity, and misunderstood emails can all impede productivity. Quality communication...
Is My Retirement Plan Taxable for Social Security and Medicare Purposes?
As an employer, you’re responsible for withholding payroll taxes from your employees’ paychecks. You might also deduct things like health insurance premiums, child support payments, and retirement contributions. Some deductions are taxable, so you’ll...
3 Ways to Pay Your Employees: Hourly, Salary, and Commission
Sometimes, you decide whether you’ll pay your employees an hourly rate, a salary, or a commission on goods and services sold. Other times, your workers tell you how they would like to be paid....
Tax Quarters: Do I Need to Pay Estimated Taxes and When?
Your tax responsibilities may be more extensive than filing the traditional April return (or March for partnerships and S corporations). Certain occupations and business interests are required to make quarterly estimated tax payments to...
What Should You Include on Your Chart of Accounts?
Your chart of accounts (COA) is a list of account numbers and names that are relevant to your small business. It helps keep your financial information organized and is the first step of establishing...
What’s the Difference Between Laying Off and Firing an Employee?
Letting go of an employee is never easy. When you hired them, you believed the employee was the right person for the job, so you invested significant time and money in them. Then, for...
Is It Time to Hire a Human Resources Manager?
There are many moving parts to owning a small business. While it may seem manageable to handle everything yourself at first, you’ll likely find it wise to delegate some of your responsibilities as your...
7 Benefits of Paperless Payroll
Running payroll manually can be tedious, time-consuming, and expensive for a small business owner. If this is true for you, it may be time to go paperless. A paperless payroll solution does more than...