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If you think you HAVE to live paycheck to paycheck, you're WRONG! Here are 8 simple steps to get out of the paycheck-to-paycheck trap!
As a small business, taxes and otheraccounting termscan be confusing and intimidating. But to put it simply, withholding tax is the portion of an employee’s paycheck that is set aside in order to pay income taxes as they earn money, instead of paying everything as a lump sum during tax...
How are pay periods calculated? A At the end of each pay period, the total number of hours worked will be totaled. This calculation equals your gross pay for the pay period (or the amount you’ll be paid before deductions, such as taxes). How many pay periods are in a year? How do...
Pretax deductions are taken before mandatory payroll taxes are applied. For example, if an employee contributes $75 per paycheck to a 401(k) plan and $50 per month to their health insurance premium, you would subtract those two amounts from their gross pay to figure out their net pay. Bo...
Then, you can sit back and let it calculate and issue all your paychecks. Correct retro pay calculations must include employee and employer payroll taxes. Taxes like Social Security and Medicare are calculated as they would have been originally. Federal and state income tax withholding depends ...
Pay periods are typically calculated on a weekly, bi-weekly, semi-monthly or monthly basis. Weekly paychecks come once per week, for 52 pay periods in one year; bi-weekly paychecks come every two weeks, for 26 pay periods in one year; semi-monthly paychecks come twice per month, usually...
Depending on how many different types of businesses you run and how your taxes are calculated will help determine how many bank accounts you actually need. Less is best in this scenario. Save yourself the hassle and confusion, definitely invest in some software that does reconciliation for you ...
To calculate overtime pay, first, you must determine which workers are eligible to receive overtime paychecks. As an employer, you are responsible for any overtime hours that are not adequately compensated. To prevent negative consequences, you must be careful when determining whether your ...
Once you know the total you’ll owe in federal taxes, the next step is figuring out how much you need to have withheld per pay period to reach—but not exceed—that target by Dec. 31. Divide the total by the number of pay periods you expect to have. This will depend on whether you...