They include regular hours and overtime hours (for non-exempt employees). Non-salaried employees receive a set hourly rate, so calculating their payroll hours is vital to process their payroll. Failing to calculate payroll hours correctly opens your business to: Employee payment disputes Risk of ...
If your income or expenses change a lot during the year, that may affect the taxes you need to pay each quarter. For example: If your company loses a big customer, your income drops. So, you can adjust your payments. If you land a major contract that boosts your income, check the wo...
January 31 for Quarter 4 (October 1 – December 31) For additional details on completing Form 941 and sending it to the IRS, consult theIRS’s Form 941Instructions. How Patriot Software handles Form 941 Patriot’s BasicPayroll softwarecustomers will get a prefilled version of Form 941 with al...
Learn how to calculate your business’s absenteeism rate to reduce absenteeism in the workplace. What is the absenteeism rate? The absenteeism rate shows you the ratio of absences to workdays during a period, such as a month, quarter, or year. You can calculate your business’s absence ...
Understand FUTA tax and how it impacts your business. Learn what FUTA is, 2025 FUTA tax rates, credits, and how to calculate and file your FUTA tax liability.
Bonuses can be a great way to supplement a business owner’s salary when the business is performing well. You can give yourself bonuses at the end of every quarter or wait until the end of the year. Owner’s draw Through an owner’s draw, you can withdraw money from the company’s ch...
This is to ensure the tax calculations for the quarter only include the actual amount you spent to purchase the item. If the transaction was manually entered, you can simply edit the amount. If you return the entire purchase, you’ll need to delete or exclude...
Year-to-date and quarter-to-date payroll data Checklist of payroll setup forms and documents Keeping track of all the documents required to set up payroll can be overwhelming. Here’s a list of some of the common forms that employers may need when either starting payroll or switching to a ...
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Feel like you’re paying too much or not enough in federal taxes? Here’s how to calculate and adjust your tax withholding.