After all, you want to run an accurate and legal payroll to avoid penalties and fees, and part of that requires you to know the gross-to-net calculation. Skip Ahead What is net pay? How to calculate net pay Calculating net pay example What is net pay? Net pay is the take-home...
Hiring your first employee? Learn how to process payroll in eight simple steps, such as gathering time card information and beyond.
Step 4: Calculate total compensation. $70 overtime pay + $700 straight-time pay = $770 total compensation Mistake 7. Failing to Pay Overtime for Unauthorized Work The FLSA requires to pay non-exempt employees for all hours worked, including overtime, whether or not pre-approved by management...
Learn how to calculate the difference between gross pay vs. net pay. Discover the deductions, taxes, and withholdings that determine your take-home income.
Need to calculate your working capital needs? Here are some of the things you might want to consider when reviewing your business expenses:Paying bills Every business faces the ongoing challenge of paying bills on time. Managing these expenses is crucial to maintaining operational stability and avoid...
The IRS requires your employer to withhold money from each paycheck you receive, but you have more control over the amount that's withheld than you think. You can use a simple tool on the IRS website to get an estimate that helps answer “What percentage
How to calculate EI premiums What to do when you’ve made a CPP or EI mistake. Eek! I over-deducted EI or CPP from an employee’s pay cheque. Now what? If at some point during the year, you realize that you’ve mistakenlyover-deducted CPP or over-deducted EIfrom an employee’s p...
You can calculate it on IRS Schedule SE and include the form with your tax return. The good news is, your employer has already withheld payroll taxes for the income reported on your W-2 form. However, you’ll have to pay the self-employment tax yourself on your self-employed...
Instead of paying out of pocket for auto accidents and damage, people pay annualpremiumsto an auto insurance company. The company then pays all or most of the covered costs associated with an auto accident or other vehicle damage. If you have a leased vehicle or borrowed money to buy a car...