Learn how to calculate payroll taxes for US and international employees. Discover the types of payroll taxes, key documentation, and essential steps for payroll tax management.
Like much of the United States tax system, payroll taxes can be complex. Since there are several federal and state taxes to be applied, calculating payroll taxes is a detailed process. To further add to the complexity, some taxes are paid by the employee, some are paid by the employer, a...
We know managing payroll for small businesses is not an easy task. However, we also want to emphasize on the limitations of manual payroll processing where you can transition to a better payroll management software. sumHR HRMS can be your solution for enhanced efficiency, automated payments, pays...
Most employers are required to make FICA tax payments on the 15th of each month; however, depending on the size of your payroll and average deposit, you may be required to deposit more or less frequently. The IRS will notify you if your company is required to deposit on a different ...
7. Approve and submit payroll Once you approve all youremployee time cards, you’re ready to run payroll and issue payments.Approval is one of the most important steps when running payroll for employees. This is your chance to make sure all the hours add up and are correct so payroll is...
Most self-employed taxpayers are required to make quarterly estimated tax payments. There are four payment deadlines throughout the year, and you're responsible for figuring out how much you owe in estimated taxes. If you're self-employed, here's everyth
A tax gross up is usually used for one-time payments, such as a bonus check or relocation payment. But, you can also gross up your regular payroll. For example, if you promise an employee a take-home pay of $40,000 per year, you can gross up to make sure they actually receive tha...
As you add more employees, the more challenging payroll becomes and any mistakes you make can result in costly tax penalties. Payroll’s impact on cash flow Even if you’re not paying someone else to do payroll for you, it’s still considered a business expense. This is because your ...
Payroll processing is the process it takes to deliver a final paycheque. The thing with payroll processing is that there’s more than one way to go about it. With different methods and software available, it can be overwhelming to make the right choice. Luckily we’ve created a complete gu...
Expenses:Rent or mortgage, utilities, car payments or other transportation costs, student loans, credit card payments, groceries, and pet food (if you own an animal companion), plus anything else that you have to pay for (versus want to pay for, which goes under another category). Savings:...