What do these words encompass, how are they defined, and what’s legally required from an employer’s perspective? Those are just some of the most frequently asked questions when it comes to annual compensation, which is why we’re tackling them—along with many other important questions—...
Discover the ins and outs of SUTA tax—what it is and its significance. Understand SUTA implications for businesses and how to calculate it.
reconciliation, and workflow creation and management. They can also answer specific questions related to your books and your business. Some basic bookkeeping services may not be included and will be determined by your Live Bookkeeper. The Live Bookkeeper will provide help based on the information yo...
To havedebt forgiven under the PSLF program, you must first make 120 qualifying payments (which means paying the minimum amount due on time). These payments must be made while you are working for a qualified employer—generally, a federal, state, or local government or a nonprofit organization...
(k). Those who do not have an employer-sponsored plan can contribute to atraditional IRAorRoth IRA. Other options include theSIMPLE IRAandSimplified Employee Pension (SEP). It's essential to have one of these retirement plans and begin contributing early, so there is no need to make catch...
Wrapped fees are typically used in employer-sponsored plans, such as a 401(k), where the advisor's compensation is embedded in the plan costs. READ: The 5 Best 5-Star Stocks to Invest In Financial Advisor Fees vs. Investment Product Fees ...
The cost of the workers’ compensation insurance is paid by the employer. Many view the cost as another fringe benefit and will include the cost in its fringe benefit rate. Hence, the cost of workers’ compensation insurance for production workers will be an additional product cost. The cost ...
If a dependent is married or in a registered domestic partnership, they may have the option to obtain health insurance coverage through their spouse’s employer. This allows them to benefit from the coverage provided by the spouse’s employer-sponsored plan. ...
(There is no annual earnings cap or limit for the Medicare tax.) Employer Must Match the Employees’ FICA Withholdings In addition to the FICA amounts withheld from employees’, the employer must match the FICA taxes withheld from employees. In other words, the employer will have an ...
You’ll have to reconcile your payroll records with your bank statements. It’s worth considering having a separate payroll account to simplify bank reconciliation. Reconcile Internal Payroll Records with Tax Forms Your work is not over once you’ve checked your payroll records are accurate. You’...