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Writing employees checks is one way you can pay them their wages. But if an employee takes too long to deposit their paycheck, you have to deal with the consequences. There are a few things you might have to do when paychecks are outstanding checks.
Read More How to Handle Outstanding Paychecks
Some businesses are required to have a Federal Employer Identification Number (FEIN). FEINs, or EINs, are used by employers and other businesses for tax filing and reporting purposes. FEINs work similarly to Social Security numbers. When you include your business’s unique nine-digit number on documents, the IRS can easily identify your company. One way to […]
Read More What Is Form SS-4?
Bringing on employees doesn’t make you an official employer. You must sign up for accounts with the IRS and your state to legally become an employer. Otherwise, you will violate employment laws, leading to hefty penalties. Make sure you know your employer registration requirements before hiring employees.
Read More What You Need to Know About Mandatory Employer Registration
Employees have a window of time each year to sign up for certain types of employer-sponsored insurance. Although this open enrollment period takes place at the end of each year for all employees, an employee can add or remove coverage at any time of the year if they have a qualifying life event.
Read More What You Need to Know About a Qualifying Life Event
For many employers, nothing’s more confusing than employee benefits and payroll taxes. Are there any fringe benefits that are exempt from all payroll taxes? Yes, there are, and the working condition fringe benefit (spoiler!) is one of them.
Read More The Working Condition Fringe Benefit Is Tax-free. Who Knew?
Like any business, you need up-to-date accounting records if you run a farm, ranch, or related operation. But, some aspects of agricultural accounting—like livestock and land—are specific to farming businesses.
Read More The Farming Business’s Guide to Agricultural Accounting
Are you planning to offer your employees a retirement plan for the first time? Or, are you considering switching from a SIMPLE IRA to 401(k)? Whatever the case, you might have questions about the difference between a 401(k) vs. SIMPLE IRA plan. After all, you want to choose the best plan for your business.
Read More What’s the Difference Between a 401(k) vs. SIMPLE IRA?
Managing employee hours worked comes with the territory of running payroll. Under the Fair Labor Standards Act, you must use a timekeeping method and retain records for your nonexempt employees. An employee time clock is one type of timekeeping system you can use.
Read More Should You Use an Employee Time Clock?
When you sell goods to customers, you likely collect and remit sales tax to the government. And when you purchase products, you typically pay sales tax. But, how do you record these tax collections and payments in your accounting books? Sales tax accounting.
Read More Sales Tax Accounting Basics [+ Journal Entry for Sales Tax Examples]
At some point, an employee may ask for a higher salary or hourly wage. Although raise conversations can be uncomfortable for both you and the inquiring employee, you need to know how to handle them. What do you do when an employee is asking for a raise?
Read More Is Your Employee Asking for a Raise? Here’s What to Do