Collecting, reporting, and remitting payroll taxes are some of your key responsibilities when you have employees. And if you forget or downright neglect your responsibility, your small business could receive a penalty for not paying payroll taxes.
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Author:
Michele Bossart
With This Guide, You’ll Be Reading and Understanding Form W-2 Like a Pro
Running your business? You’re a pro. Understanding Form W-2? Probably not so much. But when you have employees, you’re responsible for withholding taxes from their employees’ wages and reporting the amount to the government. Not to mention, employees need Form W-2 to file their individual tax returns.
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Paid vs. Unpaid Internships: What Are the Risks?
Offering internships can be a great way to partner with your local university to train future leaders in your field. But there’s a point of contention … paid vs. unpaid internships. So, if you’re using unpaid interns instead of putting them on your payroll, you may be running afoul of the law.
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What Is the MCTMT Tax?
The Metropolitan Commuter Transportation Mobility Tax (MCTMT) was enacted in 2009 to provide funds for transportation, taxing income earned from wages and self-employment in 12 downstate counties in the state of New York.
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What Are Regular Hours?
The term “regular hours” can mean several different things, but most often refers to the usual hours that employers expect their employees to work. When an employer runs payroll, they usually must select from several different hours types: regular hours, overtime hours, holiday hours, etc.
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Patriot Announces Exclusive Partnership With Vestwell, Offering Affordable Retirement Plans for American Businesses
Canton, OH Patriot Software, LLC, a leading accounting software and payroll provider, today announced an exclusive partnership with Vestwell to offer 401(k) plans with seamless payroll integration. Vestwell is the modern fintech engine powering savings and investment programs for small businesses and individual savers across the country.
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Bank Statement Reconciliation: Let’s Get Reconciling
Your books say one thing, but your bank statement says another. Sigh (why isn’t anything ever easy?!). But don’t stress—bank statement reconciliation is here to help.
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What Is Estimated Tax, and Why Is It Important?
Employers bear the burden of calculating, withholding, and remitting taxes from employee wages. They must also report them to the correct government agencies. But, what must self-employed individuals do? And what about individuals whose income isn’t taxed? What should those individuals do to pay and report their taxes?
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What Are Gross Wages, and How Do You Calculate Them?
When it comes to running payroll, there are a lot of terms you need to be familiar with. One that you need to know like the back of your hand is gross wages. But, what are gross wages? And, how do you calculate them for your employees’ checks? We’ve got the answers to these questions […]
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Patriot Software Secures Undisclosed Series-A Funding Round
Canton, OH Patriot Software Company, a leading accounting software and payroll software provider, announced today that it has raised an undisclosed amount in Series-A funding, led by RZC Investments. Located in Bentonville, Arkansas – RZC Investments is a multi-strategy investment firm focused on deploying capital into operating businesses as the investment arm for the Walton […]
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