Tag: Payroll

Federal payroll taxes are a necessary evil for both employers and employees. Under the Federal Insurance Contributions Act (FICA), employees must pay Social Security and Medicare taxes. For their part, employers must withhold the tax Read More

Payroll fraud is a threat to any business that pays employees or contractors. Unfortunately, this type of financial crime can go undetected for months — even years — and inflict significant losses.   Findings from Read More

In April 2024, the U.S. Department of Labor (DOL) issued a new final rule that's slated to expand the number of workers who are eligible for overtime pay under the federal Fair Labor Standards Act Read More

You're probably knowledgeable about the FICA tax, which was established by the Federal Insurance Contributions Act, and is paid by both employers and employees through payroll deductions. FICA tax includes a Social Security and Medicare Read More

What would happen if your company failed to pay the IRS payroll taxes when they're due? You could be on the hook for penalties and, if you're treated as a "responsible party," held personally liable Read More

Understanding the payroll tax rules can be challenging when your company hires workers or the personal situations of existing employees change. Employers often have questions about their shifting recordkeeping and withholding requirements. Here are some Read More

A new rule proposed by President Biden and released by the U.S. Dept. of Labor (DOL) in August would result in an estimated 3.6 million additional workers qualifying for overtime pay — even though they're Read More

There's more to paying taxes than just federal and state income taxes. Another major tax chore for employers is payroll taxes. These expenditures can be significant, and the reporting requirements can be onerous. So it's Read More

You may not think of your small business's payroll function as risky. But if you don't properly handle certain payroll challenges, you may risk IRS scrutiny, operational disruptions and financial losses. What should you watch Read More

Employers and employees are often at odds over the issue of overtime pay. Naturally, employers are inclined to argue that an employee isn't entitled to overtime pay when it would boost the overall compensation that Read More