Let’s say you’re a small business that doesn’t have enough employees to warrant an entire human resources department. At the same time, the idea of manually doing payroll just doesn’t suit you. After all, who wants to tackle payroll when there are estimates out there claiming payroll can take an average of 18 hours per […]
Tag: Payroll
Payroll Tax Rates and Contribution Limits for 2024
Below are federal payroll tax rates and benefits contribution limits for 2024. Social Security tax In 2024, the Social Security tax rate is 6.2% for employers and employees, unchanged from 2023. The Social Security wage base is $168,600 for employers and employees, increasing from $160,200 in 2023. Self-employed people must pay 12.4% on the first $168,600. Medicare tax In […]
How To Avoid Incorrect W-2 Forms
In addition to regular paychecks, employees receive another payroll document from the company they work for. That document is known as Form W-2. This important document provides a comprehensive overview of their income, including both gross income and taxable wages. W-2s also display the total amount of money that was withheld from someone’s pay over […]
How To Choose the Best Payroll Software
When looking for proper payroll software, many employers ask a lot of the same questions. So how do you find payroll software that fits your business as best as possible? Is there a software platform that can apply to your company and its needs? Are there ways to program the software so that it’s as […]
Staying Current on Payroll Rules
Hiring staff? Good for you! It means your business is thriving. Now is the time to get up to speed or reacquaint yourself with any labor laws you’ll need to be compliant with. Labor laws were created to protect employees’ rights. If you’re vigilant, you can avoid financial headaches. Here’s some advice to stay on […]