What does a good payroll manager look like? Someone who is strong in both numbers and people skills. Being adept at both is not always easy, and companies often look for someone who is good with data. But a good payroll manager needs to communicate and collaborate with many different people and layers of the […]
Tag: Payroll
Payroll Mistakes Cost You—Here’s How to Avoid Them
The endgame is accurate and timely employee paychecks. How do you get there? Have a payroll plan that outlines what the procedures are to get to your goal. The plan should describe how employees document and submit time. Use a reliable timekeeping system. A computer-based system is probably the most efficient, but if you still […]
Tips On Small-Business Payroll
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 […]
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 […]