When are 940s Due?

File Form 940, the Employer’s Annual Federal Unemployment (FUTA) Tax Return, by January 31. You may find your business eligible for the February 10 deadline if you deposited all your FUTA tax when it was due. File your return on the next business day if the tax return due date lands on a Saturday, Sunday, […]

How to Give Employee Bonus Without Taxes

Are you wondering how to pay bonuses to employees without taxes? Regretfully, that is not an option. Employers must withhold taxes from employee bonus payments. The IRS mandates different guidelines based on whether you issue stand-alone bonus checks or integrate bonuses into regular wage compensation. Employers withheld a flat rate of 22% for all stand-alone […]

How to Give 1099 Form to Employee

Many employers view paying freelancers as easier than paying employees. You do not need to worry about paying unemployment tax or FICA taxes. Hire independent contractors if you want to save certain costs, like benefits. Make sure you know the steps for how to pay the workers. Step 1 – Confirm that your worker is […]

What are the Tax Benefits of 1099 vs W2 Workers?

The tax benefits of 1099 vs w2 workers is the biggest distinction between independent contractors and employees. Employers and supervisors will treat you differently based primarily upon your work title. The reason for the different treatment is that employers navigate payroll taxes and withholding. Inversely, your supervisor as a 1099 worker will have their separate […]

Why You Need a W2 Printing and Mailing System Ahead of Tax Season

Tax season involves many moving parts, so be sure to establish a plan for W2 printing and mailing so that you remain organized and efficient throughout. While the printing and mailing steps of the tax filing process may seem trivial, they are important steps for sending the right forms to the right parties. Without a […]

You Asked, We Answered: How Payroll System Works

If you are considering implementing new payroll procedures, you might wonder how payroll system works. Essentially, how payroll system works is that it helps ensure accuracy in employee compensation and tax information. There are a few different payroll system options for companies: Full-time accountant Payroll service In-house payroll Payroll software A payroll system makes running […]

What is Fund Accounting Software?

Fund accounting software is known for emphasizing accountability over profitability. It’s a pretty intuitive concept in which funds are placed into different accounts based on the revenue, expenditure, and general rules that apply to those funds and accounts. This type of accounting is especially common for nonprofits, charities, and other organizations that accept funding from […]