Can Payroll Software Handle Direct Deposit Payments?

The short answer is, sometimes. All payroll software offers unique features and capabilities. The ability for payroll software to handle direct deposit payments is possible if you invest in a specific program. Look for comprehensive direct deposit tools if you decide that you want your company to invest in that type of payroll software. The […]

Can Payroll Software Handle Healthcare Benefits and Retirement Contributions?

Yes, payroll software can and ideally should handle deductions, such as healthcare benefits and retirement contributions. Look for a program with the capability to keep records of employee and employer contributions. Payroll integration should make it easy to automate the administrative process of retirement contributions. Monitoring a business’s compliance will enable you to offer your […]

Can Payroll Software Handle Multiple Locations or Branches?

Yes, comprehensive payroll software can handle multiple business locations or branches. Look for software that processes “live” or after-the-fact payroll. Payroll software should also include a simple payer and employee setup process. Managing payroll for multiple branches or locations can feel overwhelming at times. The business and your daily responsibilities will become easier the more […]

How Do I Report Income from Employee Educational Scholarships on a W-2 Form?

Report income from your employees’ educational scholarships in Box 1 “Wages, Tips, and Other Compensation” on a W-2 form. Use the form when you accept a graduate student or other type of student who earns income through an assistantship. You will also need to fill out a Form W-2 if your staff hires or brings […]

Can Payroll Software Handle Different Types of Pay Periods?

Yes, the best payroll software should handle different types of pay periods for different workers. Business owners require flexibility as they run payroll in accordance with their specific company needs or desires. Look for adaptive software that allows you to pay some of your employees on a regular weekly schedule while paying other employees bi-weekly, […]

What is Semiweekly Schedule Depositor?

Deposit your business’s employment taxes for Wednesday, Thursday, and/or Friday payments by the following Wednesday. A semiweekly schedule depositor must also deposit taxes for the Saturday, Sunday, Monday, and/or Tuesday payments by the following Friday. A semiweekly schedule is one of two options for taxes that you report on Forms 941, 943, 944, and 945. […]

How Much Does Direct Deposit Cost a Business?

The cost of direct deposits varies between payroll processing software. Many businesses prefer using direct deposit because of its efficiency and ease. You generally can find free direct deposit deposit services with the purchase of a larger software program. Make sure whatever you use is not riddled with hidden fees. The overall direct deposit benefits […]

What are the Types of Payroll?

Running your payroll in-house means that you need to choose between purchasing cloud-based or server-based payroll software. Each type of payroll software offers key advantages. Consider how the benefits align with your immediate needs, including meeting employment tax due dates.   Cloud-Based Payroll Benefits Multitasking – Add more resources or perform a multitude of tasks […]

What are Two Types of Payroll Systems?

The two types of payroll systems for businesses include payroll software and outsourcing. There is a third option of managing payroll by hand, but that leads to needless errors. Choose a payroll method for your business after carefully considering the pros and cons.   Payroll Software Advantages Lower cost – Vendors do not create identical […]

How to Calculate Medicare Taxes

First, understand what percentage of FICA taxes are Social Security withholdings and which are Medicare withholdings. The Medicare portion of FICA is 1.45% of the total compensation for the tax. Keep in mind that no wage base limit exists. Consider a model where you pay one of your employees a salary of $100,000. Multiply $100,000 […]