Understanding Payroll Software for Financial Advisors

For financial advisors, handling multiple clients in different regions or states requires comprehensive payroll software. They need payroll software to help keep their advisory firm organized and all of their clients compliant regardless of their location. They must avoid taking any shortcuts when it comes to finding a trustworthy and in-depth program for their firm’s […]

Can Payroll Software Generate Year-End Payroll Reports, Including W2s and 1099s?

Yes, your company’s payroll software should have no issue generating year-end payroll reports, including W2s and 1099s. Invest in payroll software that details your business’s wages and the total tax liability on the federal, state, and local levels. These year-end reports allow you to see if your business needs to make or could benefit from […]

Can Payroll Software Generate Reports for Labor Cost Analysis and Budgeting Purposes?

Yes, the most comprehensive payroll software generates a variety of reports, including those for labor cost analysis and budgeting purposes. All of your payroll reports should compile the small business’s information in a simple, easy-to-understand format. Look for software that creates reports for yourself as the employer, your employees, and the Internal Revenue Service. An […]

Can Payroll Software Handle Calculations for Payroll Deductions, Such As Federal and State Income Taxes?

Yes, payroll software can handle calculations for payroll deductions. Calculate your business’s payroll deductions, such as any federal and state income taxes, with reliably accurate tools. Do not use manual calculations for these business taxes or for the others. The most comprehensive payroll software provides tools that automatically calculate federal, state, and local payroll taxes. […]

Does Payroll Software Have Built-In Support for Managing Wage and Hour Compliance?

Yes, small and larger-size business owners can invest in payroll software that provides built-in support for managing wage and hour compliance. Each potential payroll software offers different features for its users depending on factors like their workers’ classifications and company’s size. Look for wage and hourly compliance software that automatically calculates and withholds the correct […]

Can Payroll Software Calculate and Track Accruals for Sick Leave and Vacation Time?

Yes, small businesses can add built-in income types with payroll software to calculate and track accruals for sick leave and vacation time. Track these specific accruals separately to make it easier for you to identify your employee vacation and sick payments. Payroll software can list the payments as a separate income on a printed check […]

Does Payroll Software Offer a Built-In Payroll Calendar and Reminders for Key Payroll Dates?

Payroll software offers automation for any payment deadlines, but a built-in payroll calendar and reminders for key payroll dates is less common. Use a few helpful strategies to ensure that your small business does not file forms late or miss filing for employment tax deadlines all-together.   Share deadline dates with employees. Provide employees with […]

Does Payroll Software Support Electronic Filing of Payroll Taxes?

Yes, payroll software supports electronic filing of payroll taxes. Businesses of any size or type should look for payroll software that integrates with accounting and e-filer software programs. E-Filer software can produce a business’s required W-2 and 1099 files for the Internal Revenue Service and the Social Security Administration. Create your business’s state W-2 files […]

How Do I Report Income from Employee Nonqualified Deferred Compensation on a W2?

Report any income from employee nonqualified deferred compensation in Box 11 “Nonqualified Plans” on a W2 form. You must report the income for an employee on Form W2 regardless of whether the individual is still an employee at your company. Unsure about how your business benefits from giving your employees a nonqualified plan? The plans […]

How Do I Report Income from Employee Meal or Lodging Benefits on a W-2 Form?

Report taxable income from employee meal or lodging benefits as wages on a W-2 form. Treat income from employee meal or lodging benefits each as per diem expenses. All employers must report to the Internal Revenue Service in their tax returns how much per diem the business paid to its employees. Keep in mind that […]