Payroll
Payroll Management: Do It Yourself or Outsource?
You’ve heard it more than once. Time is money. Most business owners search for processes that will help streamline their business and equate to bottom line savings. Small- to mid-sized business owners often find that their time would be better spent focusing on running and growing a profitable business than on tedious and often complicated [...]
Outsource Your Business Payroll
You probably didn’t start your business because you were passionate about performing administrative tasks. Most business owners decide to start their own company because they have a real love for a product, service, or industry. So why would a business owner devote their limited time to processing payroll? Maybe they think it will save them [...]
Worry Less about Money with a Cash Flow Plan
By Dan Lacy, President and Founder, Dynasty Business Building One of the biggest stresses in business ownership is having enough money. Enough money to pay employees, pay ourselves, pay vendors and pay for growth. Money is the grease that keeps the business machine running and if we are unable to lubricate our business adequately it [...]
What to Expect from the New Unemployment Insurance Law for Employers
The Indiana General Assembly recently passed Unemployment Insurance (UI) legislation that will have an immediate affect on most businesses’ unemployment insurance premium rates. Business owners need to make sure that their accounting department, or outsourced payroll service, is in compliance with all the changes. The summary below, provided by the Indiana Department of Workforce Development, [...]
New Year’s Bookkeeping Resolution # 8: Payroll Priority
Payday is eagerly anticipated by employees, but often dreaded by small business employers handling the payroll themselves. Hours of administrative work goes into making tax calculations, completing government reports, depositing tax money in various accounts, and writing and signing checks. Not to mention the quarterly filing and tax-payment requirements too. If there is one thing [...]
Some Clarification About the 940 (FUTA) Tax for 2010
I have gotten a couple of emails and calls regarding the 940 (FUTA) taxes for 2010. So I thought I would pass this information on: A company usually pays .008 percent for employees wages on the first $7,000.00 for each employee. But Indiana has to pay another .003 percent=.011 percent. This is from the IRS [...]
Social Security Rates Change for 2011
New tax regulations took affect on January 1 that will effectively give employees a 2% raise. The new tax bill reduces employees’ Social Security (OASDI) tax rate from 6.2% to 4.2%, which will be reflected in the form of a higher net paycheck. This rate is effective for employees’ incomes of up to $106,800. If [...]
Hiring Family Members to Save on Taxes
Own a small business in which your family helps you out? Make sure to hire your family members and you can end up saving on taxes. Hiring a child or another family member in a family business can save taxes for both the business and for the family as a whole. The business saves taxes [...]