The terms payroll tax vs income tax are sometimes erroneously used interchangeably. The payroll tax consists of the employee- and employer-paid Social Security and Medicare taxes; they’re used to fund your employees’ needs during retirement. Income tax is money employees may owe to a federal, state, or local agency based on their total earnings, dependents,…
About the Author
Charlette Beasley
Charlette Beasley is a staff writer at Fit Small Business who focuses on developing content on payroll, human resources, and labor law. She is also a freelance content marketing writer and writes for numerous industries, including banking and recruiting. Prior to joining Fit Small Business, Charlette was a Senior Accountant at a marketing company and ran her own small content strategy and writing business.
She has a degree in accounting and an MBA from Harding University. She currently lives in Florida and spends her days “beaching,” and exploring with her two kids.
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Payroll Taxes and Employers: What Employment Taxes Are You Legally Responsible For?
As you consider hiring employees to help with your business, you’ll need to take into account the additional employment tax responsibilities that come along with it. You need a good grasp of what your business and your employees are responsible for paying. Legally, you’re the collector and gatekeeper of both payroll and income taxes, and…
8 Best Payroll Services & Payroll Companies 2020
The best payroll services help businesses pay employees correctly, manage tax withholdings, and ensure deductions are taken for benefits, retirement savings, and garnishments. Annual payroll related costs for 10 employees can range from $1,000 to more than $22,000. The best payroll services are affordable, easy to use, and include both payroll and human resources support….
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6 Best Restaurant Payroll Software 2020
The best restaurant payroll software helps businesses pay employees accurately and on-time, manage payroll taxes, and track tips using special tip reporting features. Annual costs can range from $468 to more than $4,000 for 20 employees. We evaluated costs, restaurant-specific features, human resource support, and customer reviews to determine the top six systems. 6 Best…
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How to Schedule Employees
Deciding how to schedule employees requires you to be in tune with how your company operates, like knowing its busiest days and months and product sales trends. Having insight into your employees’ needs is also important. The best schedules are flexible, don’t underwork or overwork employees, maximize profits, and are published well in advance. If…
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Types of Insurance to Offer Employees
When someone says “benefits,” the first thought is often “insurance.” For companies of a certain size, you must provide at least health, unemployment, and worker’s compensation insurances. However, there are other types of employee insurance that workers value. We look at the best types of insurance to offer employees and tell you why it’s beneficial…
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6 Best Event Planning & Management Software 2020
Events are a great way to make money, attract new customers, and generate customer loyalty. With event planning software, it’s easy to keep everything organized. In addition to venues, equipment, people, and tickets, online advertising and follow-up are important. We looked at the best event planning and management software to help you maximize your return….
5 People Management Skills Employees Wish Their Bosses Had
A business is only as good as its workers, but without good managers, even the best employee can be underutilized, undermotivated, and unwilling to stick around. Managers should be well-versed in people management and have both technical and business acumen. More specifically, team building, feedback, communication, and delegation skills are essential to being a good…
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Types of Employee Benefits
When most employers think of offering benefits, insurance is usually their main concern. However, there are many other types of employee benefits; some are required (workers’ compensation), and others are optional. It’s a good idea to consider all benefits, even less common ones like relocation assistance, if you want to attract and retain quality employees….
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How to Track Employee Time & Attendance
Learning how to track employee time will help you avoid both overpayment and penalties due to underpayment. You can track employee attendance using a timesheet template, time clock, and more. However, you choose to track, make sure you keep an updated list of employees, log beginning and ending work times, and consider applicable labor laws….
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Best Time Tracking Software for Freelancers & Self-Employed 2020
When you’re a freelancer, tracking how you spend your work hours doesn’t just help you to bill clients accurately. The best time tracking software for freelancers also lets you visualize time spent so you can make better bids—or see if you’re spending too much effort on unimportant tasks. Most are reasonably priced or free. Top…
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Payroll Forms Employers Need
Regardless of how many employees you have, payroll forms are a necessity. Most employers need the regulated payroll tax forms required to maintain good standing with the IRS, like W-4 forms for new hires. Other, less structured forms can also be useful in helping to better organize your company’s processes—for instance, direct deposit authorizations. Payroll…
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