Payroll records are documents with any information about a company’s payroll, including data about employees, paychecks, and taxes. These include hiring documents, pay stubs, timecards, and leave documents, among other items. Key Takeaways: Keep payroll records for at least three years Certain states (like New York) and certain laws (like the Employee Retirement Income Security…
What is
What Is CPaaS? Benefits, Features & Top Providers
Communication platform as a service (CPaaS) is a cloud-based solution enabling businesses to directly embed communication features on existing business applications, thus extending the platform’s functionality. These communication capabilities include voice, messaging, email, fax, and video, depending on the provider. In this article, we’ll explore what is CPaaS for, how to choose a software solution,…
Recruitment Management System: Small Business Guide
A recruitment management system (RMS) is a human resources tool or set of tools used to manage the process of recruiting, interviewing, and hiring new employees. Managing recruitment requires ongoing monitoring, legal compliance, and fairness to avoid discrimination. Apart from helping with these, the right RMS also works in several steps of your recruitment process,…
What Is a Flexible Work Schedule Policy? (+ Free Template)
A flexible work schedule policy outlines for employees an alternative to the typical 9–5, Monday–Friday workweek. It might allow for different daily start and end times or even a compressed four-day workweek. Employees who can customize their work hours can better manage their time and focus on their tasks. If you plan on allowing a…
Federal & State Payroll Tax Rates for Employers
Both employers and employees are responsible for payroll taxes. Federal tax rates, like income tax, Social Security (6.2% each for both employer and employee), and Medicare (1.45% each, plus an additional 0.9% withheld from the wages of an individual paid more than $200,000), are set by the IRS. However, each state specifies its own tax…
What Is a Net Operating Loss
A net operating loss (NOL) is when a business’s tax deductions exceed its income in a tax period. Tax rules allow owners to use losses incurred in one year to reduce income in other years and boost their refund. Presently, the NOL deduction is limited to 80% of taxable income, determined without regard for the…
What Is a UCC Filing & How a UCC Lien Works
A Uniform Commercial Code (UCC) filing is used by lenders to lower the risk of issuing a loan as it gives it the right to take possession of assets in the event of a default. It is common with collateralized loans and may be required by lenders as a condition of issuing a loan approval….
Double Declining Balance Method: Formula & Free Template
The double declining balance (DDB) method (also called 200% declining balance method or 200DB) computes higher depreciation expense in the earlier years and then declines as it goes nearer the end of the useful life. It is called “double declining” because the depreciation rate is twice the straight-line rate. The double declining balance method formula…