Nov 25, 2019 | Small Business
A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors, and others. You may have to send 1099-MISC forms to those whom you pay nonemployee compensation, as well as file copies...
Oct 8, 2018 | Small Business
Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation, and other employee benefits. It also frees the business from responsibility for withholding income...
Jan 9, 2017 | Small Business
Here are some of the key tax-related deadlines affecting small businesses and other employers during the first quarter of 2017. Keep in mind that this list isn’t all-inclusive. There may be additional deadlines that apply to you. Contact us to ensure you’re meeting...
Dec 26, 2016 | Nonprofits, Small Business
As business owners know all too well, hiring an employee costs more than just paying a salary. Employers generally provide benefits to employees, which can be expensive. Moreover, employers must pay a share of Medicare, Social Security, and state unemployment taxes....
Oct 27, 2016 | Small Business
In addition to income tax, you must pay Social Security and Medicare taxes on your earned income, such as salary and self-employment income. The 12.4% Social Security tax applies only up to the Social Security wage base of $118,500 for 2016 ($127,200 for 2017). All...