When you are running a small business, whether it is a restaurant or a recreation park, sometimes holidays will be the prime day for your business. This means you can’t just give time off to your employees on federal holidays…
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How Many Pay Periods are in a Year?
If you are just starting out your business and planning to hire employees, your initial task on the checklist will be setting up a payroll system, classifying employees, and selecting pay periods i.e. determining how often you want to pay…
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Understanding How Biweekly Pay Works – The Complete Guide
When setting up a payroll system for your small business, one of the first and most important decisions you must make is to decide the pay frequency for paying your employees – weekly pay, biweekly pay, semi-monthly pay or monthly…
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Federal Minimum Wage by State – 2019 & 2020
The federal minimum wage for 2019 & 2020 is $7.25 per hour. Some states and counties have raised their own minimum wages since it has not been increased since July 2009. Note: The federal minimum wage rates below are for…
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What is Compensation? – Definition, Importance, Types, FAQs & Plan
Compensation is one of the leading expenses for any small business. Before we learn the importance and types of compensation, we’ll learn what is compensation? Definition of Compensation Compensation is the remuneration awarded to an employee in exchange for their…
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What is Form W-4 and How to Fill It Out in 2019
What is Form W-4? Form W-4 also known as Employee Withholding Allowance Certificate is an IRS form, which every employee needs to complete to let their employer know how much federal income tax to withhold from each paycheck. Your employer…
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The Best Payroll Software for Small Business in 2020
If you are searching for the best payroll software for small business in 2020, this article will guide you in the right direction by helping you save time, money and effort in the long run. Being a responsible small…
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W-2 Deadlines, Penalties, & Extension for 2019/2020
Form W-2 is an annual payroll report that shows the amount of taxes withheld from the employees’ paycheck for the year and is used to file federal and state taxes. As 2019 draws to a close, it is important for…
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How to do Payroll for a Small Business – The Ultimate Guide
Getting Started Payroll is an essential component of every business, large and small. Once you have made the decision to hire your first employee or employees, it is inevitable that you know how to do payroll properly. However, the truth…
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Form W2: Everything You Ever Wanted To Know
Form W2 is a multi-part standard tax form that an employer must send to the employees as well as the Internal Revenue Service (IRS) at year-end. The form contains employee’s annual wages, Social Security earnings, Medicare earnings, and federal and…
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