With the onset of COVID-19, many employers were forced to conduct business in a different manner. Although, telecommuting is not new to the work environment, it became more prevalent when alternate work arrangements were needed to sustain business during the pandemic. Telecommuting allows an employee...
A paycheck is something everyone looks forward to each pay period but some employees do not take the time to understand how it is calculated. As you know, the gross amount is not the amount you will receive as your take home pay. The gross...
Are you taking advantage of the retirement plan options offered by your employer? If not, you might want to reconsider and take an active role in investing for your future. Also, deferring a portion of your income for retirement reduces your taxable income for federal...
Out with the old, in with the new! It's that time of year folks, the latest and greatest in the world of payroll. We're going to take a look at some updates that may have an impact on your paycheck. Social Security and Medicare The social security...
Sleigh bells ring, are you listening...
Involuntary deductions are wage attachments issued by a court or government agency to withhold money from your paycheck. In the world of Payroll, the wage attachments are referred to as garnishments. If an employer receives a wage attachment, it has to be processed or penalties...
Now, is the time to perform a W-4 checkup to ensure enough taxes are being deducted from your paycheck. When filing your taxes, the last thing you want to hear is you owe Uncle Sam. That will definitely rain on your parade! It's a good practice...
Everyone looks forward to receiving their direct deposit on pay day. If there is an issue with the deposit, the payroll department becomes the employees' best friend. Well, do you really know what goes into making those direct deposits happen each pay day? Let's explore...
Let's talk about cafeteria plans. Are you hungry? Just kidding! Cafeteria plans are actually flexible benefit plans offered by employers. The benefit plans are governed by the IRS under Section 125 federal tax code. Employees are able to choose from a selection of benefit packages to...
The social security wage base limit will increase to $137,700 for 2020; which means that is the maximum amount of wages an employee and an employer will each pay social security taxes on. The social security tax rate will remain at 6.2% for 2020. Therefore,...