Posts tagged payroll
Setting Up a Payroll System — A 10 Step Guide for Small Business
Jul 7th
Whether you have one employee or 50, setting a payroll system not only streamlines your ability to stay on top of your legal and regulatory responsibilities as an employer, it can also save you time and help protect you from incurring costly IRS penalties (according to Inc.com*, the IRS typically penalizes one out of every three business owners for payroll errors).
For 10 steps to help you set up a payroll system for your small business, read the rest of the article here: http://bit.ly/bsMsJD
Payroll Tax Credit
Dec 25th
For 2009 and 2010, Congress gave workers a credit of 6.2% of their earned income, capped at $400 for single filers and $800 for joint filers. For single filers, it starts phasing out at $75,000 of adjusted gross income and dries up at $95,000. The phaseout zone for couples is $150,000 to $190,000. Employees will get the credit in advance via lower income tax withholding in each paycheck, not as a rebate check.
Self-employed workers can reduce their quarterly estimated payments to get an advance benefit from the credit. The exact amount of the payroll tax credit for the year will be calculated on the filers’ tax returns.
Recipients of Social Security benefits, Railroad Retirement benefits, Supplemental Security Income or veterans disability pensions will get a one time $250 check instead for 2009. Federal retirees who don’t receive any Social Security will also get a $250 check.
