Payroll Tax Mistakes to Avoid
Running a business—whether large or small—comes with a lot of responsibilities. Not least among them is the duty to deal correctly with payroll taxes—from withholding federal and state income taxes when paying employees to contributing your share of FICA and ensuring unemployment taxes are paid. Unfortunately, it’s rather easy to make mistakes, and the penalties for missteps can be quite great. Here are a few of the most common payroll tax errors you should avoid. Misclassification of Workers Most businesses want to minimize their costs, and payroll taxes and employee benefits expenses can...
Read MoreImportance of Wellbeing in the Workplace
When you think of employee “wellbeing,” what comes to mind? Many employers associate the word with physical health, i.e. how many sick days their employees take, how much they have to pay for their healthcare, and how both of those factors impact the bottom line. But wellbeing actually encompasses a whole lot more. According to Dictionary.com, it means “A good or satisfactory condition of existence; a state characterized by health, happiness and prosperity.” Some organizations have begun to recognize the difference and are capitalizing on it. A recent article on the topic quoted Tom Rath,...
Read MoreFive Big Causes of Employee Disengagement
Engaged employees are enthusiastic about their work. They do their best to contribute positively to their employer’s reputation and the achievement of company goals. They don’t make excuses, take excessive time away from the office, or often say, “That’s not my job.” Unfortunately, engaged employees are also fairly rare. According to a study conducted by Dale Carnegie Training, 71 percent of employees are not fully engaged. Employment experts consider the following the five biggest causes. 1. Loss of Job Security Since the Great Recession, many employees feel they no longer have job...
Read MoreThe High Costs of Employee Misclassification
You hire a graphic designer to work in your office on a short-term project and pay him as an independent contractor rather than a temporary employee. Your bookkeeper—whose workflow you also direct and control—asks to work from home, so you pay her as a freelancer. You’re now guilty of employee misclassification—whether you intended to break labor laws or not. Since the onset of the Great Recession, the Department of Labor (DOL) and the Internal Revenue Service (IRS) have seen a surge in worker misclassification. With the rollout of the employer-sponsored insurance mandate under the...
Read MoreTips for Reducing Workers Compensation Claims
According to the National Council on Compensation Insurance, the frequency of workers compensation lost-time claims saw a 2 percent decline in accident year 2013 when compared to 2012. However, these claims still create a financial burden for employers. In fact, according to the National Academy of Social Insurance, workers comp insurance paid out $60.2 billion in total benefits in 2011—and total costs to employers reached $77.1 billion. While workers compensation insurance laws vary by state, most require business owners with employees to purchase coverage. Fortunately, there are actions...
Read More