Payroll

Hiring in the Age of COVID-19

Keeping new employees motivated while working from home. The coronavirus pandemic has changed the way that many businesses operate. Rather than face a shutdown due to being deemed “non-essential,” many companies gave their employees the option to work from home. Now that weeks have passed and an increase in positive cases exists, returning to the physical workforce isn’t a possibility for most Americans. You may even need additional staff...

How to Support the Employees That You Had to Let Go Due to Business Closures

Use Precise Payroll’s HR Support Center as a tool to reference. If you are one of the many businesses faced with financial uncertainty and made the difficult decision of letting your employees go because of the coronavirus outbreak, know that there is help for you. If you’re looking to be as supportive as possible for your people, you’ll appreciate guidance from a third-party. No one could prepare themselves for...

2019 Minimum Wage Increases by State

Minimum wage is like the sun – it just keeps rising. Many cities, counties and states are yet again increasing the minimum wage. To better prepare you for 2019, below is a list of the states that will increase their minimum wage. Of course, we recommend that you check with your local jurisdiction before making any changes to your books because your city may follow different standards. Twenty one...

Total Rewards Packages – What You Need to Know 

Total Rewards Packages – What You Need to Know  As the workforce becomes more competitive with millennials dominating, employers are forced to rethink their employee benefits and rewards strategies. More companies are offering total rewards packages as an incentive to bring on quality employees. But what is included in a total rewards package?  Total rewards packages are typically made up of six components:  Benefits  Benefits are noncash, indirect payments...

A Small Business Owner’s Overview of 401(k) Plans 

A Small Business Owner’s Overview of 401(k) Plans  Did you know that only half of all Americans are set up to meet their saving goals for retirement? As a small business owner, you may be thinking about the best way to save for retirement – and if you are not, you probably should be! Although many different retirement options are available, we will address 401(k) plans below. 401(k) plans...

3 Things Employers Should Know About Form W-4

3 Things Employers Should Know About Form W-4  Tax season is lingering ahead. Unless you have been reading up regularly, you probably have a few questions about the latest federal tax legislation and what it means for you personally as well as your business and employees, including questions about Form W-4, Employee’s Withholding Allowance Certificate. Below are a few questions our readers have asked that we would like to...

Overtime Pay: What You May be Missing

Many employers (especially those just starting out) have a hard time seeing through the murky waters of overtime pay and how it should be addressed legally speaking. Many employers get tripped up by confusing work week hours with pay period hours. Overtime for non-exempt hourly employees needs to be calculated on a 7-day time period, regardless of how often your employees are paid. For example, if an employee who...

Do You Know About the Social Security Wage Base?

Determine if you are withholding as much as you should be and when to stop. Social Security tax is a tax that applies to both employees and employers. As an employer, you are required to withhold a certain percentage of each employee’s paycheck and to make a matching contribution. Social Security tax does not change each year (with a few exceptions). However, the case is not the same as...

5 Ways to Simplify Your Small Business Payroll

Eliminate payroll headaches with these tips. Small business owners sometimes struggle with their employees’ payroll. Getting payroll figures worked out and delivering paychecks each pay period is important for your business. Payroll processing is often complex and time consuming for small businesses. To make it less difficult to manage, we have created a few steps to simplify the process. 1. Simplify your policy. Take time to look over your...

Employee Reimbursement 101 – Minimizing taxable expenses and staying compliant with laws and regulations.

Keeping clients happy, vendors paid, and operations running smoothly is a tall task for any business — especially smaller organizations. For convenience’s’ sake, many employers find that allowing employees to pay certain expenses from their own pockets and reimbursing them later is a virtual necessity. However, business owners should be aware that this common practice does entail a bit of responsibility.
 Broadly speaking, there are three different ways of...