by Sheri Hart | Oct 24, 2019 | Business Strategy, Financial Planning, Payroll, Small Business, Tax
As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below). Most employers end up paying an effective FUTA...
by Sheri Hart | Aug 27, 2019 | Business Strategy, Financial Planning, Payroll, Small Business, Tax
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax...
by Sheri Hart | Jun 10, 2019 | Financial Planning, Payroll, Small Business, Tax, Uncategorized
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a “responsible...