Working as a freelancer or independent contractor can be challenging. You have to juggle client needs and provide a great product or service. Contractors must also carefully review their business records, in order to file an accurate tax return. This article explains the difference between independent contractors and employees, and reviews the 1099 form. You’ll […]
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Well-managed businesses work hard to minimize errors. If you make a mistake, you have to invest time and effort to correct the error, and that means less time spent on growing your business. Creating pay stubs is an important part of the payroll process, and you need systems in place to produce accurate documents. This […]
Payroll is the most complex task your business must complete. If you understand each step in the process- and use technology- completing payroll will take less time. This article explains the differences between independent contractors and employees, and the key information you need to process payroll. You’ll review an example of calculating payroll, and the […]
Managing payroll requires planning. To get payroll right, you need to have the right information, and that includes the data required to create pay stubs. A pay stub lists all of the key information related to an employee’s pay. Both employers and workers need to understand the information on a pay stub. Employers must generate […]
Employers, workers, and independent contractors must understand three important payroll terms: payday, pay period, and pay cycle. Business owners must be able to set up payroll systems that accurately calculate and pay workers, and the pay process must be explained to the entire staff. In this article we will define these payroll terms, explain the […]
Millions of people work as freelancers or independent contractors. If that definition applies to you, you’ll file taxes as a 1099 worker. The process of filing your personal tax return is different from the steps needed to file as an employee. This article defines independent contractors, explains Form 1099-NEC, and provides the steps you need […]
The Employee’s Withholding Allowance Certificate (Form W-4) is a form that the federal government requires employees to fill out when they are newly hired. Information submitted on the form lets employers know how much salary to withhold from a paycheck for federal tax purposes. Workers should complete a new W-4 if they have any major […]
Managing the payroll process is complicated, and you need to generate accurate payroll data for your employees. Every worker needs a detailed pay stub, in order to understanding gross wages, and all withholdings from pay. A pay stub lists all of the key information related to an employee’s pay…
Both employers and workers need to understand the information on a pay stub. Employers must generate accurate pay stubs that match the gross pay, tax withholdings, and other payroll amounts. Workers need to review their pay stubs to verify that their wages were paid correctly. The first step is to have each employee complete a Form W-4…
Whether you work as an employee, or a freelancer, you must work with Form W-9. A W-9 is used to request the taxpayer tax identification number (TIN) of a US person, and to certify that the number is correct. Your TIN is either your Social Security Number, or your company’s Employer Identification Number (EIN).
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