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Compliance Considerations for When Your Company Reaches 50 Employees

by Tim AustinMay 10, 2019 8:00 AM

The 50-employee mark is more than just a milestone; it’s also an important number for some major regulation requirements. Once your business has 50 full-time employees, various federal and state laws become mandatory, which can wreak havoc on your business if you don’t prepare for them. Here’s what your business needs to do to stay compliant once it reaches 50 full-time employees. 

Multiple employees during a training session at an applicable large employer. 

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Human Resources

How to Calculate Payroll and Income Tax Deductions

by Tim AustinApril 15, 2019 8:00 AM

As an employer, you have a responsibility to handle every step of your business’ payroll. One of the more notable steps is handling the tax deductions that are withheld from every employee’s gross wages. To help, we’ve put together some pointers on how you can calculate the various deductions found on each paycheck.

A small business owner calculating payroll deductions for employees.

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Payroll

Payroll Forms: A Guide for Small Business Owners

by Tim AustinJanuary 17, 2019 8:00 AM

Payroll forms can put a lot of pressure on business owners. When you’re in charge of a small business, it’s up to you to make sure that these forms are not only completed accurately, but on time as well. If you’re not careful, the penalties can range from $50 per faulty form all the way up to hundreds of thousands of dollars for notable violations.

One of the biggest struggles of managing payroll forms is simply knowing which forms apply to your business and what they do. We’ve compiled a list of payroll forms that you’ll likely need to know for your small business and how they work.

A small business owner calculating taxes for various payroll forms. 

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Payroll

The Differences Between Employees and Independent Contractors

by Tim AustinNovember 6, 2018 3:00 PM

Employees and independent contractors all play important parts for small businesses across the country. While they can both work for the same company, there are key differences between the two.

Why does proper employment status matter? There are important legal differences between employees and independent contractors that affect payment, protections, and other key HR matters. In addition, improper employee classification can lead to serious penalties from the IRS. Here’s a breakdown on what differentiates independent contractors and employees and how it can impact a small business.

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Human Resources

What is the Difference Between Income Tax and Payroll Tax?

by Tim AustinSeptember 14, 2018 8:00 AM

Payroll taxes are complicated, especially when you don’t have any payroll training. Small business owners have several tax responsibilities that they must manage throughout the year, which can take up hours of your time each month. Of course, if you incorrectly calculate the tax withholdings for someone’s paycheck, both the employee and the federal or state government may have a bone to pick with you.

One of the most time-consuming and difficult parts of payroll tax management is that there is more than one type of tax that you need to handle. You are responsible for withholding multiple types of taxes from your employees’ wages, including income tax and payroll tax. These taxes each have specific rules in terms of how you and your employees contribute to them and what groups regulate them. Here’s a rundown of the difference between income tax and payroll tax.

Income tax and payroll tax documents for a small business. 

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Payroll

How to Manage Payroll for a Small Business

by Tim AustinSeptember 12, 2018 8:00 AM

Payroll isn’t nearly as simple as just paying your employees. Payroll management encompasses several different steps and responsibilities. Each part of the payroll process requires you to take certain actions or make decisions that impact how your employees are paid and ensure that your business is compliant with any government regulations that apply.

As a small business owner, it’s your responsibility to either take care of each of these steps—or find someone that you trust to manage payroll for you. Here’s a guide to help you learn what it takes to properly manage payroll for a small business.

A small business owner managing payroll by herself.

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Payroll

Group Management Services Named a Certified Professional Employer Organization by IRS

by Matt SchoolcraftDecember 4, 2017 8:00 AM

Group Management Services announced today that they have been named a Certified Professional Employer Organization by the United States Internal Revenue Service.

The designation was created as a provision of the Small Business Efficiency Act in 2014. This makes the CPEO solely responsible for payroll taxes and penalties and assures clients that they are partnering with a financially responsible and stable organization. 

“We’ve completed this rigorous certification process with in depth financial reviews and audits of our business processes as well a thorough background check of our upper management,” said Mike Kahoe, President of GMS. “This shows our customers and prospects that the IRS is holding us to a certain standard, which helps legitimize our growing industry.”

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GMS News

Dealing with Healthcare Uncertainty

by Andrew SzczesniakAugust 16, 2017 8:00 AM

Towards the end of July, the Republican Party made a couple of attempts to repeal and replace the Affordable Care Act. When the Senate couldn’t pull together a consensus on a replacement bill, they moved forward with a straight repeal bill. Both attempts failed.

Where does that leave a business owner who’s trying to figure what to do about healthcare? Two recent articles help shed a little light on what to expect.

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