Mike Kappel, Author at Patriot Software

Mike Kappel, Author at Patriot Software Fri, 25 Oct 2024 12:40:59 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://www.patriotsoftware.com/wp-content/uploads/2020/01/cropped-site-favicon-32x32.png Mike Kappel, Author at Patriot Software 32 32 State Disability Insurance: What Employers Need to Know https://www.patriotsoftware.com/blog/payroll/what-is-state-disability-insurance/ Fri, 16 Aug 2024 22:03:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-state-disability-insurance/

Injured employee receiving state disability insurance check.

Here’s the situation: Your employee takes a little time off because they can’t physically work. What happens? They may be eligible for disability insurance benefits. Typically, you can elect to offer disability insurance to employees. However, five states have a mandatory state disability insurance program. Does your state require state disability insurance? Let’s get into […]

]]> How to Issue a Corrected 1099 (MISC and NEC) https://www.patriotsoftware.com/blog/accounting/how-do-i-issue-a-corrected-form-1099/ Wed, 14 Aug 2024 14:58:00 +0000 https://pslohio.wpengine.com/uncategorized/how-do-i-issue-a-corrected-form-1099/

Two people discussing how to issue a corrected 1099.

Do you file Forms 1099-MISC or 1099-NEC? If so, you might mix up the forms, enter incorrect information, or use a form from the wrong tax year. If you make a mistake on either form, you may need to issue a corrected 1099. “Mistake” is the last word you want to hear in business. But, […]

]]> Paid Time Off (PTO): How to Offer Your Employees PTO https://www.patriotsoftware.com/blog/payroll/offering-paid-time-off-to-employees-can-simplify-payroll/ Wed, 17 Jul 2024 22:14:00 +0000 https://pslohio.wpengine.com/uncategorized/offering-paid-time-off-to-employees-can-simplify-payroll/

Thinking about giving your employees paid sick, personal, or vacation days? Why not combine them under one paid time off plan? The U.S. Bureau of Labor Statistics (BLS) says that 79% of private sector workers have access to paid vacation and 78% have access to paid sick leave. But with a PTO plan, employees can […]

]]> What Is Gross Profit? https://www.patriotsoftware.com/blog/accounting/what-is-gross-profit/ Fri, 05 Jul 2024 20:00:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-gross-profit/

Do you know how profitable your small business’s operations are? You don’t have to be a financial expert to find out. You can calculate your gross profit to compare the funds you put into your business. Gross profit definition Gross profit is the revenue left over after you deduct the costs of making a product […]

]]> How to Complete a Market Analysis the Right Way https://www.patriotsoftware.com/blog/accounting/how-to-conduct-a-market-analysis/ Fri, 05 Jul 2024 19:48:00 +0000 https://pslohio.wpengine.com/uncategorized/how-to-conduct-a-market-analysis/

3D pastel cones in front of a pink background.

When you start a business, do you just wing it? Or, do you take time to plan and research your strategies before you jump into the market? If you’re like most entrepreneurs, you probably prepare your business before taking the plunge. Before diving into a market or switching up a strategy, you need to do […]

]]> What Is FICA Tax, and How Much Is It? https://www.patriotsoftware.com/blog/payroll/what-small-businesses-should-know-about-fica/ Mon, 17 Jun 2024 17:56:00 +0000 https://pslohio.wpengine.com/uncategorized/what-small-businesses-should-know-about-fica/

employer using a calculator with lights in the background as they calculate fica tax

As an employer, you’re in charge of paying your employees … and handling those pesky employment taxes. One of the taxes you need to calculate and withhold is a payroll tax known as FICA. What is FICA tax? What is FICA tax? FICA is a mandatory payroll tax equally split between employees and employers. Unlike […]

]]> How to Use Business Bank Statements [+ Example] https://www.patriotsoftware.com/blog/accounting/bank-statement/ Wed, 05 Jun 2024 21:38:00 +0000 https://pslohio.wpengine.com/uncategorized/bank-statement/

If you have a business bank account, you should regularly receive a paper or electronic statement. These business bank statements provide valuable information for managing your business finances. So if you’re tossing your unopened business bank account statements in a drawer or—worse—the trash, this one’s for you. Read on to learn what is a bank […]

]]> What Is Minimum Wage? Federal & State Rates for 2024 https://www.patriotsoftware.com/blog/payroll/what-is-minimum-wage/ Wed, 08 May 2024 18:10:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-minimum-wage/

Barista cashing out a customer paying with their phone.

The minimum wage law prevents employers from paying employees below a certain amount per hour. What is minimum wage? There is a federal minimum wage, but many states and localities set a higher wage. Comply with labor laws by learning what minimum wage your business may be subject to. What is minimum wage? The minimum […]

]]> How to Calculate Profit Margin for Your Small Business in 3 Simple Steps [Formula] https://www.patriotsoftware.com/blog/accounting/how-do-you-determine-a-profit-margin/ Mon, 06 May 2024 16:35:00 +0000 https://pslohio.wpengine.com/uncategorized/how-do-you-determine-a-profit-margin/

Business owner determining profit margin

To grow your business, you need to track financial information and measure performance. One metric you should be keeping an eye on is your business’s profit margin. Read on to learn how to calculate profit margin for your company and ways to improve your margins. What is profit margin? Before you can dive into calculating […]

]]> What Is a Nonexempt Employee? https://www.patriotsoftware.com/blog/payroll/non-exempt-employees-and-the-fair-labor-standards-act/ Thu, 02 May 2024 20:56:00 +0000 https://pslohio.wpengine.com/uncategorized/non-exempt-employees-and-the-fair-labor-standards-act/

Worker classification is critical. After you’ve narrowed down whether a worker is an independent contractor vs. employee, you’re not done. You need to also figure out if an employee is nonexempt. What is a nonexempt employee? When an employee has nonexempt status, the Fair Labor Standards Act’s (FLSA) minimum wage and overtime laws come into […]

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