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 […]
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Author:
Mike Kappel
Mike Kappel, serial entrepreneur and CEO of Patriot Software, offers payroll advice from more than 30 years of experience to small business owners.
How to Issue a Corrected 1099 (MISC and NEC)
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.
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Paid Time Off (PTO): How to Offer Your Employees PTO
Thinking about giving your employees paid sick, personal, or vacation days? Why not combine them under one paid time off plan?
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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.
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How to Complete a Market Analysis the Right Way
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.
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What Is FICA Tax, and How Much Is It?
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?
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How to Use Business Bank Statements [+ Example]
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.
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What Is Minimum Wage? Federal & State Rates for 2024
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.
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How to Calculate Profit Margin for Your Small Business in 3 Simple Steps [Formula]
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.
Read More How to Calculate Profit Margin for Your Small Business in 3 Simple Steps [Formula]
What Is a Nonexempt Employee?
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?
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