Employer tax liability refers to the legal responsibility of an employer to pay various taxes on behalf of their employees to the government. These taxes are generally calculated as a percentage of the employee’s salary or wages and are deducted from their paychecks before the funds are disbursed to the employees. The primary types of…
What is a Certified Payroll? If you’re an employer, you may have heard the term “certified payroll”. It’s an important aspect of running a business, especially if you’re working on public work projects. It is a document that provides a detailed breakdown of the wages and benefits paid to each employee who worked on the…
What Are Payroll Cards? A payroll card is a prepaid debit card that an employer offers employees as an alternative to paper checks or direct deposit. Payroll cards are loaded with the employee’s net pay and can be used to withdraw cash, make purchases, or pay bills. Employees who sign up for a payroll card…
Have you ever found yourself buried under a pile of receipts, invoices, and financial statements, struggling to keep up with your business’s bookkeeping? If so, you’re not alone. Many entrepreneurs and small business owners find bookkeeping to be a time-consuming and overwhelming task. Fortunately, there’s a solution: outsourcing bookkeeping! By delegating this essential task to…
1. What is Accounting Equation? The Accounting Equation is a fundamental principle in accounting that represents the relationship between a company’s assets, liabilities, and Equity. The accounting equation formula is Assets = Liabilities + Equity, which means that the total assets of a company must always equal the sum of its liabilities and Equity. 2….
What Is Supplemental Pay? Supplemental pay is any form of compensation, paid to employees apart from their regular wages or salary. That includes bonuses, overtime pay, shift differentials, commissions, and other forms of additional compensation. Employers often use supplemental pay to motivate and reward employees for their dedication. For example, a company might offer bonuses…
Expense report is a document used to record and report business expenses incurred by an employee during work-related activities. It typically includes information such as the date of the expense, the name of the employee who incurred it, the expense’s purpose, the expense’s amount, and any supporting documentation such as receipts or invoices. Now that…
When it comes to borrowing money, it’s essential to know the terms of the loan agreement. One key distinction is that a borrower should know the contrast of a “recourse vs nonrecourse loan”. These terms show the level of consequences that a borrower has to pay in case of not paying the loan in time….
What is FTE? Full-time equivalent or FTE is used by businesses to calculate the full-time hours worked within their business among all employees. It would not be wrong if we say that a full-time employee working 40 hours equals 1 FTE whereas, a part-time employee working 20 hours is equal to 0.5 FTE. In order…
As a business owner, you are responsible for the livelihood of those employed. Thus, it is a must for you to know the difference between gross pay and net pay. Two terms are present in every paycheck, yet they are often mixed up. The lack of clarity confuses many employers, and as a result, they…
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