You may have come across the term “subordinated debt” but what exactly is it? Subordinated debt is a type of debt that ranks lower in priority than other forms of debt in the event of a company’s bankruptcy or liquidation. If a company runs into financial trouble, subordinated debt holders may be the last to…
What is the Difference Between Revenue and Profit? As a business owner or entrepreneur, one’s ultimate goal is to maximize their profits and grow revenue. But despite the importance of these metrics, many people still need help to fully understand the difference between revenue and profit and how they relate to each other. In this blog…
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…
Taxation without representation is when a government imposes taxes on its citizens without their consent or input. The term is often used to describe the situation in colonial America before the American Revolution when the British government taxed British colonies without representation in the British Parliament. The idea of taxation without representation has since become…
Tax season is a time of year that many people dread, but it’s also a necessary part of life. Whether you’re a freelancer, a small business owner, or a regular employee, you must file your taxes yearly to comply with federal and state tax laws. In this blog post, we’ll look at tax season 2023…
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…
A severance package is an agreement between an employer and an employee, usually in the event of a layoff, termination, or retirement. It is a set of benefits or compensation the employer agrees to provide the employee. Severance packages may include various benefits, such as a lump-sum payment, continuing health benefits, and job placement assistance….
What Is Payroll Management? Payroll management refers to the process of administering the financial records of employees’ salaries, wages, bonuses, and deductions. It involves calculating employee compensation, processing payments, and ensuring that taxes and other government contributions are accurately withheld and remitted. Payroll management also includes maintaining accurate records of employee hours worked, leaves taken,…
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…
As an employer, payroll calculations seem daunting at first, but with the right information, it can be a straightforward process. Several factors to consider when calculating payroll include hours worked, taxes, and employee benefits. Understanding the legal requirements and regulations surrounding payroll is important to avoid any potential issues or penalties. Additionally, payroll calculation software…
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