Infographic: How to head off payroll mistakes before they become major crises.
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Infographic: Green energy & tax breaks
4 payroll management tips for growing companies As you expand your workforce, be careful to head off minor payroll mistakes and oversights - before they become major crises.
1. Understand your responsibilities Event if you outsource payroll, know the processes for tracking, administering and recording it. Regularly monitor your payroll tax account.
2. Know what's taxable Full- and part-time salaries, hourly wages, bonuses and commissions are taxable. Fringe benefits generally aren't.
3. Classify employees properly Be caerful when classifying workers as independent contractors. Misclassification of employees (and failure to pay taxes) can result in IRS penalties.
4. Maintain records Keep all documentation relating to hiring, ongoing employment, performance reviews, disciplinary actions and termination. Periodically audit these records. Other rules may apply. Contact us for details.