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Payroll Is More Than Just Writing Checks

Mon, Oct 23rd 2017
As an employee, you may not have thought much about the procedures behind the issuance of your paycheck. But as a business owner, you need to understand how federal employment taxes work because you have to withhold these payroll taxes from your employees' paychecks. Here's an overview of four types of payroll tax. Social Security. Social security taxes are part of the Federal Insurance Contributions Act, also known as FICA. You're required to withhold this tax from an employee's wages each... Read More »

Reduce Fraud in Your Business with Prevention Strategies

Mon, Oct 16th 2017
When it comes to fraud, the old adage about a small amount of prevention being worth a large amount of cure is spot on. Investing in fraud prevention methods can be more cost-effective than spending time and money on clean-up after a fraud has been detected. Here are suggestions to help prevent fraud in two key areas. Payroll. If your company uses payroll software, set up the internal control features to keep master hourly rates, hours worked, and bank direct deposit information safe. Pull... Read More »

How to Pay Yourself as a Business Owner

Mon, Oct 9th 2017
Are you a new business owner? You may be wondering how to pay yourself from your business. The answer depends on the way your business is set up. Here are common methods for making payments to business owners. Corporations. If you own a traditional C corporation, your salary is subject to income and payroll taxes. Both are withheld from your paychecks, and your business must "match" the social security and Medicare portions and pay the taxes to the IRS. In addition, you might also choose to pay... Read More »

Planning to Retire? Consider Transferring Your Business to Your Employees

Mon, Oct 2nd 2017
Even the most dedicated small business owners eventually want to retire. But succession planning can be tricky. If a transfer to an outside party isn't feasible, an alternative is to consider selling your business to your employees. How? One common approach is to transfer shares through an employee stock ownership plan (ESOP), a type of employee benefit program that's similar to a qualified retirement plan and governed by the same law. The costs and complexities of establishing and... Read More »

Woodcock & Associates Gets Dirty on CPA Day of Service

Mon, Sep 25th 2017
Gathering with anticipation in the warming morning sun, our team prepared to lend a hand in helping Habitat for Humanity prepare another dream come true.  The website proclaims, “No previous experience is necessary, just a willing heart,” and that described our team pretty well.  The late September weather has warmed up after the temporary lull in temperatures and this day was no exception. As we gathered outside the split level ranch in the quiet Chancellor Green neighborhood, we were joined... Read More »