Articles
What is Federal Unemployment Tax (FUTA) and FUTA Credit Reduction?
The Federal Unemployment Tax Act (FUTA) is a federal payroll tax paid by employers that, along with state unemployment tax systems (SUTA), funds unemployment benefits for workers who lose their jobs. The FUTA tax system is a federal-state partnership, with the federal portion covering administrative costs for state unemployment agencies, half the cost of extended benefits during periods of high unemployment, and providing loans to states that need to borrow to pay benefits.
Understanding Federal Employer Identification Numbers (FEINs)
The Federal Employer Identification Number (FEIN), often referred to as an Employer Identification Number (EIN), is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify a business entity. Similar to how a Social Security Number identifies an individual, an FEIN identifies a business for tax purposes.
Wage and Hour Laws: Should You Be Concerned?
We have been hearing a lot, lately, about Department of Labor disputes concerning Wage and Hour law issues.
Do any of the following scenarios fit your business in any way?
My New Worker: Independent Contractor or Employee?
A statement we often hear from businesses is, 'We are just a small company and can't afford to hire employees." This statement touches on Chapter 1 of every payroll manual: Worker Classification. Worker classification is the process of determining whether your workers are independent contractors (IC's) or employees (EE's).