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A pay stub includes details of financial activities in a pay period, including taxes paid, deductions for health plans, gross wages, commissions, etc. The health plan includes the employee and employer’s contributions to health and medical expenses. According to the Fair Labor Standards Act (FLSA), employers must also record the health benefits ad...

Becoming an employer means taking on responsibilities such as running a payroll. These are responsibilities you need to fulfill for your employees, and one of those responsibilities is withholding certain payroll taxes, such as the State Unemployment Tax Act (SUTA). Ensuring that your business complies with government regulations every year with t...

The Federal Unemployment Tax Act, or FUTA, is a policy that requires employers to pay payroll taxes helping states to provide unemployment benefits or compensation to employees whose contracts ended or terminated. Although, FUTA only applies to workers not dismissed for gross misconduct.Employers file and report FUTA taxes annually with the Interna...

Form 1099-NEC or nonemployee compensation 1099 makes a comeback in 2020 after a 38-year hiatus. Employers and business owners used Form 1099-MISC for the past few decades to report nonemployee compensation. This time around, they could now welcome the revived and revamped 1099-NEC form.   This article gives you knowledge about the IRS requi...