Those pictures you see from Hurricanes Harvey and Irma – ordinary people out there in waist-high water, rescuing both their neighbors and strangers, coming from other states and other counties – demonstrate yet again not only the resilience of Americans but our decency in reaching out to others without a thought to personal safety. Read more
As an employer, you normally have to file a quarterly Form 941 to report your employees’ wages and withholding. Each quarter, if you pay wages subject to income tax withholding (including withholding on sick pay and supplemental unemployment benefits) or Social Security and Medicare taxes, you must file a Form 941, although there are some exceptions. Read more
A Simplified Employee Pension IRA was designed to encourage retirement benefits in businesses that would otherwise not set up employer-sponsored plans. Sole proprietors, partnerships, and corporations — even S corporations — can establish SEPs. SEP IRAs can receive employer contributions but with a higher annual contribution limit than standard IRAs. Think of a SEP IRA as a traditional IRA that lets employer contributions be vested immediately. Read more
For 2018, individuals can contribute up to $3,450, up from $3,400 in 2017, while family contributions are up to $6,900, up from $6,750 in 2017.
The maximum out-of-pocket figures are up too: $6,650 for single coverage, up from $6,550 in 2017, and $13,300 for family coverage, up from $13,100 in 2017. Read more
Unexpected life expenses happen to us all. Whether it’s a medical bill, car issues or some other legitimate expense, these unforeseen bills can be stressful and difficult for any employee to take care of. When employees are put in this position, it helps if their employer can assist with loan advances. Read more
Time-off benefits can be a very valuable part of any employee benefits package. While employers aren’t legally required by federal law to give employees days off for federal or state holidays, it’s a smart way to retain employees and to provide job satisfaction. (There may be state laws that affect time off, however–check local laws.) Employers can specify which holidays employees can take off. It’s the same for vacation: There’s no federal requirement, but smart employers grant paid vacation, and sick days too. Read more
Workers’ compensation audits—what are they and what do they mean for your business? Simply, they’re a yearly audit on your workers’ compensation insurance policy. The audit’s purpose is to ensure your business paid the correct amount in insurance premiums based upon the gross wages in a policy period. Read more
Day in and day out, your employees live busy lives. They juggle competing responsibilities that quickly fill up their calendars and eat away at their time. Any way that business owners can help lighten their load will go a long way to garner the employees’ appreciation. Perhaps the easiest means of accomplishing this comes in the form of a direct deposit. Directly depositing your employees’ pay into their bank accounts can save them the hassle of rushing to the bank before closing time when they have other items they could attend to. Read more
At LCAF Payroll Services, we understand that unpaid employees are also unhappy employees, and unhappy employees hurt the bottom line. Paying your workers on time and in the correct amount is perhaps the simplest and most important way to keep up morale and productivity. Read more
Payday – it’s always a good day for your employees. Money in hand means bills can be paid, groceries purchased, school supplies brought home for the kids, and maybe even a little extra left over for dining out. But let’s be honest: payday is only payday if the checks arrive on time and are made in the correct amount. At LCAF Payroll, we know you care about getting payday right just as much as your employees do, so we’re here to make that happen. Read more
