L-1 Visa Payroll Requirements and Considerations for 2024
Key Takeaways: While no minimum wage exists for L-1 visa holders, compensation must be reasonable and comparable to industry standards for similar roles in the same geographic area. The prevailing wage is a critical factor and can be determined through the U.S. Department of Labor or online wage surveys. Payroll must be processed through the…
Comprehensive Guide to Payroll Taxes in the U.S.
Payroll tax refers to the taxes deducted from employees’ wages and paid to the government by employers. These taxes primarily fund social insurance programs such as Social Security and Medicare, as well as unemployment insurance and various local services. Key Takeaways All employees have a portion of their pay sent to the government in the…
What is FICA (Federal Insurance Contributions Act)?
Updated October 6, 2024 Many people see deductions on their paychecks under the abbreviation FICA but may not know what it stands for or how it impacts them. The Federal Insurance Contributions Act significantly affects American social safety nets, influencing virtually all working individuals. While you might know that FICA contributions go toward Social Security […]
Imputed Income: Revealing the Tax Secrets Behind Employee Perks
Imagine you’re running a business and want to offer your team some great benefits—a company car, free gym memberships, or extra health coverage. These perks can boost morale and help you attract top talent. But did you know they might also come with hidden tax obligations? Welcome to the world of imputed income. It’s a […]
Owner’s Draw vs. Salary: Your Pay Decisions
As a small business owner, deciding how to pay yourself is a crucial financial decision that impacts your tax liability, business expenses, and overall financial health. Do you opt for a salary or an owner’s draw? This comprehensive guide will help you understand the differences, benefits, and tax implications of each method to make an […]
Form 3800 Instructions: A Comprehensive Guide for Beginners
Filing taxes can be a complex process, especially for beginners. One form that often causes confusion is Form 3800, General Business Credit. Understanding how to accurately complete this form is essential for maximizing your eligible tax credits and reducing your tax liability. In this guide, we’ll walk you through everything you need to know about […]
