How Do Small Businesses Handle Payroll & Deductions?

[Image]( Expert Insights on HR April 24, 2024   Our Expert’s Topic for the Week:Common Payroll Deductions Navigating payroll deductions can be challenging and confusing. Making mistakes isn’t uncommon, but these should be avoided as it can lead to compliance issues, penalties, and potential legal actions. Staying on top of payroll-related regulations and conducting regular audits can help ensure accurate and compliant deductions. - Jennifer Soper, Robie Ann Ferrer, and Genevieve Que   - [Common Payroll Deductions: An Employer’s Guide]( - [Pre-tax Deductions & Post-tax Deductions: An Ultimate Guide](   Stay Current   FICA tax rates for 2024 remain the same at 7.65%! (6.2% for Social Security and 1.45% for Medicare)   Learn with Fit   [Common Payroll Deductions: An Employer’s Guide]( [Common Payroll Deductions: An Employer’s Guide]( The most common payroll deductions include taxes, garnishments, benefits premiums, and retirement contributions. Understanding these deductions is vital, as it ensures compliance with the law and helps in budgeting and financial planning. By gaining insight into payroll deductions, business owners can maintain transparency with their employees, avoid potential fines, and effectively manage their business’s finances.   [Pre-tax Deductions & Post-tax Deductions: An Ultimate Guide]( [Pre-tax Deductions & Post-tax Deductions: An Ultimate Guide]( Tax deductions are mandated by the government, so you cannot choose whether a benefit is pre or post tax. Being aware of what these deductions are will not only ensure compliance but can help you understand how to do payroll correctly.     Dive Deeper   [How to Do Payroll for Small Businesses]( Learn how to do payroll with our guide, which covers everything from registering your business to paying your employees and tax agencies. [How to Conduct a Payroll Audit]( Learn how to conduct payroll audits in this step-by-step guide. It also comes with a checklist to help you get started. [Payroll Compliance: Important Payroll Laws to Know]( Payroll is not just about paying employees and withholding the correct amounts for deductions. It also requires complying with federal payroll, tax, and labor laws, including local regulations in states where your business is located. Did you know? 🤔 There's more beyond the newsletter? Follow us on social media to stay informed on exclusive insights, resources, and sneak peeks into the latest trends in marketing! [Facebook]( [Instagram]( [Pinterest]( [LinkedIn]( [YouTube](   Compare & Contrast   [9 Best Payroll Software for Small Businesses]( Check out our guide to the best payroll software for small businesses where we explore the key functionalities each provider offers, including their pros/cons and pricing.   [7 Best Payroll Software for Contractors]( If you only hire and pay contract workers, consider payroll software that have contractor-only payment plans. These are usually less expensive than the providers’ regular payroll packages, but come with online solutions for compliant payments and year-end tax reports.   [How to Choose a Payroll Service for Your Business]( Unsure which one to choose, our guide to finding the right payroll solution contains helpful tips. More FSB Resources   More Than A Newsletter   Written by Jennifer Soper, Robie Ann Ferrer, and Genevieve Que About Fit Small Business HR Newsletter: Providing you with newsworthy tips, tricks, and informational deep dives on all HR and Payroll topics relevant to small business owners. Delivered to your inbox every Wednesday. [Sign up today]( Visit the [Subscription Center]( to get other free newsletters, manage your account settings or to be removed from Fit Small Business communications. 0[Unsubscribe]( | [FAQ](| [Terms of Use]( | [Privacy Policy]( © 2024 TechnologyAdvice, LLC. All rights reserved. This is a marketing email from TechnologyAdvice, 3343 Perimeter Hill Dr., Suite 100, Nashville, TN 37211, USA. Please do not reply to this message. To contact us, please [click here](.