Every worker loves new technology, right? Not quite. The truth is, even in today’s business world, where certain segments seem dominated by news of an ‘always on’ culture, adopting and training on new technology can be daunting for plenty of employees. Training Employees on New Time & Attendance Software Perhaps you’ve recently added one or […]Read More >
5 Common Mistakes Every Payroll Manager Should Avoid
- nettime solutions staff
Payroll is a series of complexities. Business owners often face challenges both in their internal payroll processes as well as working with payroll providers.
One huge part of the Internal Revenue Service’s assignments it to focus on under-withheld employment taxes. This means they review worker classification, fringe benefits, executive compensation, and payroll taxes.
These 5 common mistakes often lead to employment tax liability and penalty issues.
- Classification of employees as independent contractors
- Failure to issue 1099 forms
- Forgetting to deposit withheld taxes
- Excluding expense reimbursements from reportable wages
- Overlooking to nonqualified deferred compensation in executives’ incomes
Having an automated process that integrates with your workforce system and payroll processes will help identify any discrepancies and avoid stiff penalties.