TL;DR: What is FUTA? It is the federal unemployment tax, paid only by employers, at 6.0% on the first $7,000 each employee earns in a year. Employers who pay their state unemployment tax in full and on time get a credit of up to 5.4%, which cuts the real rate to 0.6%,...
TL;DR: Semi monthly vs bi weekly comes down to 24 paychecks or 26. Semi-monthly pays twice a month on fixed dates; bi-weekly pays every other week on the same weekday. Bi-weekly lines up with the 40-hour workweek, so overtime is simpler for hourly staff. Semi-monthly...
TL;DR: Florida reemployment tax is the state’s unemployment tax, paid by employers on the first $7,000 of each employee’s wages every year. New employers pay 2.7%, which is $189 per employee. After about 10 quarters, your rate is based on the benefits...
Every year I get the same call from a new S-corp owner, usually right after their accountant scared them: “Wait — I have to put myself on payroll?” Yes. And how much you pay yourself is one of the few payroll decisions that can trigger an IRS audit if you...
