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What is a W-4 Form?

What is a W-4 Form? W-4 forms are essentially very basic tax returns filled out by employees. Specifically, it tells employers the correct amount of tax to withhold from the employee’s paycheck. Need a W-4 Form? Download it here. Why are W-4s important? The accuracy of an employee’s W-4 submission will determine the size of their tax refund (or bill) at the end of the year. The amount withheld should be as close as possible to their actual tax obligation—a big deficit can be an unwelcome surprise and may be accompanied by further penalties. Withholding more than necessary is considered by some employees as an easy way to save but, while refunds may seem like a nice treat, you are taking away the chance for employees to invest (or use)...

W-2 Employer Responsibilities

What is a W-2 Form? W-2 forms are an important part of employees’ tax filings, listing all wages and salary paid along with the amounts withheld for taxes and benefits. W-2 forms include information about your business and employee details along with how much employees earn (including tip income), how much they withhold for tax (as specified on their W-4 form) plus social security and Medicare contributions, also factoring in retirement and special benefits plans. A W-2 form is required for all employees. However, for independent contractors, for whom taxes are not withheld, an employer is required instead to submit a 1099-MISC form, which simply reports payments. (Here’s how to figure out whether someone is an employee or an independent...

2020 Small Business Health Insurance Requirements

Small business owners aren’t insurance experts and they shouldn’t have to be. Many businesses are so small that the folks in charge of evaluating benefits packages are sometimes in the dark about the myriad compliance requirements surrounding health insurance coverage. Even though small businesses that employ fewer than 50 full time employees aren’t legally bound to offer health insurance, many of them offer coverage to improve employee engagement and morale and also to attract the best talent. So, if your company plans to provide health insurance for your employees, it’s important that you understand your choices and the laws around them.If you’re looking to offer health insurance in 2020 you should consider adding these five popular...

3 Restaurant Problems That Human Resources Can Help Solve

People get into the restaurant business for a lot of reasons but managing complex HR challenges is usually not one of them. As a restaurant owner or operator, you’ve got a lot on your mind - menus, vendors, pricing, and of course keeping your customers well-fed and happy. The problem is, those complex HR challenges - the ones you don’t want to think about it - can become serious problems if you don’t get a handle on them. The good news is, with the right strategy and the right technology, you can dramatically simplify complex HR challenges before they become problems, protect your business, and get back to doing what you love to do. Restaurant PROBLEM #1: SCHEDULING THE WORKFORCE You don’t need us to remind you that restaurant profit...