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Every employer should be aware of two components of SUTA: the annual wage base and the SUTA tax rate: Annual Wage Base: The annual wage base represents the maximum amount of wages subject to SUTA tax per employee for the year. For 2018, employers in California and Florida pay SUTA tax on the first $7,000 paid to each employee. Alaska, however, imposes SUTA tax on the first $39,500 paid to each worker. Once the annual wage base has been satisfied for an employee, the employer does not owe any more SUTA tax for that employee for the year. SUTA Tax Rate: These tax rates are based on varying factors, with the most common being whether the business is new, the employer’s industry (such as construction versus nonconstruction), and the amount of benefits claimed on the employer’s account. Generally, the more benefits claimed on the employer’s account, the higher the SUTA tax rate, which is why it’s crucial that you keep turnover at a minimum. Not Always Only an Employer-Paid Tax In most states, SUTA is an employer-paid tax. Three states — Pennsylvania, New Jersey, and Alaska — require withholding as well. If you have employees in any of these three states, you must withhold state unemployment tax from their wages at the state-mandated withholding rate and up to the maximum amount of wages allowed for the year.

Could Your Books Withstand A Tax Audit?

Tax audits can be time-consuming, taxing, and possibly expensive. Small business proprietors who might be navigating complex tax policies for the first time or who work in businesses such as restaurants where errors are easy to make are particularly likely to draw unnecessary attention for the IRS.

An audit doesn’t need to be a painful, endless, and invasive process if you follow these tips.

Every employer should be aware of two components of SUTA: the annual wage base and the SUTA tax rate: Annual Wage Base: The annual wage base represents the maximum amount of wages subject to SUTA tax per employee for the year. For 2018, employers in California and Florida pay SUTA tax on the first $7,000 paid to each employee. Alaska, however, imposes SUTA tax on the first $39,500 paid to each worker. Once the annual wage base has been satisfied for an employee, the employer does not owe any more SUTA tax for that employee for the year. SUTA Tax Rate: These tax rates are based on varying factors, with the most common being whether the business is new, the employer’s industry (such as construction versus nonconstruction), and the amount of benefits claimed on the employer’s account. Generally, the more benefits claimed on the employer’s account, the higher the SUTA tax rate, which is why it’s crucial that you keep turnover at a minimum. Not Always Only an Employer-Paid Tax In most states, SUTA is an employer-paid tax. Three states — Pennsylvania, New Jersey, and Alaska — require withholding as well. If you have employees in any of these three states, you must withhold state unemployment tax from their wages at the state-mandated withholding rate and up to the maximum amount of wages allowed for the year.

Year End Accounting Resource Center

This page contains a multitude of year end accounting resources we have gathered from the web and produced internally for our clients. Use the navigation links below to scroll through the page to find the resources you need. If you would like a personalized consultation from one of our small business / QuickBooks accounting experts, please feel free to call (888) 232-4758 anytime, or request a year end review to get started.
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Tech Tuesday Recap: Best Practices to Maximize Cash Flow

Today’s Technology Tuesday insights have been percolating for a few hours. The presentation took us on roads toward jewels of financial insight. Some were principles long held in business, while others got to minute details around inventory and personnel management; the latter two made a teammate chuckle – while reminiscing of a college lecture on the equilibrium between “hiring/firing”. While this is an important business aspect, there were others meriting equal attention. Let’s journey, a little, shall we?

top reasons to have out of the box technology as your cloud hosting service provider

Tech Tuesday Recap: Cloud Hosting DIY

We had the privilege of our Director of IT, Chad, sharing pithy tips and practices for you to resolve encounters on your own – when working in our hosting environment, or others.

Such are handy when time is not a luxury; and you need to get work done immediately. Speaking from experience as a support representative, clients call in to tackle items preventing them from finishing their work at inopportune times.

Additionally, waiting to get in touch with a representative is a factor intensifying the experience. As Chad suggested however, contact us for anything more complex than what he presented. Without any further ado, here are cloud hosting tips to resolve common issues in little to no time!

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