Fortune Business Consulting

Category: Open Enrollment

  • What Your Balance Sheet Doesn’t Show: The Real Business Value of a PEO

    What Your Balance Sheet Doesn’t Show: The Real Business Value of a PEO

    Because sometimes, the biggest profits come from what you didn’t lose.  You won’t see it at first glance. 

    There’s no flashing red alert. No urgent Slack message. No budget meeting meltdown. Just a quiet, consistent drain happening behind the scenes of your growing business. It might show up in the form of a compliance fine you didn’t see coming. Or the resignation of a high  performer after one too many payroll glitches. Or worse—lawsuits, turnover, and missed opportunities stacked like hidden fees under “Operating Expenses.”  But here’s the twist: 

    Most of those losses could’ve been avoided… with the right PEO. 

    The ROI You Can’t Calculate (Until It’s Too Late) 

    When most business owners consider a PEO (Professional Employer Organization), they look at costs upfront—and often forget to assess the costs of not having one.  A PEO’s ROI is rarely found in flashy dashboards or spreadsheets.

      It’s found in the: 

    • Lawsuit that never happened 
    • Star employee who stayed because of better benefits 
    • Penalty that was prevented before it was ever filed 
    • HR fire that never reached your desk 

    What You Think You’re Paying For: 

    • Payroll processing 
    • Employee onboarding 
    • Compliance checklists 
    • Benefit access 

    What You’re Actually Getting: 

    • Legal protection 
    • Risk prevention 
    • Strategic HR planning 
    • Improved retention 
    • Business continuity 
    • Peace of mind 

    And most importantly—time back to lead, not chase admin. 

    The Cost of an HR Mistake Can Be 10x the PEO Fee 

    An EEOC violation alone can cost between $10,000 and $100,000.  Wage and hour lawsuits? Even more. According to the Society for Human Resource Management (SHRM), the average cost of just one bad hire is nearly $240,000 when your account for lost productivity, morale damage, and rehiring expenses.  A PEO minimizes those odds with structured hiring processes, HR best practices, and access to experts who live and breathe compliance. 

    Better Benefits Without Bleeding Cash 

    By co-employing your staff, PEOs give you access to benefits typically reserved for large corporations: 

    • Group health insurance 
    • 401(k) plans 
    • Mental health support 
    • Wellness programs 
    • Workers comp coverage 

    And because you’re part of a larger buying pool, you get enterprise-level coverage at SMB prices.  According to the National Association of Professional Employer Organizations (NAPEO), companies that use a PEO: 

    • Grow 7–9% faster 
    • Experience 10–14% lower employee turnover 
    • Are 50% less likely to go out of business 

    Time is the New Currency 

    Most CEOs don’t start businesses to become part-time HR managers.  But when compliance updates change weekly, employees need questions answered, and hiring surges overnight, you end up buried in tasks that take you away from growth.  A PEO handles the operational chaos, so you can focus on: 

    • Launching new services 
    • Expanding into new markets 
    • Leading your team 
    • Building client relationships 

    Talent Stays Where HR Works 

    Quiet quitting. Burnout. Lack of development. These aren’t just HR buzzwords—they’re indicators that your people feel unsupported. PEOs don’t just process paperwork. They build cultures. From onboarding design to fair policies and performance tracking, they help businesses create environments where employees want to stay—and thrive. 

    Risk Is the Hidden Killer of Growth 

    Think your business is too small to get sued? Think again.  One compliance misstep could derail everything you’ve built. And here’s the worst part: you often don’t know it’s coming until it hits.  A PEO keeps you ahead of risk with: 

    • Up-to-date legal guidance 
    • Automated filings 
    • Employee handbook developmen 
    • Investigations and conflict resolution 
    • On-demand HR counsel 

    So, What’s the Real ROI of a PEO? It’s not just savings—it’s security, scale, and strategy. In a time when regulations are shifting, talent is scarce, and competition is cutthroat, your HR setup shouldn’t just help you survive. It should fuel your ability to thrive  Thinking Beyond Cost—Thinking Growth . The smartest business owners aren’t asking “What does a PEO cost?”  They’re asking: 

    “What’s it costing me not to have one?” 

    Ready to see the hidden ROI for yourself? Let’s explore what a PEO would look like for your business. Prefer to read more success stories and insights? Browse the rest of the series here.  

    References

    • Navigating the Open Enrollment Season How Your PEO Can Simplify the Process

      Navigating the Open Enrollment Season How Your PEO Can Simplify the Process

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      Are you ready for the upcoming open enrollment season? This critical time can be overwhelming for businesses as employees seek to understand their benefits options and make informed decisions. As a business owner or HR manager, ensuring a smooth open enrollment process is crucial for employee satisfaction and compliance. Partnering with a Professional Employer Organization (PEO) can significantly simplify this period. Here are some tips on how to effectively manage open enrollment with the help of your PEO, focusing on benefits planning and employee communication.

      6 Benefits Effective Open Enrollment Management with Your PEO

      Access to Diverse Benefit Plans

      As healthcare costs continue to rise, providing comprehensive employee benefits is more critical than ever. Professional Employer Organizations (PEOs) offer access to a wide range of benefit plans, ensuring businesses can meet their employees’ needs. By leveraging collective buying power, PEOs negotiate competitive rates for various healthcare options, including medical, dental, and vision coverage. This partnership allows businesses to offer high-quality benefits while keeping costs manageable.

      Variety of Plan Options

      One significant advantage of working with a PEO is the variety of large-group benefit options available. PEOs collaborate with multiple insurance providers, allowing businesses to select the most suitable plans for their employees. This large-group status not only increases the number of options but also enables cost-effective pricing solutions tailored to fit different budgets.

      Streamlined Enrollment Process

      Open enrollment can be overwhelming for employers and employees alike. PEOs simplify this process with user-friendly online self-service portals, enabling employees to access enrollment information and select benefits at their convenience. This allows for easy comparisons of plan options and coverage details, making informed decisions simpler.

      Enhanced Efficiency with HR Software

      In addition to online portals, PEOs utilize HR software to reduce manual administrative tasks for managers. This technology allows for easy tracking of employee enrollment status, generates reports, and ensures compliance with employment regulations. This streamlined approach saves time for HR teams and minimizes the risk of errors, contributing to a better overall employee experience.

      Improved Employee Satisfaction and Retention

      Utilizing PEO services during open enrollment can significantly boost employee satisfaction. Customized benefits that cater to employees’ specific needs foster a sense of value and appreciation, enhancing loyalty and reducing turnover. Furthermore, the flexibility to choose from various benefit options empowers employees to take control of their well-being, which can lead to higher job satisfaction.

      Support for Financial Security and Compliance

      PEOs not only enhance employees’ financial security by offering benefits like life insurance and retirement plans but also help businesses maintain compliance with employment regulations. By outsourcing administrative tasks such as payroll and benefits enrollment, business owners can focus on strategic initiatives while ensuring adherence to labor laws, minimizing legal risks.

      Final words

      Dealing with the open enrollment period doesn’t have to be stressful. By collaborating with a Professional Employer Organization (PEO), you can make the process of planning benefits easier and improve how you communicate with your employees. 

      With the proper assistance and tools, you can make sure that your employees are well-informed and make decisions that meet their requirements and support your company’s objectives. If you need more help or want to discover how a PEO can support you during open enrollment, feel free to contact us or check out more of our blog posts.

      Reference Links

      https://www.rippling.com/blog/join-a-peo-to-save-time-and-money

      https://www.groupmgmt.com/blog/post/tips-to-navigate-the-2024-open-enrollment-season/#:~:text=Open%20Enrollment%20Assistance,open%20enrollment%2C%20contact%20us%20today 

      https://concurrenthro.com/customizing-benefits-open-enrollment-with-peo-services/#:~:text=In%20a%20co%2Demployment%20arrangement,offering%20guidance%20on%20HR%20matters. 

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      Contact Us

      Find out if a PEO is the right solution for your business.
      Fill out the form below and we will contact you to schedule a chat.

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    • Why Does Mental Health in the Workplace Matter? – 5 Reasons to Know

      Why Does Mental Health in the Workplace Matter? – 5 Reasons to Know

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      Are your employees feeling stressed from work pressure? Do you know how their mental health can affect the company’s overall production?

      The workplace environment has been a crucial factor in determining an employee’s mental condition. If employees face unsupportive behavior within the organization, it directly impacts their contribution. This in turn affects the employee’s performance and work efficiency. Continue reading this blog to know how mental well-being can be beneficial for an employee and the organization.

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      Top 5 Reasons Why You Must Have Sound Mental Health in Workplaces

      Your work environment should be friendly and healthy to ensure your employee’s mental well-being. Here are the best reasons why it is important:

      A Sound Mind Can Enhance Productivity

      An employee with sound mental health can always add value to the organization. A happy and healthy workforce can help in uplifting the business with excellent skills. However, it is the responsibility of the employer to ensure a healthy and supportive work environment for the employees. 

      When the mental health of employees is stable it increases their productivity. As per research, companies that prioritize their employee’s mental well-being have outperformed by 10% more than others. 

      To Release Work Stress

      Work pressure can often burden employees with immense stress. With sound mental health, one can release the extra stress and approach things positively. Several workplaces provide relaxation activities and make a separate relaxation space for mid-day breaks. 

      As per the health and safety legislation, employers should ensure that each employee is having a safe, healthy, and relaxing working environment irrespective of mental health. Thus, a responsible employer will always care for their employee’s well-being and focus on releasing their stress through engaging in activities.

      Boosts Decision Making Capabilities

      An unstable mind cannot make the right decisions as it is distracted by multiple thoughts. Thus, it will affect the working abilities of employees and their performance as well. Promoting a healthy work environment will enhance employee engagement and help in developing their skills and capabilities. With a sound mind, one can develop strategic business plans and help in boosting the organization’s growth. 

      Employers can help in improving the worker’s mental health by appreciating and recognizing them for their performances. Moreover, they can offer benefits like flexible working hours, referral programs, etc. 

      Consistency at Workplace

      If employees find their workplace healthy and supportive, they will not opt for frequent job switches. It helps both the employer and employees in maintaining consistency at the workplace. Moreover, it will ensure the goodwill of a company and also improve the employee’s work efficiency.

      Thus, maintaining a healthy work environment facilitates the development of a company. In other words, both the employee and employer can flourish individually when the work environment is mentally supportive and cooperative. 

      Poor Mental Health Can be Fatal

      When employees face immense work pressure and stress it can affect them mentally and lead them to depression. If not taken care of on time depression can be life-threatening. Multiple instances have been found where employees who are unable to handle the work pressure have been mentally distressed. 

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      Final Word 

      It is the responsibility of an employer to ensure every employee is having a safe and healthy work life. With less stress and improved facility, employees can focus more on their work and enhance productivity. If you are facing such issues maintaining workflow balance in your workplace, you can contact us for professional assistance. You can further read our other blogs to know more about workplace management, employee handling, and more. 

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      Reference Links:

      https://www.iod.com/resources/blog/mental-health/five-reasons-why-mental-health-in-the-workplace-matters/

      https://www.betterup.com/blog/mental-health-in-the-workplace

      https://ca.godaddy.com/blog/why-mental-health-in-the-workplace-matters/?gclid=CjwKCAiAr4GgBhBFEiwAgwORrY8y7J9KBbqbrqhfqqtb3ogNxHrgDbvVgK8aXG_uFI9bIG7Y9polgBoCNZsQAvD_BwE

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      Contact Us

      Find out if a PEO is the right solution for your business.
      Fill out the form below and we will contact you to schedule a chat.

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    • Five Wage and Hour Violations That May Surprise You

      Five Wage and Hour Violations That May Surprise You

      [et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]Are you paying your employees what they deserve? Do you know underpaying or illegal deduction is a violation of the Wage law?

      Employers often commit wage and hour violations knowingly or unknowingly. However, this can drag them into legal hazards if reported with proof. As a reputed business organization, you should abide by the Labor Wage regulations to maintain a healthy and protected work environment. Read this blog to know about a few common wage and hour violations you must watch out for![/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

      Top 5 Wage and Hour Violations That You Must Look Out For

      As a responsible employer, you should take care of your employee’s wages and benefits. So, here are the top 5 things you must stop doing to maintain the Labor Wage regulations:

      Illegal Payroll Deductions

      Some employers often deduct wages in multiple illegal ways. In most cases, employers deduct money to compensate for damages that are not associated with employees. These may include shortages in the cash register, property damages at the workplace, the value of tools, etc. Moreover, some also deduct the employment uniform’s price from their employee’s wages. 

      Here, employers must set up laws to discuss the deduction parameters with their employees before deducting their wages. For instance, an employee has worked overtime and is eligible for an overtime bonus. In that case, if you want to deduct any part of his wage, you may have to ask for permission.

      Misclassification of Employees

      As per the law, employees of the company will receive added benefits, overtime payment, and much more. However, in recent years the number of independent contractors in a business organization has increased. Generally, these contractors do not receive equal facilities as the employees of the company. 

      Some employers misclassify their employees as independent contractors to avoid paying benefits. If your company is following any such practices refrain from that as it is considered a violation of the law.

      Not Paying Minimum Wages

      As per the Federal Government, the minimum hourly wage in America is around $7.25. However, some states consider paying a higher rate showing compliance to their employees. On the other hand, some employers violate this law and refrain from paying minimum wages to their employees. This can be seen prevalently in the case of tipped employees. 

      As per the Labor Standards Act, if a worker earns a tip above $30 each month, his minimum hourly cash wage will be $2.13. If any such practices are being followed in your company, stop them immediately. Generally, no employer can deduct more than $5.12 from the wage of a tipped employee. 

      Underpaying the Employees

      Another way of wage violation is not paying the workers per their work. In such cases, employees are working more and earning less. Some employers do not pay the employees for the extra work they do even after their shift ends. 

      Other instances include not paying the employees for the prep work they are doing before their shift starts. Some employers also avoid paying their employees for side work and travel for work purposes. However, these are strict violations of the law and a responsible employer should avoid such practices to maintain his company’s reputation. 

      Not Paying Reporting Pay

      Employees reporting to the office during their shift are eligible for reporting pay irrespective of whether they worked for the day or not. However, some state laws do not include this. This is applicable in case of work interruption due to Acts of God, Government instructions for closure, or an employer closing the shift due to insufficient work. However, if the employee is leaving early due to personal reasons, employers may not compensate him with reporting pay. 

      [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default” custom_margin=”-21px|auto||auto||” custom_padding=”273px|||||”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

      Bottom Line

      If you are running an organization and providing employment to several workers, you should maintain the wage and hour regulations strictly. It will keep your employees satisfied with their deserved wages and also mark your company’s goodwill. If you need expert advice and suggestions regarding the wage laws, you can contact us. Moreover, you can read our blog section to get a detailed overview of these violations and ways to stop them.

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      Reference Links:

      https://wageadvocates.com/7-labor-law-violations/

      https://inspiringhr.com/five-wage-hour-violations-that-may-surprise-you/

      https://www.katzmelinger.com/blog/2020/06/5-common-wage-and-hour-violations/[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

      Contact Us

      Find out if a PEO is the right solution for your business.
      Fill out the form below and we will contact you to schedule a chat.[/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]

    • How to Stop Overpaying Taxes? – 5 Strategies to Save Company Cost

      How to Stop Overpaying Taxes? – 5 Strategies to Save Company Cost

      [et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]Are you facing difficulties in filing your business tax? Do you want to know where can you save money while paying taxes?

      Business organizations often face challenges while filing their taxes. Without a proper estimation of your taxable income and payable taxes, you may find it daunting to pay off your taxes on time. As a result, you may need to pay hefty penalties and end up overpaying taxes. Continue reading this blog to know the best strategies to avoid overpaying taxes.[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

      Top 5 Strategies to Avoid Overpaying Taxes

      Follow the below pointers to save yourself from paying any extra amount of tax or penalties:

      Know Your Obligations

      With better insights into federal, state, and local tax obligations you can keep away from overpaying taxes. IRS audits businesses on a given financial year and every organization must pay their taxes on time. If you fail to pay the tax on time, you can attract penalties, or your business can be scrutinized. So, you can log in to the websites of the IRS and SBA to know about the obligations regarding tax forms, due dates, instructions regarding tax filing, etc.

      Estimate Upcoming Year’s Income

      Estimating your company income for the next year can help in getting a clear idea of your payable taxes. Thus, you can plan your finances accordingly and refrain from overpaying taxes. You can take help from professional financial advisors or estimate your income from the yearly W-2 that provides detail of your yearly revenue.

      Go for ‘Safe Harbor’

      Taking advantage of the ‘safe harbor’ can be ideal for taxpayers who are expecting a much higher or lower income in the upcoming year. By paying ‘safe harbor’ you can stay away from paying penalties. It is a minimal amount that does not burn a hole in your pocket. Moreover, if you fail to pay the taxes, fulfilling the safe harbor target will keep you protected from overpayment issues. 

      You can approach paying safe harbor in two ways. Either you need to pay 100% of the previous year’s tax or 90% of the next year’s tax. You need to divide this amount into four equal parts and pay the ‘safe harbor’ accordingly.

      Calculate the Estimated Deductions

      Deductible expenses include professional expenses, mortgage interest, dependent exemptions, etc. Calculating the tax deductions for the upcoming year can be another way to stay protected from overpaying taxes. In this way, you can predict your eligibility for deductible expenses in the upcoming year. 

      If you want lower deductible expenses in the upcoming year, you can reduce some deductions. For instance, you can reduce mortgage interest. Enquire about the next year’s expenses from the lender and pay off the maximum amount to reduce the interest. However, if you are unsure about any deductions in the next year, exclude them from the tax estimations.

      Determine the Payable Tax

      You can use the IRS tax table to determine your estimated tax payment. Your taxable income is decided after deducting the average gross income from your total income. After you get an idea of the taxable income use the tax table published by IRS on the previous year to determine your payable tax. You can use this table easily in the following way:

      • Know your estimated annual tax.
      • Divide the payable amount by the total paychecks you get in a year.
      • You will receive the amount you need to deduct from each paycheck to reach a $0 return.

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      Final Word

      If you find the above strategies hard to follow, hiring a professional can be fruitful. Though you need to pay them a charge, the amount you save from overpaid taxes will be worthwhile. Moreover, they will guide you to keep away from simple mistakes and pay penalties. So, if you are looking for any professional knowledge in this area feel free to contact us. Besides, if you want to know more about such company operation-related topics, browse our blog section.

      Reference Links:

      https://www.linkedin.com/pulse/how-avoid-overpaying-your-taxes-strategic-tax-planning-arron-bennett?trk=pulse-article_more-articles_related-content-card

      https://www.keepertax.com/posts/overpay-estimated-tax

      https://www.purposefulfinance.org/home/Articles/2017/stop-overpaying-your-taxes

      [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

      Contact Us

      Find out if a PEO is the right solution for your business.
      Fill out the form below and we will contact you to schedule a chat.[/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]

    • Complete Guide to Payroll Deductions: Find All Details Here!

      Complete Guide to Payroll Deductions: Find All Details Here!

      [et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

      Are you aware of what are the rules for payroll deductions in the US and how companies calculate them? Understanding the components of the payroll will help one to comprehend the finances associated with any business. Furthermore, this will help all employers comply with laws and payroll deductions.

      This write-up serves as a comprehensive guide to answering all your queries regarding payroll deductions.

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      What Is a Payroll Deduction?

      Payroll deductions are specific amounts that a company deducts or withholds from your paycheck in the form of voluntary deductions or taxes. All these payroll deductions examine your net pay or the take-home pay after deducting the specific amount from your gross income.

      Now, let us understand the applicable payroll deductions in the US.

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      What Are the Applicable Payroll Deductions in the United States?

      Some of the applicable payroll deductions in the United States include the following:

      Pretax Deductions: 

      These deductions are made from an employee’s paycheck before withholding any taxes. It reduces taxable income and the money one owes to the government since they are excluded from gross pay. Moreover, they reduce one’s Federal Unemployment Tax and state unemployment insurance dues.

      Statutory Deductions: 

      These deductions by government agencies are mandatory and employees require paying them for public services and programs. These include Federal Insurance Contributions Act tax and state income tax. One needs to understand the work status of an employee in order to file it properly.

      • Federal Insurance Contributions Act (FICA) Taxes: These taxes support medicare and social security. Moreover, employees require to pay social security tax at a rate of 6.2%. However, this includes a salary-based contribution limit. Additionally, they need to pay medicare tax at a rate of 1.45% without any cap.
      • Federal Income Tax: The federal government includes 7 income tax brackets which range from a marginal rate of about 10% to 37%. Here government first charges employee’s wages at the lowest rate till they reach a bracket and continue to charge at every rate till they reach their highest tax slab or total gross income.
      • State and Local Tax: These income tax laws vary since some areas charge a fixed rate against all income and others consist of several tax brackets. Additionally, some include few charges or no income tax at all.

      [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default” custom_margin=”-18px|auto||auto||” custom_padding=”0px|||||”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

      Post-Tax Deductions: 

      Employers charge post-tax deductions from an employee’s paycheck after withholding all required taxes. However, post-tax deductions do not lower an employee’s overall tax burden as these taxes do not reduce net pay rather than gross pay. Some examples of post-tax deductions are IRA retirement plans, union dues, charity donations, wage garnishments, etc.

      Wage Garnishments: 

      Regulatory agencies and courts might ask an employee to withhold a section of their post-tax or net wages. This is to cover child support, default loans, alimony, or any unpaid tax.

      Voluntary Deductions: 

      Employees might also opt to take out more money from their paychecks so as to cover the cost of several benefits. One can withhold these deductions on a pretax basis or post-tax basis. Voluntary payroll deductions include health insurance, group term life insurance, retirement plans, and various job-related expenses.

      So, let us now understand how can an employee ensure accuracy in payroll deductions.

      How to Assure Accuracy in Payroll Deduction Process?

      Since payroll calculation is a challenging job, there are chances of inaccuracies and mistakes, which might further lead to penalties and litigations. Companies can opt for systematic processes and technologies to ensure proper payroll calculation. These systems will manage the following:

      • Salary Calculation
      • Loan and Advance, Reimbursement, Over Time Management
      • Full and Final Settlement
      • Bonus Calculation
      • Proof of Investments and Tax Declarations
      • Pay Slips 
      • Gratuity Calculation
      • Increment Process, and many more

      It is crucial to educate yourself with this information which will help you do further financial planning. If you are looking for professional assistance to help with payroll, please contact us. Also, explore our blog section if you are interested in learning about similar topics!

      [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default” custom_padding=”0px|||||”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” min_height=”240.6px” custom_padding=”0px|||||”]Reference Links:

      https://shieldgeo.com/payroll-and-tax-in-usa/

      https://www.adp.com/resources/articles-and-insights/articles/p/payroll-deductions.aspx

      https://salaryaftertax.com/us/salary-calculator[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

      Contact Us

      Find out if a PEO is the right solution for your business.
      Fill out the form below and we will contact you to schedule a chat.[/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]

    • How to Choose a Right Payroll Provider (2023)

      How to Choose a Right Payroll Provider (2023)

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      Are you confused about who will be the right payroll provider for your company? Want to know how can you judge the service of a payroll provider for the smooth functioning of your business? 

      Gone are the days when you had to handle payroll activities manually. A modern-day solution is now available to large and small companies, including payroll outsourcing help. It simplifies the workflow and effectively reduces everyday payroll stress.

      So, to incorporate it into your system, read how to choose the right payroll provider for 2023 from here below!

      What Are the 6 Tips to Choose the Right Payroll Provider?

      The key to a successful payroll conversion is to match it with the nature of your business. It not only helps to streamline the payroll process but also meets your business’s requirements, minimizing your manual work. Consider the below tips to choose the right payroll provider:

      Tip 1: Ensure Accuracy

      The first and most crucial tip to consider while choosing the right payroll provider is ensuring that they carry expertise for accurate calculations. 

      You can do this in the following ways:

        1. Check the experience of the provider.
        2. Check the company’s reputation in the market.
        3. Look for industry-specific expertise for the provider.
        4. Check if they keep abreast with the constant market changes.

      Tip 2: Check Customer Reviews 

      You must check out their customer reviews to get clarity on the payroll provider’s services. It is possible in several ways and gives an idea about the functions.

      These include:

      1. Check their social media handles to know which companies are engaged with them.
      2. Try to find out their Google review and ratings. Also, go through both positive and negative feedback.

      Tip 3: Ask for Customer References 

      Ask for customer references so that you can reach out to them. This is because references provide direct feedback about the payroll provider’s services, flexibility, accuracy, and user-friendliness. If you find any discrepancy, it is wise not to progress further with the particular provider. 

      Here are a few questions you can ask their client:

      1. What are the reasons behind continuing with their service?
      2. How has this organization helped you in the long run?
      3. How many payroll providers did you review before selecting the current one?
      4. How long are you willing to continue with their services, and what are the reasons behind the same?

      Tip 4: Ask for Customized Packages

      A basic subscription-based package will not comply with the growing business needs. That is why you must ask for customized payroll packages from your provider from the start. 

      Moreover, when a payroll provider has proper compliance knowledge, it will be much easier to join hands and work with him/her.

      Tip 5: Evaluate Its Expertise

      A skilled and experienced payroll provider will always have a team of experts to conduct hassle-free payroll tasks, calculations, taxes, deductions, and related requirements. 

      Following are the ways you can evaluate their expertise:

      1. Ask for a detailed demo of the provider’s services and involve all your stakeholders.
      2. Try to visit the payroll provider’s office to check their office infrastructure.
      3. Have a one-on-one discussion with the payroll team to get insight into their skills.

      Tip 6: Ensure Stringent Data Security

      When finalizing a payroll provider, ensure they maintain strict data security policies and a secure payroll management system. Payroll data is essential and confidential. So, your provider must back up all information for contingency planning.

      Joining hands with an appropriate payroll provider who ensures convenience and an error-free process helps your business grow. Therefore, following these above tips will guide you in choosing a proper service provider. Besides, you can contact us to opt for efficient payroll services. If you want to know more about it, please explore our blog too.

      [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

      Reference Links:

      https://www.businessnewsdaily.com/7477-choosing-payroll-service.html

      https://topsourceworldwide.com/choosing-a-payroll-service-provider-things-to-keep-in-mind/

      https://apspayroll.com/blog/6-things-consider-choosing-payroll-provider/

      https://www.talentproindia.com/2021/07/31/things-to-check-for-verifying-your-payroll-service-providers-trustworthiness/

      [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

      Contact Us

      Find out if a PEO is the right solution for your business.
      Fill out the form below and we will contact you to schedule a chat.

      [/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]

    • How to Choose the Right PEO for Your Business – A Detailed Guide

      How to Choose the Right PEO for Your Business – A Detailed Guide

      [et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column _builder_version=”4.9.3″ _module_preset=”default” type=”4_4″][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]

      Is your payroll system too complex and taking up a lot of your company’s resources and time? Are you considering outsourcing this work to a PEO? 

      Know that a Professional Employer Organization or PEO can be a good option to outsource human resource administrative work. It not only saves time and money but also ensures to complete every employment life cycle. Moreover, it looks after every HR-compliance and avoids legal costs. 

      However, if you don’t know what factors to consider for choosing the right PEO, here’s a detailed guide!

      [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column _builder_version=”4.9.3″ _module_preset=”default” type=”4_4″][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]

      What Are the Steps to Choose the Right PEO?

      A PEO must offer the right combination of add-on services, ranges of services and benefits to suit a business. If your company’s culture does not match the culture of the outsourced organization, it can cause trouble for both your company and your employees. So, here are some factors that can help choose.

      Step 1: Ask for References

      A PEO, confident of its services, will have no problem sharing its customers’ references. So, ask for the contact details of at least three of its existing clients. If the PEO hesitates in giving these details, it is a red flag to join hands with the service provider. 

      Here are some questions you can ask its client:

      1. How long do you plan to take this PEO service and why?
      2. What organizational weaknesses could you find over the course?
      3. What made you stick to this PEO?
      4. How has this organization helped you?
      5. How many PEOs did you review before finalizing this one?

      Step 2: Check Its Accreditation and License

      Given that you will be placing your trust on a third company with sensitive employee data, your first line of due diligence should be to check the accreditation and license of the concerned PEO. Not to mention it needs to be a highly regulated company that will be responsible for filing your company’s tax forms and complex documents. So, it is best to run an evaluation concerning the following:

      • An auditor, in practice, should review and approve the PEO’s finances.
      • It should be a member of the National Association of Professional Employer Organizations (NAPEO)

      Step 3: Go Through the Online Presence of the PEO

      Go through the official site, its Twitter Page and the social media handles of the concerned PEO. Under it, you will find information about the company’s name, the salesperson you will interact with and the CEO. The purpose here is not to dig dirt but to analyze how the organization deals with customer complaints. 

      Step 4: Ask About Compliance Support

      One of the essential services a PEO can provide is compliance support. With new mandates coming up every little while, compliance rules keep changing. Moreover, if a company fails to meet it, the consequences will be both costly and time-consuming.

      However, when a PEO has all this compliance knowledge and ability to support the system, it becomes easy to handle regulations, monitor changes and meet deadlines. 

      Step 5: Access Financial Security and Strengths of the PEO

      If the PEO you choose is a publicly-traded company, it would not be difficult to find its audited financial statement online. You can view it on the SEC.gov site and verify it using the investment research website. However, if the organization is privately owned, you can ask for the latest audited copy of its financial statement. 

      Partnering with a professional employer organization helps to manage your payroll, worker’s compensation, recruitment and regulation. So, make sure to find the right PEO for your business. It may take some effort, but following these aforementioned steps will help in the searching process. However, you can also contact us for these services. Also, explore our blog section if you are interested in knowing more about such topics.

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      Reference Links:

      https://www.insperity.com/blog/choose-reliable-peo-5-steps-cant-afford-avoid/

      https://www.adp.com/resources/articles-and-insights/articles/c/choosing-the-right-peo-for-your-business.aspx

      https://www.paychex.com/articles/human-resources/what-is-a-peo-hr-experts-explain

      https://hamiltonedwards.com/resource-center/best-peo-for-your-business 

      [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

      Contact Us

      Find out if a PEO is the right solution for your business.
      Fill out the form below and we will contact you to schedule a chat.

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    • Know All About 1099 Employees and Should You Hire Them ?

      Know All About 1099 Employees and Should You Hire Them ?

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      In simple terms, 1099 employees are self-employed or independent workers working in a company as freelancers. With the revolution in communication and workplace mobilization, it has become increasingly smooth to connect with clients and deliver work online. 

      Thus, many businesses are considering hiring 1099 employees to increase work flexibility and productivity. In case, you also are considering hiring a 1099 employee, here are all the things you should know.

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      Who Is a 1099 Employee?

      A 1099 employee is an independent worker who needs to report the income to the IRS by filling out a 1099 tax form. They mainly include freelancers, independent contractors and consultants and are actually non-payroll workers of a company. 

      When a company hires a self-employed worker, it is treated the same as a contractor signing a contract with a business. As a result, the individual and the company must work together to complete the task at an agreed rate. 

      What Are the Different Categories of 1099 Employees?

      The following are the different categories of 1099 employees that provide services to the general public as an independent contractor:

      • Dentists
      • Doctors
      • Real Estate Agents
      • Veterinarians
      • Contractors
      • Accountants 
      • Lawyers

      What Are the Advantages of Hiring 1099 Employees?

      The following are the benefits companies can enjoy by hiring 1099 employees over W2 workers:

      • Lower Business Expense

      If companies recruit 1099 employees, they do not have to pay taxes to the government on behalf of the independent worker. Moreover, there is no requirement to provide health insurance, unemployment insurance, employee compensation or others. 

      In addition, owners do not even have to give the self-employed any sick leave or retirement benefits. As a result, companies can save 30% of their cost on human capital and other business expenses.

      • Better Market Agility

      When working with independent workers, companies can get better market agility. In addition, unlike full-time employees working for the organization for years, management has the option of ending the working relationship with freelancers. 

      Thus, companies can approach new independent workers with current market knowledge to take up the task as the market changes.

      • Access to Talented Human Resource

      In search of full-time employers, companies often miss out on the opportunity to work with talented professionals. This is because a high chunk of people opts to work independently. They like to have a flexible work schedule, the ability to pick ones they want to work with and get the freedom to set their rates. 

      Thus, by hiring 1099 employees, management also gets the chance to build a working relationship with this talent pool.

      What Are the Risks of Hiring 1099 Employees?

      While there are many benefits of hiring 1099 employees, there are a few risks involved, too. They are:

      Misclassification: Though initially, 1099 employees will be working as independent workers, gradually their relationship with the company may change over time. So, it is best to review the status of the contract every 2 to 3 months to avoid misclassification.

      Penalties and Fines: If authorities find that your company misclassifies workers, it can attract huge penalties, fines, back taxes and even lawsuits. 

      Worksite Injuries: If the independent contractors you hire do not have insurance coverage, your company may be liable for his/her recovery.

      Should You Hire a 1099 Employee or W-2 Employee?

      Companies need to be agile, competitive and fast in the current business environment. Moreover, this is only possible when you hire 1099 employees along with full-time employees. First, however, you must understand how to work with independent contractors without creating risks to benefit from it. 

      To sum up, if you find a balance and do not cut corners with the IRS, then employing 1099 workers can benefit you. To gain more knowledge relating to business or management, you can check out our blog section. 

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      Reference Links:

      https://velocityglobal.com/blog/5-things-know-hiring-1099-employee/#:~:text=A%201099%20employee%20is%20an,a%20contract%20with%20a%20business.

      https://employersresource.com/business-compliance/what-is-a-1099-employee/

      https://www.stoketalent.com/blog/what-is-a-1099-employee/

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      Contact Us

      Find out if a PEO is the right solution for your business.
      Fill out the form below and we will contact you to schedule a chat.

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    • Never Worry about Tax Season Again, Dear Small Business Owners

      Never Worry about Tax Season Again, Dear Small Business Owners

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      Does the upcoming tax season put a burden on your mind? Then, dear small business owners, give this blog a read. It will help you prepare for the upcoming tax season and deal with it like it’s a piece of cake. 

      [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column _builder_version=”4.9.3″ _module_preset=”default” type=”4_4″][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]

      5 tips for driving away tax season blues

      Here are 5 tips to help you deal with the tax season:

      • Conduct a quarterly review of your business’s performance

      The best way you can prepare yourself for the tax season is by performing quarterly reviews of your business’s financial statements. By reviewing the profit and loss statements and all the other expenses related to your business, in this manner, you will be able to make sure that everything is in proper order. 

      In addition, the Internal Revenue System (IRS) expects quarterly payments from small business owners who predict to owe more than $1,000 at the end of the financial year. Therefore, you can make an estimation of the year-end tax bill and pay the amount by filing Form 1040-ES. 

      You can pay your quarterly tax on the following dates:

                  1. 15th April
                  2. 15th June
                  3. 15th September
                  4. 15th January
      • Separate your personal and business-related finances

      Many small business owners get into tax troubles as they record their personal costs as business expenses. Thus, it would be best if you separated them in order to avoid trouble with the IRS. If the federal agency decides to audit your business and finds out that you mingled your expenses, it will automatically start looking into your personal expenses because of the comingled money. 

      One good practice is having separate bank accounts and credit cards for your business and personal expenses. Moreover, it is also necessary that you run only your business-related expenses from your business account or credit card.

      This will enable you to file a clean and accurate record of your business expenses when the tax season comes. In addition, your personal expenses will also remain private.

      • Maintain accurate records

      In order to file your tax returns correctly, it is crucial for you to maintain accurate records. This is a critical step to avoid an audit by the IRS. For example, you can pull bank statements from your business account and tally them with invoices or receipts to keep track of your income and expenses. 

      A common mistake that most small business owners make is that they do not record credit card points as their business’s profit. Unfortunately, these errors only crop up in the event of an audit and, therefore, should be recorded as income.   

      Furthermore, to maintain a clean record, experts recommend that you use basic accounting software to track your finances correctly. You see, while filing your taxes, human error is a possibility that you just cannot rule out. 

      So, to avoid inaccurate tax returns, you can take the help of various accounting platforms available in the market. What’s more, these software programs will easily integrate with your e-commerce store and automatically create reports. Thus, they will save your time and also reduce the chances of errors.

      • Create a checklist from the previous tax season’s documents

      It is a very hectic and time-consuming task to collect all your documents when the tax season comes. Thus, if you make a checklist from last year’s tax season, you already have an idea of what documents to submit in the current season. 

      You can keep all your tax documents in one file and tally them with what you may have missing in the current year’s documents.   

      Neatly organizing all your tax documents will help you keep them in order and enable you to avoid last-minute hassles. Furthermore, communicating and working together with your accountant also helps out a lot.

      • Classify your business correctly

      A lot of small business owners face problems when it comes to classifying their businesses correctly. If you fail to do it correctly, you can end up overpaying during the tax season.

      Remember, classifying your business as a Sole Proprietor, Single Member LLC, Limited Liability Company, Limited Liability Partnership, or C or S Corporation will have different effects on your taxes. Thus, the best practice in this regard is to get a consultation from an accountant and attorney to know how to classify your business correctly.    

      These are a few small tips that you can take into account while preparing yourself for the tax season. Furthermore, you should consult a Certified Public Accountant (CPA) to know the tax laws in your state and also check for business tax deductions.

      [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column _builder_version=”4.9.3″ _module_preset=”default” type=”4_4″][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]

      Reference Links:

      https://www.forbes.com/sites/forbesfinancecouncil/2020/05/12/14-tips-to-help-business-owners-navigate-tax-season/?sh=9775d1f58f40

      https://www.shopify.com/in/retail/small-business-tax-tips

      https://www.nationwide.com/lc/resources/small-business/articles/tips-for-small-business-taxes

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      Contact Us

      Find out if a PEO is the right solution for your business.
      Fill out the form below and we will contact you to schedule a chat.

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