Washington is soon to be the fifth state to offer paid family and medical leave benefits. All workers will no longer have to choose between caring for their loved ones and making ends meet. They can dedicate their time away from work to be the best caretaker they can be. In return employers have access to an inexpensive benefit, save on payroll costs while the worker is on leave, and reduced employee turnover costs.
Workers can begin taking leave in 2020, but next year employers will have some actions to take.
First, employers need to withhold premiums from paychecks starting with the first check in 2019. These premiums are split between employers and workers. Workers foot most of the bill, but employers with 50 or more employees have a portion to pay also. (Employers with fewer than 50 employees don’t have to pay premiums but are still responsible for collecting and remitting the workers share.) Premiums are paid to the Employment Security Department by employers quarterly, starting in 2019. Learn more about premiums on the Premiums page. Continue reading
This article has been brought to you courtesy of Linkedin.
There are over 30 million small businesses in the United States, but only half of them will make it past five years. Ensure your small business is in the successful half and capitalize on how LinkedIn can evolve your business. Here are three ways to grow your business using LinkedIn:
Create & Promote a LinkedIn Company Page
LinkedIn members are 50% more likely to buy once they’ve engaged with your business on LinkedIn. But they can’t connect with you if you don’t have a LinkedIn Company Page. Personal profiles don’t have the same marketing, advertising, and recruiting features as Company Pages, making them less effective at promoting your business. As you create your page, think about the kind of impression you want to create among potential customers and employees. Continue reading
The “gig economy” — the market for individuals providing services or working on projects on a freelance on-demand or short-term contract basis — has been a growing trend. While there are no official gig economy statistics available to measure its prominence, we can make some assumptions about its increasing popularity based on other available data.
According to information reported by the United States Census Bureau, the number of non-employer businesses, the group of individuals most likely to work on gig basis, was 24,331,403 in 2015. That’s 10% more than the 22,110,628 non-employer businesses in 2010.
And opportunity abounds for independent professionals who take on gig assignments. Many businesses outsource work to independent contractors and freelancers when their staffs are overwhelmed and to avoid the costs of benefits and ongoing payroll that come with hiring new employees. Continue reading
People such as doctors, dentists, veterinarians, lawyers, accountants, contractors, subcontractors, public stenographers, or auctioneers who are in an independent trade, business, or profession in which they offer their services to the general public are generally independent contractors. However, whether these people are independent contractors or employees depends on the facts in each case. The general rule is that an individual is an independent contractor if the payer has the right to control or direct only the result of the work and not what will be done and how it will be done. The earnings of a person who is working as an independent contractor are subject to Self-Employment Tax.
As your small business grows, you will reach a point when you can’t do everything by yourself. To get the help you need, you can choose to outsource various tasks to independent contractors or hire employees and delegate the work.
To decide which will make the most sense for you and your company, it’s important to understand some of the key differences between working with independent contractors and having employees on staff.
Years ago, I owned a “virtual” marketing services firm. I worked with a group of talented creative people — designers, illustrators, photographers, and others. I asked them to work on projects for my clients, and they often asked me to work on projects for their clients. We all had licensed businesses and we enjoyed working with each other. Continue reading
Hiring employees for your small business can help lighten your workload. But it also creates the need to manage something you didn’t need to worry about when you were handling all aspects of your business by yourself:
Even if you have just one employee, you need to do payroll accurately and in compliance with all legal and regulatory responsibilities. If you don’t, you could incur costly penalties from the Internal Revenue Service.
Before you hire your first employee and put processes in place to handle payroll, make sure you pay attention to two important details. Continue reading
What’s the freelance economy? Where do you fit in?
Our ideas about work have changed dramatically in the past few years, and we take a closer look in our latest infographic, “The Freelance Economy: How Work Has Changed.”
The freelance workforce grows
Freelancers make up 34 percent of the U.S. workforce — that’s 54 million people who earn some of their income from self-employment! These independent contractors come in every shape, size, age and industry.
While many Baby Boomers are consultants, Generation X and Millennials make up the largest groups of full-time freelance entrepreneurs, according to a study by MBO Partners.
Who’s to thank for this increase in freelance work opportunities? Newer technology helps. Almost 70 percent of freelancers feel the internet and social media have expanded their work opportunities, with help from talent marketplaces, mobile apps and co-working spaces. Continue reading