The economy helped many small businesses thrive in 2019, but 2020 could be a whole different story. SCORE’s latest infographic highlights the outlook and challenges for small businesses in 2020. You will find hot links below the infographic. Continue reading
From one-person entities to Fortune 500 companies, no business can escape the dreaded task of bookkeeping. While it’s definitely not one of the more glamorous parts of the job, bookkeeping is at the heart of small business success, which means errors can be crippling.
To avoid the financial headaches that come with bookkeeping mismanagement, it’s important first to be aware of the pitfalls that can ensnare you. Continue reading
With so many responsibilities as a business owner, it’s easy to get overwhelmed and fall short on what you want to accomplish. If you’re a new business owner who formerly worked for someone else, you may have discovered that managing time has become more challenging.
That’s natural. After all, you’ve gone from having your work schedule and priorities set for you to needing to prioritize every project and task related to running your business. Time management doesn’t come naturally to everyone, but it’s an essential skill that can be developed with some attention and effort. Continue reading
by Joe Heinrich, SCORE Seattle
Congratulations!! You’ve grown your small business so much that you need help, and so you’ve hired your first employee. Now you’re confronted with the task of paying that employee properly in accordance with IRS regulations and State of Washington statutes, along with making payments to taxing authorities and reporting to them periodically. And now you’re stomach’s churning!!
To correctly pay an employee in Washington, the employer needs to deduct the following taxes from the employee’s pay and report and remit timely these amounts to the relative taxing authorities:
- Social Security Tax and Medicare Tax (just the employee’s share)
- Federal Income Tax
- Washington Labor & Industry Premiums (just the employee’s share)
- Washington Paid Family & Medical Leave Tax (just the employee’s share)
There may be other withholdings from the employee’s pay, such as garnishments for child support, contributions to a retirement plan, donations, and the like. Continue reading