USVI Payroll Resources
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- IRS Extends a Roth Catch-Up Requirement
As the Wall Street Journal in their August 25, 2023 article pithily summarizes it, “Higher earners age 50 and up will get two more years to use pretax dollars for all of their retirement savings in 401(k)s and similar plans, after the Internal Revenue Service delayed a new requirement.” The IRS has announced an administrative … Read more - Choose the Best Payroll Software for the Job
When looking for proper payroll software, many employers ask a lot of the same questions. So how do you find payroll software that fits your business as best as possible? In addition to these questions, you’ll want to ensure that the platform you are considering has the ability to generate payroll summaries, track deductions, and … Read more - How to Recognize and Avoid Scams
Nearly everyone has received an email, text, or phone call that sounds legitimate but is a scam. Scammers have gotten quite sophisticated, and even savvy individuals have been taken in. So it’s becoming more and more important to learn how to recognize and avoid scams, particularly in the workplace. As reported in the FBI’s Internet … Read more - How To Set Up and Maintain Payroll Policies
The endgame is accurate and timely employee paychecks. How do you get there? Have a payroll plan that outlines what the procedures are to get to your goal. The plan should describe how employees document and submit time. Use a reliable timekeeping system. A computer-based system is probably the most efficient, but if you still … Read more - Important I-9 Updates for Employers: New Form I-9 To Be Released
The U.S. Citizenship and Immigration Services released the following statement on July 21, 2023: On Aug. 1, 2023, U.S. Citizenship and Immigration Services will publish a revised version of Form I-9, Employment Eligibility Verification (PDF, 899.28 KB). Among the improvements to the form is a checkbox employers enrolled in E-Verify can use to indicate they remotely examined … Read more - Simplify Your Small Business Payroll: Experience the Benefits of US Virgin Islands Payroll Service
Running a small business in the US Virgin Islands is a rewarding endeavor, but managing payroll tasks can often be overwhelming. As a trusted Virgin Islands payroll service provider located on St. Croix, we understand the unique challenges faced by small businesses in the US Virgin Islands. At Account Ability Payroll Services, we specialize in … Read more - How to Manage a Payroll Schedule
Learn how to create an effective payroll budget to avoid wondering how and where your money was spent. Creating a payroll budget helps you understand what percentage of your budget should go to payroll and enables you to stay on track throughout the year. Generally, payroll should account for about 15% to 30% of your … Read more - How To Deal With Employee Taxes
Employers generally must withhold income tax from employees’ wages. To figure out how much employee payroll tax to withhold, you need to use the employee’s Form W-4, the appropriate method and the appropriate withholding table described in Publication 15-T, Federal Income Tax Withholding Methods. You’ll deposit your withholdings based on your business and the amount you … Read more - New Business? Start With Payroll
Congratulations — you’re a business owner. Now it’s time to get some help — employees. But before you advertise for help, you need to get yourself up to speed with the entire process of paying your employees. Here’s what you need to do before tackling payroll: Prepare information Hiring employees means paperwork. Keep an eye … Read more - Your Employer Tax Obligations
Everyone needs time and energy to run and grow their business, so you’ve outsourced your payroll process. You’ve decided to go with a third-party payroll provider to handle some or all of your employment tax duties. Make sure you know about employer tax obligations. This move lightens your workload, assuming that your payroll provider is … Read more - How to create an effective payroll budget
Learning how to create an effective payroll budget will avoid wondering how and where your money was spent. Creating a payroll budget helps you understand what percentage of your budget should go to payroll and enables you to stay on track throughout the year. Generally, payroll should account for about 15% to 30% of your … Read more - Stay Current on Payroll Rules
Hiring staff? Good for you! It means your business is thriving. Now is the time to get up to speed or reacquaint yourself with any labor laws you’ll need to be compliant with. Labor laws were created to protect employees’ rights. If you’re vigilant, you can avoid financial headaches. Payroll Labor Laws Here’s some advice … Read more