Showing posts with label Naperville Payroll Processing. Show all posts
Showing posts with label Naperville Payroll Processing. Show all posts

Monday, March 31, 2014

Keeping Payroll Information Secure

Most business professionals understand the importance of keeping all work-related information private and secure, especially information that could potentially be used to aid in fraudulent activities. Unfortunately, however, today’s internet thiefs are getting very good at tricking unsuspecting professionals, such as those who work in payroll processing or other capacities where a large amount of sensitive information is readily available, into handing over confidential data without a second thought.


While fraud seekers use many different strategies to target businesses, one of the most common is a new “phishing” technique. Using this technique, a scammer will contact individuals and/or business representatives from what, by all appearances, is an official government email address. The email will typically contain a link to a falsified (non-legitimate) government site and will request personal information.  Once the information is secured, the recipient can do with it as he or she wishes.


Obviously, it is important to advise your payroll processing employees and all of your employees on this new scam and to reiterate the importance of keeping secure information safe. For more information on financial scams and for help preventing them from affecting your organization, contact Susan S. Lewis, Ltd. of Naperville.

Friday, December 20, 2013

New Data Revealed by Utah Payroll Reports

Anyone who owns a business knows the vast importance of payroll processing; without it, no one would get paid, and no one would come to work, and thus, a business couldn’t survive. Payroll processing isn’t just important for keeping businesses afloat, however; no, it can also lead to the discovery of new information and changes in trends. For example, it was recently revealed that more Utahans are working than ever before, and this discovery was made possible by examining payroll employment rates.
Based on information from recent payroll employment reports, the number of Utahans who are working nonfarm jobs rose by around 2.2 percent  from October of 2012 to  October of 2013. That might not sound like a lot, but when you consider the fact that this 2.2 percent is made up of 27,800 new employees , it’s actually quite an impressive number. Furthermore, even in these troubled economic times, Utah is currently said to offer an impressive 1,299,000 jobs!


If you’d like to make exciting discovering about your business through the careful examination of payroll processing data, give Susan S. Lewis of Naperville a call today!
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Wednesday, November 20, 2013

Real Business Solutions Releases Updated Payroll Mate

Real Business Solutions has long been known for offering its payroll processing software, Payroll Mate. The company recently announced, however, that it is releasing an updated version of the software, one that includes support for Microsoft Windows 8.1

Those who are currently using the software are encouraged to download and install the Windows 8.1 update if they have not already done so. Once the update is installed, users of the software program will be able to process their payrolls and cut checks. Those who are new to using the software will not have to install the update; their software will already come updated after purchase.


While it is always nice for software to be updated, getting used to new programs can take some time, so those using the program are encouraged to set aside extra time for training employees on how to work the updated program and for familiarizing themselves with it. Furthermore, those who use payroll processing software are still encouraged to also work with a financial services company that can check their records for errors and make sure everything goes smoothly with the payroll process. A great financial services company to choose in the Naperville area is Susan S. Lewis, Ltd.
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Friday, October 18, 2013

Employment in Financial Fields

Are you interested in working in the financial sector? If so, you’re not the only one. Recent reports from The Guardian, a UK based journal, indicate that a large number of today’s prospective workers and/or recent college graduates are expressing an interest in working in the financial sector. In fact, as of 2012, around 7.4% of all compensation in the United States was going to people working in finance and/or insurance industries. For the record, most of these individuals were highly educated, so the more education you have, the better your chances appear of landing the job you want.

Unfortunately, it’s been a while since a survey was conducted to determine how many aspiring financial workers there are. Back in 2006, though, a researcher by the name of Catherine Rampell found that 25% of graduating Harvard students, 24% of graduating Yale students, and 46% of graduating Princeton students were interested in working in the financial sector.  It’s quite likely that these numbers have dropped with the recent financial problems facing the US, but there are still plenty of people hoping to work in payroll processing, investing, and other financial fields.


I
f you would like to learn more about payroll processing and other financial careers, know that Susan S. Lewis, Ltd. of Naperville can be an excellent resource for you. #NapervillePayrollProcessing
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Friday, March 15, 2013

Payroll Processing Doesn’t Have to be a Pain


One of the most loathed (but very necessary) responsibilities of the business owner is payroll processing. This long and arduous task is what ensures that every employee working for you gets paid and that he or she gets paid the correct amount. If you’re trying to handle the job on your own, know that you’re likely in for many sleepless nights and a lot of frustration. Plus, the more employees you have, the worse it gets, meaning the job just gets harder as your business grows. When you already have so much stress to deal with, why not just hire a payroll processing company to do the hard work for you?

One of the main reasons to hire a Naperville payroll processing company is to avoid having to hire a full-time or part-time employee just to do the payroll. This is another added expense you don’t need and, if you can’t offer a lot of hours to the professional, you may have a hard time finding someone willing to take the job in the first place! When you hire an outside accounting firm to do the work for you, you just pay one agreed-upon fee, which is a lot easier (and cheaper) than hiring someone and paying them by the hour.
A good Naperville payroll processing firm, such as Susan S. Lewis, Ltd. can also give you and your employees a lot more options in terms of payment. Maybe some of your employees want part of their funds to automatically go into a mutual fund, while others might love a direct deposit option. A good payroll professional can offer you many extras that you wouldn’t have had access to otherwise, keeping you and your employees happy.

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Friday, February 15, 2013

New Taxes in 2013 - What You'll Pay

The New Years Day compromise on the fiscal cliff was designed to prevent massive tax increases from taking effect that many feared would devastate the economy. Yet even with the compromise, several new taxes in 2013 will raise tax bills for millions of Americans, and the groups that are the most affected by the changing of the calendar may surprise you.
Here's a list of new taxes that took effect as of Jan. 1:   
Income tax
Income tax (Photo credit: Alan Cleaver)
Payroll Taxes: Returning to Old Levels
For the past two years, just about everyone who has a job got a tax break of 2 percentage points on the Social Security taxes withheld from their paychecks. But on Jan. 1, the rate of tax withheld from employee paychecks rose from 4.2% to 6.2%, representing about a $1,000 tax increase for typical families earning $50,000. Already, anyone who's received a paycheck in 2013 has likely seen the impact of this tax, with those who get paid twice a month having about $40 extra taken out under the FICA on their paychecks.
Few analysts expected the fiscal cliff negotiations to extend this tax break further. But given that it hits at just about everyone, it could have the biggest impact of any of the new taxes in 2013.
Medicare Surcharge
High-income earners will see a brand-new tax this year. Single filers earning more than $200,000 and joint filers with income over $250,000 could be subject to two new taxes.
With one tax, if your earned income goes above the threshold, then you'll owe an extra 0.9% of your earnings in Medicare withholding. In some cases, this additional money may be taken directly out of your paycheck, although for joint filers, your employer may not be able to do so accurately because it doesn't know what your spouse earns in order to get the calculation correct.
The second tax applies to investment income, including interest, dividends, and capital gains. For this income, you'll owe an extra tax of 3.8% for any amount that exceeds the threshold. The idea behind this part of the new tax is to treat investment income for high-income earners the same way as earned income, making both types of income subject to the same higher Medicare tax rate.
New Tax Brackets and Rates for High-Income Earners
The biggest news from the fiscal cliff compromise was the return of the 39.6% tax rate for singles earning more than $400,000 and joint filers with income above $450,000. This rate is a carryover from the old rate structure that existed before the tax cuts of the early 2000s and represents a 4.6 percentage point rise from the old 35% rate.
In addition, taxpayers whose earnings are above these thresholds will see their taxes on dividends and capital gain income rise from 15% to 20%. Given that dividend rates could have risen as high as the 39.6% ordinary income tax rate, investors were fairly pleased with the eventual outcome.
Disappearing Deductions and Other Hidden Taxes
In addition to the explicit increases in taxes, some old provisions are back that will have the same tax-increasing impact. In particular, two separate rules that phase out certain deductions for high-income taxpayers came back this year after having been absent from tax law since 2009.
The phase-outs target two areas: personal exemptions and itemized deductions. One rule, known as the PEP, reduces the value of your personal exemptions by 2% for every $2,500 in additional income you earn over thresholds of $250,000 for singles and $300,000 for joint filers. The other rule, called the Pease phaseout, cuts the amount you can claim in itemized deductions by 3% of the amount of additional income you earn over those same thresholds, subject to a maximum reduction of 80% of your itemized deductions.
Those calculations are a bit complicated, but the net result is that you can end up paying thousands of extra dollars in taxes by losing the value of those deductions.
Finally, the estate tax rate rose from 35% to 40% this year. With the $5 million exemption made permanent, however, the impact of the tax will be limited to far fewer families than would have paid tax without the fiscal cliff compromise.
Start Planning
These new taxes for 2013 won't make anyone happy, but by knowing about them early on, you can start planning for them right away. Doing so may not let you reduce your tax bill too much, but it'll at least get you prepared for the hit to your paycheck and your tax refund next year.

The article New Taxes in 2013: What You'll Pay originally appeared on Fool.com.
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