Starting a business means learning a *ton* of new things, and payroll terminology can feel like a whole new language. Knowing a few key terms can save you time, money, and a lot of headaches. Here’s a quick breakdown of some basics every business owner should know. Gross Pay vs. Net Pay: Gross pay is [...]
The Fair Labor Standards Act (FLSA) establishes minimum wage, overtime pay, recordkeeping, and child labor standards affecting full-time and part-time workers in the private sector and in Federal, State, and local governments. The Wage and Hour Division (WHD) of the U.S. Department of Labor (DOL) administers and enforces the FLSA with respect to private employment, [...]
Here are the Federal Reserve Holidays for 2025. All banks and other financial institutions (including payroll bureaus) are closed.
Here are the 2025 updates for Social Security, Medicare, and MA PFML taxes:• 6.2% Social Security tax on the first $176,100 of wages (6.2% × $176,100 makes the maximum tax $10,918.20).• 1.45% Medicare tax on the first $200,000 of wages.• 2.35% Medicare tax (regular 1.45% Medicare tax plus 0.9% additional Medicare tax) on all wages [...]
