Are you confused about payroll deductions and payroll liabilities? If so, don't feel alone! They can confuse a lot of people.
As bookkeepers we see a lot of things that we feel to be "odd" when dealing with payroll deductions. From the normal employee advance and repayments, to deductions for Fed-Ex or UPS fees, tool repayments, voluntary disability payments, you name it!
The question always seems to center around - is this really a company expense and how the heck do I record these transactions? p>Continue reading
Can you deduct the cost of lost equipment from your employee’s pay? As a business owner I'm betting that on more than one occasion you have had an employee who has lost his company provided cell phone more than once and you've have to replace it.
Perhaps you want to recover the cost of the phone via a payroll deduction - before you do, read the rest of this article, because the answer depends first on state and federal restrictions and second on how much you want to deduct.Continue reading