Whether you are starting a company or taking it to the next level, managing the human resource aspects of your business is a critical component of running a business. Knowing what to do with regards to hiring, motivating, directing, reprimanding, and even firing an employee is information a business owner should know.
Critical to any young company is putting in place the right management team and/or key employees. This involves knowing what management and employee talents are needed to grow the business and how to recruit and retain that talent. Special efforts should be made to write job descriptions, establish good recruitment and hiring processes and establish the right compensation and benefit packages. Many entrepreneurs look to human resource consulting firms to help them with these various steps.
Establishing a retirement plan for your business can be strategic. There are economic, business and tax advantages for your business, for your employees and for you. A retirement plan may give you an important competitive edge in attracting and keeping the best employees – and help you plan for your own retirement years.
As an employer, you are responsible for several federal, state, and local taxes. They include Federal income tax withholding, social security and Medicare taxes, and Federal Unemployment Tax Act (FUTA) taxes.
Many employers outsource some of their payroll and related tax duties to third-party payroll service providers. They can help assure filing deadlines and deposit requirements are met and greatly streamline business operations. However, employers are ultimately responsible for the payment of income tax withheld and both the employer and employee portions of social security and Medicare taxes.