Counto

MARCH 27, 2024

Mastering Payroll Compliance: A Guide for Singapore SMEs In this guide, we’ll provide essential tips and best practices tailored to companies in Singapore, empowering business owners to streamline their payroll processes and avoid potential pitfalls.

Payroll 52

Payroll Reconciling Tax Auditing 52

Counto

JANUARY 19, 2024

Common Questions about Payroll in Singapore Answered Payroll management involves various complexities that can leave business owners with numerous questions. In this comprehensive guide, we’ll shed light on specific payroll concerns for businesses in Singapore. What Are the Essential Components of Payroll?

Payroll 52

Payroll Record Keeping Computation Tax 52

Accounting Tools

JULY 8, 2023

Related Courses Human Resources Guidebook Optimal Accounting for Payroll Payroll Management What is a W-2 Contractor? An employee is a person who is supervised within a business and is subject to its work rules; the employer deducts taxes from the employee's pay, matches them in some cases, and remits these taxes to the government.

Payroll 75

Payroll Tax Accounting Accounting 75

Counto

FEBRUARY 12, 2024

10 Questions To Ask When Outsourcing Payroll Services Employee payroll is one of the top functions that companies look to outsource because it goes a long way in establishing a successful business. There are many service providers out there, but ask yourself the following questions when outsourcing your payroll.

Payroll 52

Payroll Tax Accounts Payable Accounts Payable 52

Accounting Tools

JULY 24, 2023

This is typically done in order to avoid paying income taxes on cash receipts or use taxes or payroll taxes on payments made. Off the books transactions are especially common when an employer pays undocumented immigrant workers, who could not otherwise work for the firm.

Payroll 75

Payroll Auditing Tax Accounting 75

Accounting Tools

OCTOBER 19, 2023

Related Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management The payroll tax liability is comprised of the social security tax, Medicare tax, and various income tax withholdings. Social Security Tax The social security tax is set at 6.2%

Payroll 40

Payroll Tax Computation Collections 40

Accounting Tools

SEPTEMBER 23, 2023

Related Courses Payroll Management The Balance Sheet What are Payroll Taxes Payable? Payroll taxes payable is a liability account that contains the combined total of payroll taxes deducted from employee pay and the employer portion of payroll taxes.

Payroll 40

Payroll Tax Accounting Accounting 40

Counto

JANUARY 18, 2024

Mastering Payroll Management: A Guide for Employers in Singapore Effective payroll management is crucial for employers in Singapore to ensure compliance with labor laws and maintain a smooth employee-employer relationship. One year after employee has left the employment.

Payroll 52

Payroll Deposits Tax Accounting 52

Counto

JANUARY 12, 2024

Understanding Singapore’s Auto-Inclusion Scheme (AIS) and Its Significance for Business Owners The Auto-Inclusion Scheme (AIS) has become an integral part of Singapore’s tax system, especially for employers. ” Failure to comply can result in fines of up to $1,000 under Section 94 of the Income Tax Act. .”

Data Entry 52

Data Entry Tax Payroll 52

Accounting Tools

AUGUST 8, 2023

Related Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management What are Payroll Taxes? Payroll taxes are imposed by a government on employee wages and salaries. In any case, the employer then remits the funds to the government.

Payroll 40

Payroll Tax Auditing Accounting 40

Accounting Tools

JULY 19, 2023

Related Courses Payroll Management Small Business Tax Guide What is Self-Employment Tax? The self-employment tax is a federal tax paid by small business owners, which is used to fund the social security and Medicare programs. The self-employment tax is calculated on the Form 1040.

Tax 40

Tax Payroll 40

Accounting Tools

JULY 21, 2023

Related Courses Essentials of Employment Law Human Resources Guidebook Payroll Management What is an Employer? An employer is an organization or individual that pays individuals for work performed under a contract of employment. Related Articles Contractor

Payroll 40

Payroll Tax 40

Accounting Tools

AUGUST 26, 2023

Related Courses Payroll Management Small Business Tax Guide What is FUTA? of the first $7,000 of employee wages in each tax year. Thus, the maximum amount of FUTA that an employer can pay per year for each employee is $56 ($7,000 x 0.008). Related Articles Employer Payroll Taxes

Payroll 40

Payroll Tax 40

Less Accounting

MAY 13, 2024

This article explores the numerous ways in which effective outsourced bookkeeping can bolster small business growth. Accurate Financial Reporting and Compliance: Outsourced bookkeeping ensures timely financial reports that accurately reflect the business’s performance, helping to maintain tax compliance and minimize the risk of penalties.

Outsourced Bookkeeping 59

Outsourced Bookkeeping Bookkeeping Bookkeeping Services Small Business Bookkeeping 59

Accounting Tools

SEPTEMBER 10, 2023

Related Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management What is a Garnishment? Garnishments frequently involve court orders to employers to retain the wages of their employees to pay for child support, unpaid taxes, and unpaid debts. Related Articles Payroll Deduction

Payroll 40

Payroll Auditing Tax Accounting 40

Accounting Tools

OCTOBER 25, 2023

Related Courses Form 1099 Compliance Payroll Management What is Working Off the Books? The business offers this sort of arrangement in order to avoid paying any payroll taxes , as well as to avoid paying for workers' compensation insurance and any of the benefits normally offered to its employees, including medical insurance and vacation pay.

Payroll 40

Payroll Tax 40

Accounting Tools

JULY 13, 2023

Related Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management What is the Social Security Tax Rate? The social security tax rate is a flat tax that applies to all income earned by a person, up to a predetermined annual limit. The 2023 social security tax rate is 6.2%

Tax 40

Tax Payroll Auditing Accounting 40

Accounting Tools

AUGUST 25, 2023

Related Courses Human Resources Guidebook Payroll Management A fringe benefit rate is the proportion of benefits paid to the wages paid to an employee. The rate is calculated by adding together the annual cost of all benefits and payroll taxes paid, and dividing by the annual wages paid. Related Articles Salary and Fringes

Payroll 40

Payroll Tax Cost Accounting Accounting 40

LedgerDocs

JULY 6, 2023

But collecting and organizing these documents can be a daunting task.

Collections 97

Collections Bookkeeping Petty cash Purchase Order 97

Accounting Tools

JULY 28, 2023

Related Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management What is Gross Earnings? Gross earnings refers to the total earnings of an individual, prior to deductions for income taxes and other taxes, as well as any deductions imposed by the employer.

Payroll 40

Payroll Auditing Tax Accounting 40

Counto

FEBRUARY 17, 2024

Extension of CPF Transition Offset: To mitigate the impact of increased employer contributions on business costs, the CPF Transition Offset will be extended for an additional year. This measure assists employers by covering half of the rise in employer contributions for 2025, fostering a smoother transition to the updated CPF framework.

Budgeting 52

Budgeting Deposits Payroll Tax 52

Accounting Tools

JULY 29, 2023

Related Courses Optimal Accounting for Payroll Payroll Management The payroll clerk position is accountable for collecting timekeeping information, incorporating a variety of deductions into a periodic payroll , and issuing pay and pay-related information to employees. Associates degree in business preferred.

Payroll 40

Payroll Deposits Collections Tax 40

Counto

APRIL 7, 2024

In this guide, we’ll explore various methods and strategies for paying yourself as a sole director, ensuring both financial stability and tax efficiency. Enjoy the flexibility of self-employment with customised payment arrangements. Personal income taxes apply to the director’s income.

Corporation Tax 52

Corporation Tax Tax Payroll Bookkeeping 52

Accounting Tools

OCTOBER 3, 2023

Related Courses Human Resources Guidebook Optimal Accounting for Payroll Payroll Management What is a Payroll Cycle? A payroll cycle is the length of time between payrolls. Taxes and benefit deductions must then be subtracted from the calculated gross pay amount to arrive at the net pay for each person.

Payroll 40

Payroll Deposits Collections Accounting Software 40

Accounting Tools

OCTOBER 4, 2023

Related Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management What is Payroll Expense? Payroll expense is the amount of salaries and wages paid to employees in exchange for services rendered by them to a business.

Payroll 40

Payroll Accruals Auditing Tax 40

Accounting Tools

JANUARY 30, 2024

The exact nature of an employee arrangement is important, since the applicability of payroll taxes and the responsibility for their remittance depends on whether someone is an employee. Related Articles Nonexempt Employee The Difference Between a Contractor and an Employee W-2 Contractor

Payroll 40

Payroll Tax Accounting Accounting 40

Accounting Tools

OCTOBER 2, 2023

Related Courses Bookkeeping Guidebook Optimal Accounting for Payroll Payroll Management A business routinely deducts a portion of health insurance costs from the pay of its employees. This is done in order to split the cost of the insurance between the employer and employees.

Payroll 40

Payroll Accounting Accounting Accounts Payable 40

Accounting Tools

JULY 26, 2023

Vacation pay payable is a general ledger account that contains the liability that an employer has to pay employees for vacation time earned but not yet used. Related Articles Net Payroll Payable Payroll Taxes Payable Salaries Payable Wages Payable Related Articles Net Payroll Payable Payroll Taxes Payable Salaries Payable Wages Payable

General Ledger 40

General Ledger Payroll Tax Accounting 40

Accounting Tools

SEPTEMBER 8, 2023

Thus, gross income is the amount that a business earns from the sale of goods or services, before selling, administrative, tax, and other expenses have been deducted. Net Income for a Wage Earner For a wage earner, gross income is the amount of salary or wages paid to the individual by an employer , before any deductions are taken.

Financial Statements 76

Financial Statements Payroll Tax 76

Accounting Tools

SEPTEMBER 12, 2023

Related Courses Human Resources Guidebook Payroll Management What are Fringe Benefits? Fringe benefits are benefits given to employees by their employer. In other cases, they must pay income taxes on the fair value of the benefit received.

Payroll 40

Payroll Tax 40

Accounting Tools

JULY 27, 2023

Related Courses Human Resources Guidebook Payroll Management What is Compensation? Compensation levels are based on regional salary surveys; a periodic review of these surveys ensures that an employer sets compensation packages at competitive levels, in order to retain employees.

Payroll 40

Payroll Tax 40

Counto

JANUARY 14, 2024

A Quick Guide to Central Provident Fund (CPF) for New Employers in Singapore Setting up a business in Singapore is a thrilling endeavour, but as you embark on this journey, it’s essential to be well-versed in the legal obligations that come with hiring employees.

Payroll 52

Payroll Bookkeeping Tax Accounting 52

Outsourced Bookeeping

APRIL 16, 2023

Today, technology is revolutionizing the way businesses handle their payroll management and bookkeeping responsibilities. Employers can now take advantage of outsourced bookkeeping services, use cloud-based accounting software, and leverage AI to automate time-consuming tasks.

Payroll 59

Payroll Outsourced Bookkeeping Data Entry Bookkeeping Services 59

Counto

JANUARY 11, 2024

Recent CPF changes , announced in the Singapore Budget 2023, will have a significant impact on both employees and employers. Employers will need to contribute more due to the higher CPF monthly salary ceiling, increasing the overall cost of hiring employees, even if their salaries remain unchanged.

Payroll 52

Payroll Budgeting Tax Accounting 52

Counto

FEBRUARY 7, 2024

From incorporating your entity to managing taxes and annual returns, this comprehensive guide sheds light on the essential steps to ensure compliance and success in your inaugural year. Months 7-12: Taxes and Annual Returns Towards the end of the first year, focus shifts to corporate tax considerations and annual return filings.

Corporation Tax 52

Corporation Tax Payroll Financial Statements Accounts Payable 52

Counto

JANUARY 11, 2024

Singapore Employment Pass: Get to Know the New Requirements in 2024 The Employment Pass (EP) in Singapore is not just a work visa; it’s a gateway to personal and professional growth in one of Asia’s most dynamic business hubs. Eligibility is based on qualifications, experience, and employer compliance with quotas.

Payroll 52

Payroll Financial Services Tax Accounting 52

Accounting Tools

MAY 4, 2024

Payroll taxes expense. This is the cost of the taxes associated with wages and salaries, such as the employer-paid portion of social security taxes. Before-tax profit or loss. Income tax expense. This is the calculated amount of income tax owed, based on the taxable pre-tax income figure.

Financial Statements 52

Financial Statements Tax Expense Reports Payroll 52