Employees
Does sick/vacation count towards overtime?
No. 40 hours must be worked to get over time.
Are groceries a business expense?
Depending on if they are for personal or business.
What is a 1099/subcontractor?
Rent, Other Income, Prizes/Awards, etc
What is an EIN?
What forms do employees fill out to start?
W4, an I9, and usually some kind of Employee information sheet.
______ and _______ are the reports my accountant will want.
A profit and loss - shows expenses and what you profited
A balance sheet. Shows liabilities and assets.
What form do subcontractors need to complete BEFORE working for your company?
What is a W9.
Do you need bookkeeping software?
YES. Your accountants do no want spreadsheets.
What is FUTA? How much.
Federal unemployment, taxed on the first $7,000 gross per employee, at 6.0%. Generally speaking $42 per employee.
Can you take your home office as an expense?
A certain percentage.
Do subcontractors need their own insurance?
Yes. Your insurance could/ most likely will require a certificate of insurance during your audit.
Is workers comp insurance required in the state of NH?
Yes. Workers comp is required everywhere.
What is an exempt employee?
A type of employee that does not need to be paid overtime.
-salary of 800
-manger/firing power
What type of clothing is an expense?
Safety wear, laundry services, branded clothing.
Subcontractors paid over _______ need to be 1099'd at the end of the year.
What is $600.
What are quarterlies?
941's and Unemployment. NH taxes each employee on the first $14,000 and rates will vary. The 941 tells the IRS what you paid for payroll taxes.
In the state of NH is there a minimum # of hours per day an employee needs to be paid?
Yes. An employee has to be paid a MINIMUM of 2 hours regardless of what they worked.
_____ is a respectable amount of expenses categories
Under 40. K.I.S.S
What are the fees for not filing 1099s?
Up to $270 PER 1099. Could be more
What is an annual report?
Due April 1st. Keeps your business in good standing.