Do I have to pay double time on a holiday?
No, there isn’t a requirement in Nebraska law to ever pay double time. That is at the discretion of the employer.
When do I have to pay my employees overtime?
Overtime is due anytime someone works more than 40 hours in one work week, regardless of the pay period.
When do I have to give an employee a lunch break?
This varies by state, however, under Nebraska law, you must give someone at least a 30 minute lunch break on every eight hour shift. You are not required to pay that person, unless you insist that they stay on site.
When do I have to give an employee a break?
This can vary by state. However, under Nebraska law, you must give someone a 15 minute break after four hours of work.
How much does an employee have to make before I have to start withholding taxes?
Under federal rules, you must start withholding taxes from an employee's wage from the first dollar you pay them.
As a business owner, do I have to pay sales tax on equipment I buy for my business?
Most often times in Nebraska, the answer is yes. However, there are a few exemptions to consider which are for manufacturers, farmers, and common carriers. If you have questions about this, please contact a tax professional.
How do I pay myself from my business?
This question is frequently asked by new businesses owners. The answer depends on what type of entity you have chosen to set your business up as. As a sole proprietorship, you can take draws as needed. As a partnership, you can take guaranteed payments to partners or income draws. As a corporation, you must take [...]
When should I incorporate my business?
There isn’t an exact answer as to when a business should incorporate. In general, any sole proprietorship with a net income of $40,000 or more should discuss with a professional whether incorporating their business would be beneficial or not.
What is the difference between a C-Corporation and an S-Corporation?
A C-Corporation is what I would call a full corporation. It has its own tax brackets and pays its own taxes. An S-Corporation does not pay the taxes directly. All profits and losses are passed down to the stockholder, so they can report the S-Corporation income and losses on their individual tax return.
What is the difference between a Limited Liability Company (LLC) and a Corporation?
A corporation is just that… a corporation. The IRS has very specific rules for a corporation to follow regarding how a tax return is filed. An LLC doesn’t have any specific set of tax laws to follow because the IRS considers them to be a unique entity. It can choose to file taxes like a [...]