It’s an abbreviation for the Federal Insurance Contributions Act. This is a U.S. federal payroll tax that is deducted from every paycheck.

FICA is actually two different kinds of tax combined: Social Security tax and Medicare tax.

So you’re ready to hire help in your business, but not sure whether to hire a contractor or an employee. Let’s talk about the similarities and differences so you can decide which is the best option for your business.

I remember the first time I heard someone mention an EIN back when I was a Virtual Assistant and had no bookkeeping knowledge. I was like, “What is that?”

You look at your to do list, everything got checked off the list except bookkeeping…again. You realize this is quickly becoming a habit that you can’t shake. Every week, you re-add bookkeeping to the list and every week it doesn’t get done.

You know you’re supposed to be doing bookkeeping for your business because everyone has said so, but why is it so important and what the heck is it?