Got employees?
As a business owner, when another person performs work for you, you must first correctly classify that person as either an independent contractor or an employee. For independent contractors, look for “Forms and Associated Taxes for Independent Contractors” on the IRS website.

If you have employees, you must first have an Employer Identification Number (EIN). Your responsibilities will then include withholding, depositing, reporting and paying employment taxes. Those can include federal income tax, Social Security and Medicare (FICA) taxes, federal (FUTA) and state unemployment taxes, state (and sometimes local) income taxes and state disability insurance taxes. For a complete list, visit www.irs.gov.

Payroll perils

January 1, 2016  |  Business, Management

The Internal Revenue Service may be relentless about collecting income taxes, but mistakes in withholding and paying payroll taxes to the IRS can mean real trouble for a business. The Internal Revenue Service (IRS) can be tough on collecting income taxes, but mistakes in withholding and paying over-…
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Back to shore

January 1, 2016  |  Business, Features, Management, Perspective

Jeff Schmitt balances the reality of off-shore manufacturing with how to bring production back to the U.S. “At the end of the day we’ve got to figure out ways to be competitive,” says Jeff Schmitt, senior vice president of operations for The Coleman Company Inc., Golden, Colo. “As the pe…
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Tapping into innovation

December 14, 2015  |  Business, Features, Management

Innovation doesn’t always come easily, but creating a culture that fosters creativity can improve the process (and results) of continuous improvement. Every company knows that innovation is vital, but knowing how to innovate is a different matter. Why are some companies able to launch one new idea…
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A six-letter word

December 1, 2015  |  Business, Management

Fabricators take a dim view of extending credit to customers … sort of. On the surface, it seems like a slam-dunk decision for a shop not to extend credit. “Let’s see, when you write off thousands and thousands of dollars—maybe even $100,000 over the 30-year life of the company—you start t…
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Charting a course

December 1, 2015  |  Business, Features, Management, Perspective

Incoming IFAI board chair Katie Bradford takes the helm, using business expertise and networking know-how to lead the association. “I believe good leadership encourages participation and embraces differences,” says Katie Bradford, MFC, IFM, incoming chair of the Industrial Fabrics Associatio…
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Inventing the game

December 1, 2015  |  Business, Management

The Last Word Inventing the game Sy Hyman, company founder and retired CEO of Herculite®, is a long-time member of IFAI and became an Honored Life Member in 2014. He shared with us some insights about the challenges of marketing laminated synthetics with a start-up company when no market existed: a…
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Demand + supply = prevail

October 1, 2015  |  Awnings & Canopies, Business, Features, Management, Markets, Perspective, Tents

Robert Cole brings decades of experience and common sense to the time-honored but always evolving economic model of supply and demand. One of the great things this industry has to offer is the quality of its suppliers,” says Robert Cole, IFAI Honored Life Member (HLM) and owner of Goodwin-Cole, Sa…
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Navigating the seas of social compliance

October 1, 2015  |  Business, Management

Keeping a weather eye on your supply chain. Container ships are the life blood of the global apparel and textile trade. Every year, thousands of vessels traverse the oceans loaded with billions of dollars in ready-made goods waiting to be claimed by eager consumers. The process by which these goods …
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Managing cyber security

October 1, 2015  |  Business, Management

Don’t fall asleep at the computer. The recent headlines about Internet hacking and high-profile security breaches have focused on large retailers such as Target, Neiman Marcus and Home Depot, and big banks like JPMorgan Chase & Co. Unfortunately, fraud and financial data losses are not limited…
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Estimating for profit: Where to begin

September 1, 2015  |  Business, Features, Management, Marine, Markets

Understanding the customer’s unique wants and requirements goes to the heart of successful custom projects. Larry Schneider, owner of Homestyle Awning & Upholstery in Bay View, Wis., recently worked on a project that seemed fairly simple—adding screens to a car trailer so the customer could …
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