There are 3 Payroll Basics:
1 – Pay Day!
Payroll processing every week or every other week? Once you know, determine employees’ wages, withhold the right amount for taxes and produce their paycheck.
2 – Paying Payroll Taxes
The government will need the Federal & State taxes that are withheld from each employees’ paycheck — as well as payroll taxes owed by your business.
3 – Filing Tax Forms
Like many small business functions, filling out forms can be frustrating. However, you simply cannot escape filling them out and filing them. This is so the government can determine who’s been paid how much, the taxes paid, and many other details. Almost all businesses file quarterly, but some have to file every month, or yearly.
There are 3 Common Payroll Problems:
1 – Mistakes
Things like Hours, Wages, Withholdings, and Taxes. Even Health Care benefits. Getting these calculations right can get complicated. The good thing is that there is software, and good businesses, like Rietsch, Souriall & Associates to help you out!
2 – Deadlines
It’s your responsibility solely to determine and monitor State and Federal tax deadlines. You can use the IRS website. You can have your tax software alert you (when you’re actually using it), or you can have a professional payroll processing business alert you when taxes are due.
3 – Penalties
It certainly happens… deadlines get missed. Calculations have errors. Fingers start pointing in all directions! But a reputable full service payroll processor will take ownership of all your tax responsibilities.
What Payroll Method Suits You?
|Manually By Hand||Least Costly|
|Highest Amount of Work
Largest Chance for Error
|Payroll Software||Speedier Than By Hand|
Calculations Done By Computer
Some Guidance From Software Company Tutorials
|Steep Learning Curve For Software
You Still Make Bank Deposits
You Still Report And File Taxes
|Payroll Service Business||Some Tax Penalties Covered|
Direct Access To Your Account
Huge Time Savings
All Deposits And Filings Handled For You
|Can't Think Of Any ;)|