Payroll, Here Are Your Articles for Wednesday, December 23, 2020
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Is This Your Situation: Learning the Basics of Small-Company Payroll

 

Setting up a payroll system is fairly straightforward in theory, but it does require a few significant steps that each employer will need to consider:

  • You first have to obtain your employer identification number (EIN) and state/local ID, if necessary. Then, take care of the paperwork for your employees, and make sure you know the difference between employees and contractors entails.
  • Decide on a precise payment period, and make sure you have the information necessary for tracking employee work hours, managing part time payments and making the required distinctions for health plan premiums or business deductibles.
  • Do some research on choosing the right payroll system, and ask various other business owners about the methods they use for setting up payroll.

Remember, as employer, you are solely responsible for filing tax documents, recordkeeping and making the necessary payments to support payroll taxes for your employees.

Many companies  choose to outsource to various payroll services, and considering how busy you're going to be with core business tasks, it's often a wise decision. The services involved will ensure that the process is seamless and reduce the chances of any mishaps. Moreover, outsourced payroll is usually a scalable model: Your provider will be able to offer increasingly sophisticated services as your company grows.

Another advantage to outsourced payroll is being to largely avoid all the tax hassles. There are a wide variety of federal and state tax rules you have to follow, and you'll save on time and aggravation if you can outsource tax management.

 
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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