As the owner of a startup, you want your enterprise to operate smoothly. When it comes to payroll, you probably have quite a few questions, as these processes are often complex. In this case, the following information can help you make the right decisions, including whether you should hire a professional payroll service.
Payroll FAQ for Small Business Owners
Which Forms Will My Employees Need?
Upon hire, make sure you’re providing new employees with a W-4. This establishes how much should be withheld from a worker’s income to cover federal taxes. You may also need to provide a state or local form to ensure those taxes are accounted for. Employers should also provide an I-9, which establishes that a worker is eligible to be employed in the U.S.
What Are Some Different Ways I Can Pay Employees?
While you can provide paper checks to workers, many business owners opt for direct deposit. Not only is this convenient for workers since money will show up in their personal accounts on payday, but it can also save your business costs on printing and mailing out checks. You’re also free to pay your workers in cash, but make sure you’re following tax rules in this case.
What Should I Know About Payroll Taxes?
Federal taxes must be taken out of each worker’s income, as well as taxes for items like Social Security and Medicare. There are also taxes that will be levied on the state and local level. Establishing the proper amount to deduct can be confusing, and if you make a mistake, you could be penalized by the IRS.
What Are the Benefits of Payroll Service?
Professional payroll service ensures that the right taxes are accurately deducted from your employee’s checks. This means you won’t have to worry about problems with the IRS, which can be quite expensive to remedy. An accountant will also ensure that workers are being paid on time, which can be an issue when you’re tasked with performing your own payroll service. Lastly, getting help with payroll frees up your time so you can devote it to other aspects of your business.
As a trusted accounting service in Saint Charles, MO, Grayson Accounting, LLC can help your business address its payroll needs. They provide reliable payroll service at your business location or they can tackle matters at their own. Additionally, you can schedule regular assistance or just receive one-time help depending on your needs. If you have questions about taxes, they’ll use their expansive knowledge to ensure the correct measures are taken. Call (636) 233-7875 today to set up a consultation for your business. You can also visit them online to see the full listing of controllership services.