If you're in the process of getting your business up and running it's important to pay attention to the details. Setting up payroll for your company is one such detail. Here are some tips to setting up payroll.
1. 5 Tips for Setting
Up a New
Company’s Payroll
Start Your Payroll on
the Right Track
2. Tip #1
• Get an Employer
Identification
Number (EIN)
Contact the IRS
3. Tip #2
• Check State and Local Tax Laws
Some Require an ID to Process Taxes
Ask About Local Taxes
Know Your Tax Rate for State
Unemployment Insurance (SUI)
4. Tip #3
• Ensure Employee
Paperwork is
Complete
Have Employees
Complete an I-9
and a W-4
5. Tip #4
• Choose a Pay Period. Common Types:
Weekly
Bi-Weekly
Monthly
• Once Chosen it’s Difficult to Change
6. Tip #5
• Consider a Payroll Provider. Here’s Why:
Payroll Taxes are Complicated
Calculating Payroll Takes Time
Mistakes can be Costly
Payroll is Probably Not Your Specialty
Focus on Growing Your Business