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We Take the Pain Out of Payroll
We can take over your time-consuming and complex payroll tasks including processing of scheduled payrolls, employee setup, salary changes, payroll filings, W2 and 1099 processing, time tracking and more.
Having a robust payroll system in place will help your business run more efficiently and free time to focus your attention elsewhere. It will allow you to streamline and mitigate your legal and financial responsibilities to both your employees and the government. Why deal with the nuances of payroll in-house when you can have a payroll specialist do it for you as part of our BOSS™ outsourced accounting solution.
Never Done a Payroll Before?
If you are just getting ready to hire help for your growing business, let My CPA, PA set up your payroll system from scratch.
Before the first employee is hired we will help you apply for an Employer Identification Number or EIN from the IRS. This is basically the Social Security Number of your business, and is necessary when reporting information to the IRS and state governments.
Many states and local governments require businesses to obtain an ID to process state and local taxes. We will check state and local requirement so that the proper process is followed for your local compliance.
Once all the necessary identifications are taken care of, the next step is to define pay periods. You may have a pay period in mind, but must consider that pay periods are usually dictated by the state, which guide the amount of time between expected paychecks.
Next in the Process
Next in the process is to define terms of employee compensation. We can assist you in the evaluation of compensation terms that fits your business maturity level and appeals to the talent you are seeking to attract. Is the work best suited for an employee or contractor? Will the positions be salary or hourly? Full time or part time? Will you offer paid vacation? Overtime? How will you track hours worked? What about healthcare benefits and retirement plans which will need to be deducted from checks and paid to the corresponding providers? What about worker’s compensation insurance? All of these questions need to be answered and documented for your business before hand.
Upon hiring, collect from employees a set of required documents needed for the set up of their payroll. There is a significant amount of sensitive information and records to keep track when hiring help for your business. Below are three essential forms to know about.
- Federal Income Tax Withholding Form (or W-4) when they begin so you know how much federal income tax to withhold from their pay. You must have a W-4 on file for all active employees, and for three years after an employee has left the company.
- Request for Taxpayer Identification Number and Certification Form (or W-9) to help accurately estimate the taxes owed by contract workers in a given tax year. It’s a request for information about the contractors you pay as well as an agreement with those contractors that you won’t be withholding income tax from their pay — contractors must pay their own taxes on this income. If your business pays people or other small businesses more than $600 each for completed work, and those people aren’t employed by you, you need to collect a W-9 for tax purposes.
- Employment Eligibility Verification (Form I-9) to verify the identity and employment authorization of individuals hired for employment in the United States.
While there are some owners who are able to manage everything themselves, many others find to be a relief and convenient to outsource payroll activities to a professional accountant.