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    0 Replies Latest reply on Dec 20, 2016 8:11 AM by moderator_mel

    A Quick Overview of Payroll 101

    moderator_mel Tracker

      What are the most important parts of a company’s payroll system?

       

      ·         Pick a pay day. Will you cut checks weekly, bi-weekly or monthly?

      ·         How will you calculate wages?

      ·         Will you withhold taxes or decline? Would you leave it to the employee to deal with the IRS?

      ·         Have you considered a system that will help you pay payroll taxes that your company owes?

      ·         Are you able to figure employee wages, withholdings and insurance without error?

      ·         Can you meet IRS deadlines for paying federal and state taxes or will you have to pay penalties?

       

      Getting a payroll system up and running can be an intimidating task. However, there are people that can guide you and help you safely traverse the many angles of payroll. You might want to consider hiring an attorney and an accountant. You may want to contact your bank for advice on setting up a payroll account. Is there anything you’d like to add regarding payroll systems? I’d love to hear from you. ~Moderator Mel