You must be wondering that How can I do my own payroll? It seems a tough task but QuickBooks Payroll is not as difficult as it seems.
Payroll is one of the most essential and difficult parts of running a business. There are all types of different procedure you need to know about, like FICA, Medicare deductions, local state taxes and much more.
Precautions before doing your own payroll
- Before hiring employees to prepare yourself for calculations of payroll and the choice is up to you that that will do the payroll tasks.
- There must be a proper system for the calculation of payroll as well as for writing paychecks for all employees who have worked for your business.
- After making the payment of your employees, make sure you have enough money left for your taxes. It is most important to maintain a proper record of all the payment and taxes.
Steps to do your own Payroll
Follow the steps below and your payroll will be done in no time-
- Have all employees complete a W-4.
- Find or sign up for Employer Identification Number (EIN).
- Choose your payroll schedule.
- Calculate and withhold income taxes.
- Pay taxes.
- File tax forms & employee W-2s.