Payroll Questions?

[mharrison]

Just curious how you handle your payroll to your employee. The cost of using a outside payroll company is expensive. Thanks for any and all of your input.

Maritn

 

[Mikeifg]

It's easy if you have no insurance on them etc. You can google the tax info you need. You'll have to deduct fed/ss/medicare/state and local tax. Remember also that ss and medicare are also paid by you as the company. so say they have 25.oo in SS plus 5 for medicare taken out of their check. You have to match that amount when you pay your qrtly taxes. Plus don't forget your unemployment tax. You'll have to pay that to every qtr on your employee until they pass 7,000.00 for the year then you stop paying.
It's not hard you just have to remember to file on time.

 

[JimJenson]

for my business, I multiply the gross x .0765, which is SS and medicaid. I withhold Federal tax Per W4. FWIW, I keep an I-9 on file with a photocopy of a drivers license and SS card (or other suitable ID). Prior to the 15th of each month, I make a federal deposit with wachovia for 2x the SS/Medicaid + the Fed tax withheld. Every quarter my accountant comes in and corrects any errors and files the UCT6 form.

 

[mharrison]

thanks

 

[Mosh]

I pay Juan, Rego and Jorge in cash.

 

[OCsteve]

I use ADP. Very easy to enter the info and it is always correct and taxes, quarterlies and w-2's are all filed on time. I think the cost is well worth not having to deal with the aggravation.

 

[mark in tx]

It is well worth it to pay a CPA for a 1 time class on how to process your payroll.
Many of them will do it, in hopes that you grow large enough to need them regularly in the future.