1. You’ll need to gather all hours for your employees, calculate time off and benefits.
2. Be sure to process new hires, terminations and any tax adjustments.
3. Double-check what you’ve entered before running payroll. Payroll errors can be costly. Once a check is run and payroll is closed, voiding the check is the only way to correct an error.
4. Generate and keep reports of payroll to compare to the checks printed.
5. Ensure correct quarterly reports (941s) and W-2s.
6. At year-end, employees’ gross wages, benefits deductions and taxes should coincide with each pay period’s report.
7. The IRS requires that you withhold income tax for a pay period even if your employee does not work the full period.
8. As you set up payroll, you’ll want to consider how you calculate paid time off.
9. Other employee compensation and business deductibles such as health plan premiums and retirement contributions will also need to be deducted from employee paychecks.
10. Depending on the payroll service you choose, you can either enter payroll yourself or call it in to a payroll representative.
Consider these factors when choosing a payroll services provider. If you want to know more about how SurePayroll can make it Easy get an instant quote here.
For more payroll and payroll tax tips, follow us on Twitter for our Payroll Tip of the Day and more!
