As a business owner, one of the most important components of your operation involves payroll. Not only is this a major expense but the lifeblood behind operations are the employees responsible for completing the necessary work. When housed in the same facility, keeping up with hours, rates, vacation time, and other essentials associated with determining payroll is much easier than handling payroll for those who may work remotely. As telework and video conferencing grows out of necessity, an ability to handle any issues for these types of employees is critical.
Remote work statistics show that this type of employment is increasing. Both out of necessity and a shift to more online businesses, understanding a few of the basics about the type of employees you hire and exactly how their status is determined can aid in processing payroll. Third-party providers and professional businesses are also available to help remove the task of weekly, bi-weekly, or monthly payroll from your plate of responsibilities in order to let you focus on running the business.
There are multiple types of employees in the workforce which must be accommodated for in terms of payroll. Depending on if you hire part-time, seasonal, full time, or volunteer individuals, each will have a different pay scale and tax implications. In addition, the determination must be made between independent contractors, who receive a 1099 form and those who will get W-2 paperwork for being salaried or hourly employees.
Another important fact in deciphering exactly what each individual will earn and bring home, is their location. Even though you and the business headquarters may be located in one area, the individual working for your may reside elsewhere. If this is in a different state, then provisions must be made in order to pay tax in that location as well.
Rates of pay or the amount in which employees earn will also fluctuate depending on their status. Independent contractors may be paid based on the completion of certain projects whereas those who receive salary will be compensated on an entirely different scale. Managing each, in addition to keeping up with remote employees can increase the time spent on payroll for your business.
The pay date is also important when managing remote employees and must be taken into consideration. If checks are to be mailed, then accounting for the time of travel via the postal service must be accounted for in order to assure employees are paid on time. Direct deposit options can assist in ensuring all employees receive their funds in a timely manner, but this also increases the responsibility of the employer to ensure all paperwork is submitted to make certain the process is carried out in a timely manner.
Once you’re ready to begin payroll processing, need assistance in setting it up, or have any other tax related questions, then let the tax professionals
at Bloch Rothman and Associates assist you today. In addition to providing answers for your questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a top quality tax service, our group can also complete all types of returns and get answers to any other factors associated with financial issues or concerns you may have. Serving Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us today. Available for all of your tax needs, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!