Starting a business can be an exciting time but hiring employees can come with a few different obstacles. Not only is ensuring you are getting quality and reliable people ready to represent your brand important but once you take on employees there are also other requirements to complete. Reporting new hires is commonplace for many businesses but setting up payroll and determining a rate of pay fitting of the current budget is often a tricky task.
In addition, numerous other questions must be answered once a payroll process is initiated. The payroll issues which could arise will not only take away time from expanding your business but also can be difficult to remedy due to the nature of the information being discussed. For this reason, many companies outsource their payroll responsibilities, to circumvent any such occurrences.
One of the first questions to answer when considering adding employees is whether or not these individuals will be paid hourly or on salary. While some jobs are also commission-based, how employees will earn their money is ultimately going to determine how their time is spent. Those on salary may accrue PTO (paid time off), while hourly employees will simply be paid for their time spent on the job.
Next, the rate of pay becomes integral to the payroll process. Not only is this important for the employees but it will also determine how often time records need to be reported, in addition to the number of payrolls processed and checks distributed. The most common frequencies are once a month, every two weeks, or at the end of every week.
Certain forms are required for employees to complete to determine tax withholdings based on their pay. In addition, these set the limits as the individual(s) completing payroll will need to know exactly how much tax should be taken from an employee’s check and also paid/reported to the Internal Revenue Service (IRS). Payroll software programs can help to calculate these figures but timely payments and yearly W-2 or 1099 forms are the responsibility of business owners.
If you’re ready to start a new payroll or need help with an existing account, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for all of your filing 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 quality tax and payroll services, our group can also complete all types of returns or answer 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 of helping clients with any 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 several bookkeeping 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!