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Payroll Taxes and Recordkeeping
Every business with employees needs to understand their responsibilities with respect to writing payroll checks, paying payroll taxes, paying workers compensation premiums, filing numerous payroll forms and how payroll software can help them meet those responsibilities.
Payroll starts with employees. What exactly is the IRS definition of an employee?
Can I pay my workers as independent contractors and avoid paying the employer
matching social security and Medicare payroll taxes? How do employers get an EIN? And what do employers need to know about workers compensation and unemployment taxes?
Once the taxes are paid, monthly, quarterly and annual tax forms are required
to be filed. And more penalties apply for late filing of these required
employment tax returns.
Sounds overwhelming? Well it really is! That's why it's a good idea to use a
payroll software program. Since you probably already have a computer and laser
printer you are payroll software enabled. See our page on payroll
software and find out what to look for in a payroll software program
We'll try and make payroll, payroll taxes, workers compensation and selecting a payroll software program a little less challenging.
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