Demystifying Payroll in Three Steps Video

Welcome to the SurePayroll minute.

I’m Michael Alter.

There’s more to payroll than just writing checks. There are three basic steps to getting your payroll done right.

The first step is to calculate payroll.Once you’ve figured out your employees’ hours and wages, you’ll need to take the necessary deductions for all federal, state and any local taxes, plus withhold funds for benefits and garnishments.

The second step is to process payroll so that your employees get their money. Once you know each employee’s net pay, you can either create paper checks, or pay employees through direct deposit, which is quickly becoming the payment method of choice for small businesses and their employees.

The final step is to set aside required tax funds for your business’ quarterly and annual tax deposits.You’ll need to know how often you’re required to make tax deposits, and what method is mandated for your business.

In order to remain in compliance and out of hot water with the IRS, you’ll want to stay up-to-date with federal, state and local tax laws. Make sure the payroll company you’re using has a mechanism for staying up-to-date as well. The best payroll providers do.

If you’re going to outsource payroll, be sure to choose a full-service solution that truly takes care of the details – and takes things off of your to-do list.

For simple answers to small business issues, I’m Michael Alter with your SurePayroll Minute.