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Free Payroll Calculators

Do you know how to run payroll for your small business?

Do you know how to run payroll for your small business?As a small business owner, we are guessing that running payroll wasn’t the first thought you had when deciding to launch into business on your own. You were likely focusing on building a business you’re passionate about, finding the right location for it, and other tasks that weren’t payroll related. But payroll is a necessity, and getting it right is important. This article will help you get a handle on how to calculate payroll correctly, and includes some payroll calculators to help you out.

What Goes Into Calculating Payroll Correctly?

First, let’s get the lay of the land, and understand everything that goes into calculating payroll, whether you’re a sole proprietor and are paying yourself, or if you need to run payroll for numerous employees.

Do-it-Yourself Payroll

When it comes to payroll, two questions we frequently hear from business owners trying to handle payroll on their own are:

How do I calculate payroll taxes?

Calculating payroll taxes is tricky because business owners need to account for federal, state, and local taxes when preparing employee paychecks. Due to the fact that these tax codes are always changing and updating, payroll unfortunately isn’t a “set it and forget it” task. By using some of the calculators on this page, you will be able to get a better understanding as to what you should be doing when you run payroll.

How much federal tax is taken out of an employee’s paycheck?

In the event you get questions from employees or simply need to estimate the impact of federal taxes on the take home pay for a certain position, having more understanding of how much money in the form of federal taxes will be taken out of an employee’s paycheck can be useful. The withholding allowance choice on Form W4 is what will determine how much money will be taken out in taxes. Some people choose to have more taxes withheld so they will receive a tax refund instead of owing on taxes, while others may choose to have more money upfront and aren’t as concerned about a refund or owing money. Another helpful calculator used to determine this is the IRS withholding calculator.

Things to Keep in Mind with DIY Payroll

While these calculators can useful for calculating payroll on your own, there are some other things those who want to take the DIY route to doing their payroll. At first when you think of paying your employees, you are likely focusing on entering their hours or salaried rate and then paying them and calling it a day. Unfortunately, payroll isn’t that simple. In addition to hours and pay rates, you need to calculate and file FICA, state and local taxes (if applicable) for you and your employees. Additionally, if your employees work and live in different states, you’ll need to be aware of state reciprocity rules, because you could have extra taxes that you need to pay.

While this is a short list, it is a time consuming one because tax laws are known to change frequently. If you aren’t staying up to date on tax codes and rates and file payroll incorrectly, you could find yourself paying employees back for missed wages, and worst case, getting audited and having to pay tax penalties.

Is It Time to Seek Some Professional Help?

We hope these calculators are useful to you. If payroll is too time consuming for you to handle, we’re here to help you out. When you choose SurePayroll to handle your small business payroll needs, you will get:

Ready to leave the complicated payroll task in the hands of somebody else and spend more time on your business? Request your free quote today or begin signing up here.

A Couple of Important Notes Regarding these Payroll Calculators