Amongst all that is needed for a small business to reach imaginary heights, efficient payroll is paramount. Business owners often seek reliable payroll services to reduce the workload on payday and keep employees motivated with timely receipt of paychecks.
Nothing can motivate an employee as much as looking forward to payday and actually getting paid.
So, what are payroll services?
Payroll services can be seen as a third party that helps an organization to compute workers’ wages and assist in making payments and keeping records of the payment on every pay period.
There is online software for doing payroll, making it a much more convenient process.
Budget for payroll services
For payroll services, there is a basic price any business has to pay. However, with several fees like per check or per employee charges, there might be a little addition to the basic price.
Payroll services can cost anywhere between $30 and $100 every month, depending on the provider and the number of employees your company has.
If you want a DIY approach, you can process your payroll using the following steps.
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Ensure all your employees fill the W-4 form
With the W-4 form, you can determine your workers’ allowances and the number of dependents thereby determining how much is being taken from their pay as tax every month.
- Ensure you sign up for the EIN
EIN (Employee Identification Number) is a means by which the IRS identifies your business as an entity on its own and also identifies you as an employer of labor. You’re also required to sign up for and obtain your state EIN before you can do your own payroll.
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Choose a payroll schedule
Once you have had your EIN, you should mark the payroll schedule, never forgetting the payroll tax filing deadline, tax deposit and employees’ wages payment schedule.
After that, you can then calculate your workers withholding taxes and pay them (the taxes) to the relevant bodies.
Next step would be filing the payroll taxes and the employee W-2 forms.
As a small business owner, you should be more concerned about expanding your business instead of spending quality time doing payroll.
Also, if you are a layman or assign a not-so-experienced entity to carryout out your payroll services, you might make errors that will lead to
- Workers overpayment
- Workers underpayment
- Inaccurate withholding taxes
- Sanctions from the IRS
No one wants this for their business that’s why everyone goes for the best available service.
E-pay is a firm that is synonymous with payroll.
At E-pay, you ate guaranteed quality payroll services from some of the finest payroll experts in America. A team of experienced and dedicated accountants will ensure your workers are paid on time and accurately, plus your payroll income tax filing which would be filed as at when due.
Epay has more than 2 decades of experience in this industry and has delivered times without number, no wonder most business owners rely on their quality services. You too can give it a try.
Enjoy Epay improved cloud-based software with updated techniques in sorting your payroll. We offer our services at subsidized rates so that even the smallest businesses can be reached.