4 tips that can help you pick the right investment advisor
An investment advisor can be a game-changer. A capable advisor can help solve most of your financial issues and give you the best investment advice so
It’s thrilling to own and manage a business, but when it comes to payroll management, you realize how daunting things can be. Any mistake on payroll can create serious financial trouble and directly impact your taxes. Managing payroll on your own means you have taken on the responsibility to withhold and deposit payroll taxes, among other things. So, here’s a concise guide to understanding how to manage payroll for all small business owners.
Collect payroll information
If you’re a small business owner, the first thing you need to learn is setting up a payroll. To do this, you need both the employer and employee information.
Employer responsibilities
Collect employee information
Before an employee starts working, they need to complete certain paperwork:
Choose a payroll system
Run payroll
Once you’ve chosen a payroll system, you’re ready to start managing it. Running payroll is always the same process: enter the employee work hours, account for any overtime, withhold taxes, and pay via the chosen method.
Handle taxes
Handling taxes is another important aspect of learning to manage payroll for a small business. You must withhold, deposit, and report specific taxes from each employee’s gross wages. These include:
Keep records
You must keep payroll records for each employee, including documents like the employee’s Form W-4, total hours worked each workweek, and pre-tax and post-tax wages. You can check with the Department of Labor (DOL) for information related to payroll record retention.
An investment advisor can be a game-changer. A capable advisor can help solve most of your financial issues and give you the best investment advice so
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