Intuit QuickBooks offers three payroll services for people using the desktop versions of QuickBooks: Basic Payroll, Enhanced Payroll, and Assisted Payroll. All three QuickBooks Desktop payroll options calculate paychecks and payroll taxes. Basic Payroll and Enhanced Payroll are do-it-yourself, self-service options. Assisted Payroll is Intuit’s full-service offering, in which Intuit’s payroll accountants handle payroll processing…
Payroll Compliance: Important Payroll Laws to Know in 2021
When you become an employer, you must follow all payroll laws to avoid financial penalties, lawsuits, and even worse, being forced to close your business. Payroll laws specifically govern how you pay your employees and taxes as well as how you report this information. To name a few, this includes overtime pay requirements, payroll taxes,…
Payroll Checks: Where To Buy Payroll Checks & Paper
You will need to process payroll checks manually if you’re not paying your employees electronically. To start, you need check stock. Depending on where you purchase, you should expect to pay from around $30 to $150 for a ream of 500 checks and even more if you have them customized. Where To Buy Payroll Checks…
Withholding Tax Explained for Employers
Employers are required by law to withhold money from employee paychecks for income taxes. These are generally called withholding taxes and do not include the Social Security and Medicare (FICA) taxes employers are also responsible for withholding. This applies to salary and hourly employees, full- and part-time employees, but not contractors. To handle income tax…
How to Set Up Direct Deposit for Employees
Direct deposit is the most common way to pay employees, and with good reason. Employee paychecks are deposited directly into their bank accounts, usually within a couple of days after you process it. Learning how to set up direct deposit is simple—you need bank account information, documented employee approval, and a service to help facilitate….
What Is Payroll Software Integration?
Payroll software integration happens when you sync your payroll system with other software, for instance, with an accounting program. It saves you from having to enter the same payroll information into two separate programs and even allows your employees to do some of the work for you. Payroll software commonly integrates with HR, time and…
Gusto vs ADP 2020
Compared to ADP, Gusto is more affordable and caters to smaller businesses that are mostly concerned about paying their employees and complying with payroll tax laws. ADP on the other hand has a flexible platform that supports growing businesses with payroll and HR needs that may evolve in the near future. They both give you…
What Is Payroll?
Payroll is a process where the employer pays its workers, applicable tax agencies (including the IRS), and vendors that are under contract to provide employee benefits. In some cases, such as a court garnishment order, it even includes withholding money to pay an employee’s creditors. Handling payroll the right way is important. Employers must perform…
1099 vs W2 Employees – Which is Better?
When it comes to hiring new workers, business owners can choose between independent contractors and employees. Contractors have more independence in how they conduct their work but aren’t protected by labor laws, such as minimum wage. They also receive different tax forms (1099 vs W2) to report their earnings to the IRS because employers don’t…
Payroll Records: What to Keep & How Long to Keep Them
Payroll records are documents with any information about a company’s payroll, including data about employees, paychecks, and taxes. Per federal law, you should retain payroll records for three years and payroll tax records, such as unemployment taxes, need to be kept for four years. States such as New York, and agencies such as ERISA (governing…
How to Calculate Payroll For Employees
Before hiring employees, spend time learning how to calculate payroll for your business. It’ll save you time from having to correct errors and thousands of dollars in penalties; you might even experience lower turnover by eliminating paycheck frustrations. You can perform calculations manually (hours worked X pay rate), using an online calculator, or with software….
21 Payroll Terms Every Employer Should Know
When you’re new to payroll, the lingo can sometimes leave you confused. It’s important to invest some time into learning the most commonly used payroll terminology, so you don’t make any weird (and potentially costly) mistakes such as assuming we know what minimum wage is exactly and how it’s defined. The top 21 payroll terms…