How Can I do My own Payroll?

You must be wondering that How can I do my own payroll? It seems a tough task but QuickBooks Payroll is not as difficult as it seems.

Payroll is one of the most essential and difficult parts of running a business. There are all types of different procedure you need to know about, like FICA, Medicare deductions, local state taxes and much more.

Precautions before doing your own payroll

  • Before hiring employees to prepare yourself for calculations of payroll and the choice is up to you that that will do the payroll tasks.
  • There must be a proper system for the calculation of payroll as well as for writing paychecks for all employees who have worked for your business.
  • After making the payment of your employees, make sure you have enough money left for your taxes. It is most important to maintain a proper record of all the payment and taxes.

Steps to do your own Payroll

Follow the steps below and your payroll will be done in no time-

  • Have all employees complete a W-4.
  • Find or sign up for Employer Identification Number (EIN).
  • Choose your payroll schedule.
  • Calculate and withhold income taxes.
  • Pay taxes.
  • File tax forms & employee W-2s.

If you need any guidance and support regarding QuickBooks then do not hesitate to call our Payroll Support toll-free number at +1(800)880-6389.

 

See Also: