Intuit Online Payroll
Payroll management plays a crucial role in any small business and if managed effectively perhaps it can help you to focus more on building the foundation of the business, without much concern on managing employees. Intuit Online Payroll makes payroll management for your small business easy and simple.
Steps to do Payroll
Here’s a step-by-step process to do payroll using Intuit Online Payroll:
When it comes to doing payroll for your business the first thing to considers is how to collect employees information and if you are a payroll consultant or accountant you need both employer and employee information to start with.
To start here is the basic requirement; like we said before gather employee and employer’s data. Then before you hire employees, apply for an Employer Identification Number, from the IRS. You need an EIN for the documents you send to the IRS and state agencies, like tax returns.
To pay federal taxes, register for an EFTPS (Electronic Federal Tax Payment System) account. With EFTPS, you can conveniently pay taxes. You also need to check if you need employer ID numbers for state and local governments. And, register for your state’s new hire reporting account.
After this collect employee information. Have your employees fill out Form W-4, Employee’s Withholding Allowance Certificate. Form W-4 determines the amount of payroll taxes you need to withhold from employee pay and also collect information on benefits like retirement plans of employees.
Ways to do Payroll
There are three different ways you can do payroll for small businesses.
- You can outsource payroll
- Do payroll by hand
- Use a payroll system
Outsourcing payroll – you can decide to outsource the payroll of your business while you focus on a more important task. And you can do that by hiring a payroll consultant to work as your payroll accountant – managing withhold and deposit taxes.
Payroll by hand – here, you do the thinking and calculation of the amount of taxes to withhold yourself.
Payroll System – here you use payroll system from different vendors to do your payroll. For this post and its value we recommend using the Intuit Online Payroll system – it has a complete feature for small business, easy to use cost-effective, integration and lot more.
How to run payroll with Intuit Online Payroll system
Click on the link above to visit the official page of intuit to run payroll for your small business.