One complicated, time-consuming task that every business must perform is payroll. Whether your company has one employee, ten, or dozens – you need to:
– Calculate gross pay, withhold proper taxes, and prepare net checks;
– File annual 940‘s, W-2‘s, 1099‘s and Worker’s Comp Insurance reports;
– File quarterly 941 and state OQ report forms;
– Deposit taxes withheld by the required dates; and
– Respond appropriately to letters from the IRS or Department of Revenue.
If an employer makes an error in calculating and/or paying the taxes, the results can be disastrous and costly. The IRS has the authority to hold the owner and anyone who has authority to pay debts for the company personally responsible for the debt and costly penalties.
As a small business owner you have options:
1. Do it yourself – manually calculate taxes and write checks, buy software to run on your own computer, or use an online tool that will protect your private data
2. Hire a bookkeeper with payroll experience – post help wanted ads in papers and job websites, or contact a temp agency
3. Let us take care of your payroll: We have decades of experience serving a variety of small companies and we would be glad to put our skills to work for you.