How Do I Set Up Payroll for the First Time?
By following these steps, you can establish a reliable payroll system that ensures your employees are paid accurately and on time, while also meeting all legal requirements.
What You Will Learn
What's inside the guide
- A step-by-step walkthrough of what to prepare before payroll, from getting an EIN to registering for state tax IDs.
- Guidance on classifying workers as employees or contractors, and why getting it wrong can lead to back taxes and penalties.
- Practical questions for choosing a pay schedule that fits state rules, your cash flow, and your team's needs.
- A quick reference table of federal and state payroll tax deposit and filing deadlines to track through the year.
- Checklists of essential payroll forms, record-keeping requirements, and the people who should be on your payroll team.
