<p><span style="font-size: 10pt">If you're thinking about hiring you'll need to know some basics around payroll. <b>As an employer, you have specific payroll responsibilities that are required by federal, state or local agencies.</b> These responsibilities and how you execute them define your payroll.</span></p><div style="margin: 0in 0in 0pt"><span style="font-size: 10pt; color: #333333">Payroll can be complicated. But <b>there are essentially 3 main jobs for employers in doing payroll</b>:</span></div><div style="margin: 0in 0in 0pt 0.5in; text-indent: -0.25in"><span style="font-size: 9pt">1.<span style="font: 7pt 'Times New Roman'"> </span></span><span style="font-size: 9pt">Paying employees (and withholding the right taxes from paychecks) </span></div><div style="margin: 0in 0in 0pt 0.5in; text-indent: -0.25in"><span style="font-size: 9pt">2.<span style="font: 7pt 'Times New Roman'"> </span></span><span style="font-size: 9pt">Paying payroll taxes (both taxes withheld from employees' paychecks and taxes employers pay on behalf of their employees) </span></div><div style="margin: 0in 0in 0pt 0.5in; text-indent: -0.25in"><span style="font-size: 9pt">3.<span style="font: 7pt 'Times New Roman'"> </span></span><span style="font-size: 9pt">Filing tax forms </span></div><div style="margin: 0in 0in 0pt"><span style="font-size: 10pt; color: #333333">To learn more about payroll, check out this </span><span style="font-size: 9pt"><a href="http://payroll.intuit.com/payroll_resources/payroll_101/index.jhtml" title="Payroll 101"><span style="font-size: 10pt">Payroll 101</span></a></span><span style="font-size: 10pt; color: #333333"> guide.</span></div><div style="margin: 0in 0in 0pt"> </div><div style="margin: 0in 0in 0pt"><b>Choosing a Payroll Method</b></div><div style="margin: 0in 0in 0pt"><span style="font-size: 10pt; color: #333333">When it comes to running payroll, you want to choose the option that's right for your business. There are 3 basic ways to do your payroll — by yourself, by yourself with the help of software, or by outsourcing to a third-party service. The differences between these methods are described below. </span></div><div style="margin: 0in 0in 0pt"> </div><div style="margin: 0in 0in 0pt"><b><span style="font-size: 9pt">Do it yourself by hand</span></b></div><div style="margin: 0in 0in 0pt"><span style="font-size: 9pt">Pay Employees</span><span style="font-size: 9pt">: You do it all manually—track time worked, calculate taxes and create paychecks.</span></div><div style="margin: 0in 0in 0pt"> </div><div style="margin: 0in 0in 0pt"><span style="font-size: 9pt">Pay the Government</span><span style="font-size: 9pt">: You calculate taxes manually and keep track of when taxes are due. You make payments by mail or electronically.</span></div><div style="margin: 0in 0in 0pt"> </div><div style="margin: 0in 0in 0pt"><span style="font-size: 9pt">File Tax Forms:</span><span style="font-size: 9pt"> You fill out forms manually. You file by mail or electronically (in some states).</span></div><div style="margin: 0in 0in 0pt"> </div><div style="margin: 0in 0in 0pt"><span style="font-size: 9pt">Chose the option that suits your company best</span><span style="font-size: 9pt">: For business owners who are highly cost-conscious and who have the time, expertise, and willingness to handle administrative payroll tasks manually. </span></div><div style="margin: 0in 0in 0pt"> </div><div style="margin: 0in 0in 0pt"> </div><div style="margin: 0in 0in 0pt"><b><span style="font-size: 9pt">Payroll software</span></b></div><div style="margin: 0in 0in 0pt"><span style="font-size: 9pt">Pay Employees</span><span style="font-size: 9pt"> : You enter time worked into the software. The payroll software calculates taxes automatically. You print paychecks (or pay employees by Direct Deposit). </span></div><div style="margin: 0in 0in 0pt"> </div><div style="margin: 0in 0in 0pt"><span style="font-size: 9pt">Pay the Government:</span><span style="font-size: 9pt"> The payroll software calculates taxes automatically and can remind you when taxes are due. You make payments by mail or electronically. Some software services or accountants can handle payments for you. </span></div><div style="margin: 0in 0in 0pt"> </div><div style="margin: 0in 0in 0pt"><span style="font-size: 9pt">File Tax Forms:</span><span style="font-size: 9pt"> The software fills out the forms at the click of a button. You can file electronically or print and mail. Some software services or accountants can handle tax filings for you. </span></div><div style="margin: 0in 0in 0pt"> </div><div style="margin: 0in 0in 0pt"><span style="font-size: 9pt">Chose the option that suits your company best:</span><span style="font-size: 9pt"> For business owners who want to save time by automating as much of the payroll process as possible, while still maintaining control. The cost of software is modest compared to the time savings.</span></div><div style="margin: 0in 0in 0pt"> </div><div style="margin: 0in 0in 0pt"> </div><div style="margin: 0in 0in 0pt"><b><span style="font-size: 9pt">Outsource payroll to a third-party service</span></b></div><div style="margin: 0in 0in 0pt"><span style="font-size: 9pt">Pay Employees</span><span style="font-size: 9pt"> : You report time worked to the payroll outsourcer. The payroll outsourcer calculates taxes. The payroll outsourcer typically delivers the paychecks.</span></div><div style="margin: 0in 0in 0pt"> </div><div style="margin: 0in 0in 0pt"><span style="font-size: 9pt">Pay the Government:</span><span style="font-size: 9pt"> The payroll outsourcer calculates taxes and keeps tracks of when taxes are due. The payroll outsourcer typically handles the payments for you.</span></div><div style="margin: 0in 0in 0pt"><span style="font-size: 9pt"> </span></div><div style="margin: 0in 0in 0pt"><span style="font-size: 9pt">File Tax Forms:</span><span style="font-size: 9pt"> The payroll outsourcer completes the forms and handles the tax filing.</span></div><div style="margin: 0in 0in 0pt"> </div><div style="margin: 0in 0in 0pt"><span style="font-size: 9pt">Chose the option that suits your company best:</span><span style="font-size: 9pt"> For business owners who want to fully delegate payroll and tax filings. The cost of outsourced payroll can be higher than that of payroll software, but services are typically more extensive. </span></div><div style="margin: 0in 0in 0pt"><b> </b></div><div style="margin: 0in 0in 0pt"><b><span style="font-size: 9pt">When you're ready, learn more about <a href="http://payroll.intuit.com/all_payroll_services/index.jhtml" title="Intuit Payroll Services">Intuit Payroll Services</a>. Intuit offers several options (including services that work with QuickBooks) that let you pick how involved you want to be with your business payroll</span></b></div><div style="margin: 0in 0in 0pt"><b> </b></div><div style="margin: 0in 0in 0pt"><b><span style="font-size: 10pt; color: navy">Special Offer for Intuit® Online Payroll</span></b><span style="font-size: 10pt; color: navy">: 3 Months Free! Offer expires: 7/31/08. To learn more visit <a href="http://payroll.intuit.com/?priorityCode=4900200000%3ePayroll%3c/a">www.payroll.com</a>. </span></div>
2008-04-18T18:55:09Z
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thinking-about-hiring-part-2-payroll-101
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2008-04-18T21:18:14Z
2008-04-18T21:18:14Z
<p>When choosing a payroll method there are 3 important considerations--paying your employees, paying the government & filing payroll tax forms.</p>
Thinking About Hiring? Part 2: Payroll 101
1
2009-02-24T09:44:01Z