What Payroll Retention Records Are Businesses Required to Maintain?
Having good payroll records is fundamental to business in New Mexico. Beyond that, and for these reasons retention is legally required, keeping good records keeps your business safe during audits while also navigating employee disputes and providing historical information which can be used in business planning moving forward. Employers in New Mexico are subject to […]
Should You Outsource Your Payroll Processing?
Companies have obligations and must file things to employees. Payroll issues are complex for today’s high-tech business world. A company’s payroll department has many moving parts of employees’ pay. This includes the payroll processing, direct deposits into employees’ bank accounts, FICA, FICO, State Income tax payments to government agencies including the State and the Federal […]
What are Payroll Taxes and How Do They Work?
Many business owners already have some kind of accounting help, whether it’s a bookkeeper or software, but even with assistance, paying employees can be tough. People who are going to be handling their payroll themselves and don’t want to make any payroll mistakes need a good grasp of employer payroll taxes. What are employer payroll […]
What records do I have to keep for payroll purposes?
Whether you have few or many employees, maintaining payroll records will be vital to your operation. But with all the paperwork, documents and behind-the-scenes requirements from regulators, it can quickly become overwhelming for most employers. Even if only to stave off regulatory and legal pressure, it needs to become a priority. Federal Payroll Record Keeping […]
Is DIY Payroll Worth It Compared to Hiring a Payroll Service?
When you’re running a small business, doing your own payroll might sound like a money-saving idea and an easy way to take control of your finances. But it’s not that easy just to send out checks. DIY Payroll involves a boat load of compliance worries when it comes to federal taxes, state taxes and even […]
How Often Should I Run Payroll for My Employees?
One of the first decisions you must make when hiring your first employee is pay frequency, or how often you pay your team. If you’ve not yet contemplated payroll frequency, start doing it now. Your workers’ happiness, legal standing and cash flow might be riding on it. What is pay frequency? Pay frequency, also known […]
How Do You Do Payroll?
The purpose of payroll is to correctly pay employees on time and in accordance with all regulations set up by the government. This procedure consist of the following steps: Let’s look more closely at each step in the payroll process. Calculating hours worked and gross pay First, the total number of hours worked by each […]
How Do I Set Up Payroll for My Small Business Myself?
A good payroll processing is the way successful businesses pay their people. New employers have a bit of setup work, but they can be running payroll in just six steps: Get your EIN number In concept, an EIN is very similar to a Social Security Number (SSN). As you need your SSN to file your […]
What Information Do I Need to Set Up Payroll for My Business?
Whether you have one employee or 50, setting up a payroll system not only streamlines your ability to stay on top of your legal and regulatory responsibilities as an employer, but it can also save you time and help protect you from incurring costly Internal Revenue Service (IRS) penalties. Here is the information you need […]
What Taxes and Deductions Are Included in Payroll Processing?
Employers are legally obligated to collect portions of employee paychecks for federal income taxes and FICA contributions. Employers are also allowed to withhold funds for optional deductions (e.g. retirement plans and health insurance premiums) when authorized by employees. The reason that calculating payroll deduction can be so difficult is due to the combination of complex […]
