Setting up a Payroll System for Your Business

By this time, you can tell that keeping track of payroll tax reporting and payments requires careful attention to detail. Setting up a yearly payroll tax calendar can help you avoid fines and penalties and keep you on track. Even if you have a CPA or bookkeeping service do your payroll taxes, you need to know when these taxes and reports are due.

The IRS has a small business tax calendar that you can use as a starting point for your calendar.

• Understanding Your Responsibilities as an Employer
• Understanding the Types of Employment Taxes
• Make Decisions on How and When to Pay Employees
• Decide Who Will Do Your Payroll Work
• Determine the Paperwork Needed for New Hires
• Calculate Pay for Hourly and Salaried Employees
• Create a Payroll Register and Set Aside Payroll Liabilities
• Provide Payroll Tax Reports to Taxing Authorities
• Submit Payroll Taxes to Taxing Authorities
• Set Up a Yearly Payroll Tax Calendar