Payroll support is one of the most requested bookkeeping services. Many business owners have created their business around the love of a service or product. Most began their journey into entrepreneurship from a once simple idea being converted into a fully operational, staffed facility. Over time, there becomes a need to hire more and more people to keep daily operations running smoothly. Payroll may sound simple, but it is anything but. Having the responsibility of payroll for one or two employees is manageable; however, understanding everything required for maintaining an accurate payroll while running a business as your business grows is a lot to ask of anyone! In order to do payroll correctly, an owner must learn tax requirements and how to set up, manage, and pay each individual working for them. This full responsibility should not fall on the owner. Hiring a trusted bookkeeper to manage your payroll accounts will help keep your focus where it should be- on your business! Bookkeepers are trained in how to organize and actively maintain accurate payroll for business owners.
The number one way to lose great employees is to be late on paychecks or pay a person the incorrect amount based on hours, bonuses, and agreements. Whether you are looking for good employees or great employees, everyone works for a paycheck. Messing upon a person’s paycheck can be a disastrous event for many reasons, but it is important to remember that many employees depend on the paycheck you provide. Save yourself the stress, hassle, and headache, and hire the professionals at Gulfstream Bookkeepers to get the job done right every time!
A payroll tax is a tax taken from an employee’s check that is then paid to the government via the employer. Payroll taxes are dependent on a variety of different factors. State and federal taxes are often withheld, along with Medicare and social security. Here in Florida, there are no state taxes; however, payroll taxes must still be filed for any employee who has a W2. Employers must stay up to date on any changes applied to payroll taxes. In 2020, for example, President Trump deferred payroll taxes from September 1 through December 31 for all Americans earning less than $100,00 per year. Although this type of dramatic hold is not typical, many smaller adjustments may be made annually. If an employer does not set up payroll taxes appropriately, the employee may own more money when it comes time to file for taxes. Below, we have listed just a few of the taxes that are withheld along with payroll taxes with which any business owner completing his or her own payroll must become familiar.
As stated earlier, business owners got into the business of their choosing to provide a service or fill a need. Most have little to no experience or training in the area of payroll taxes. Although many times an owner is able to get by and get employees paid, hiring a trusted bookkeeper such as Gulfstream Bookkeeping can simplify, streamline, and organize your payroll business needs. From expenditures to payroll, successful business owners have a handle on all financial aspects of their trade. To do this effectively, many don’t work alone. They understand the need to work with a trusted bookkeeper. In fact, most successful owners very rarely handle all financial transactions of their business independently as they have learned the value of leaning on others to help organize their books and keep employee paychecks correct! Employees deserve proper paychecks and owners deserve the peace of mind in knowing their employees are being paid as they should. Call to see how we can help you get your business on track. From payroll to the organization, Gulfstream is here to lend a hand!
Get the latest in tax and bookkeeping updates and issues that affect your finances and growth prospects.