taxes can be one of the trickier parts of running a small business. Not only are proper payroll calculations important to ensure employees receive their just earnings, but accuracy is equally important for government filings. The math may be different for every entrepreneur, but following these tips will allow for a correct payroll process
A small business owner must properly complete employee tax forms with all deductions established. This will allow employers to correctly calculate the withholdings and social security taxes for each employee, writes Jaceson Maughan for Life123.
Secondly, one should decide how employee hours will be monitored. While manual scheduling may appear easy, an investment in a timeclock or human resource software will minimize mistakes and allow for faster calculations. In a company with smaller staff numbers, this software can save business a fair amount of time, Irwin Speizer writes for Work.com.
Calculating all outstanding taxes and expenses such as Medicare and non-tax deductions such as 401(k) contributions and healthcare costs will clarify much of what is owed in government filings. Additionally, companies may have to withdraw payments for things such as company equipment, including computers, mobile devices and more, Life123 states.
The end of the fiscal year presents numerous challenges for small business owners as they organize the books and payroll taxes. The amount of calculations can be daunting, but keeping these tips in mind will allow one to properly manage his or her payroll.
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