How to Payroll? How to Payroll Taxes? Two common questions asked by many US small businesses nationwide every day. We try in this post to show you step by step how to payroll and how to payroll taxes. Please feel free to download a free demo of our payroll software and see how easy it’s to do payroll yourself.
The first step even before generating payroll is to research payroll software to ensure you are completely satisfied with your program. A few features to be mindful of when choosing payroll software are automatic calculations, customizable income, tax and deduction categories, support for tax forms and payroll tax reports, technical support and cost of the program.
Once you have purchase software for payroll you will collect data relating to your company and employees. Business address, Employers Identification Number and State Unemployment Account Number are items that will be entered when setting up the company in the new company wizard. Employee’s address, social security number, filing status, number of exemptions, and type of income and pay frequency will be entered in the employee set-up wizard. Social security number, filing status and number of exemptions is the type of information employers can find on Form W-4.
Generate paychecks by entering the number of hours worked in the check details screen for each employee. Once all checks have been created in the system you will print paychecks and paystubs for your employees. Bring a check into view click print selected check, this allows the user to print a single check with a paystub. To print multiple checks at one time users will pull a check printing report and select which employees to print paychecks for.
Easily prepare federal forms to submit to the IRS. Use small business payroll software to automatically populate Form 941, 940, 944, W2 and W3 with payroll income tax information. Simply choose a form from the forms screen in Payroll Mate, enter data if applicable (boxes outlined in red may require data entry) and print.
Quarterly forms such as Form 941 are submitted to the IRS, due the end of the following month after the preceding quarter ends. Annual forms such as Form 940 are submitted to the IRS, due by January 31st of the following year. Form W2 must be issued to employees no later than January 31st of the following year and submitted to the Social Security Administration by February 28th of the following year. For example the tax year 2010 annual forms are due January 31, 2011.
See how simple do it yourself payroll can be by downloading a free 30 day evaluation from our software download page: FREE Payroll Software Download