Payroll Services and Payroll Report Filing
Payroll is the part of running a business that penalizes lateness hardest. We handle the checks, the deposits and the reports so that your employees are paid accurately and the returns go in on time.
What the service covers
- Calculating gross pay, deductions, withholding and net pay for each employee
- Writing payroll checks, or scheduling direct deposits
- Working out and scheduling the federal payroll tax deposits
- Preparing and filing the quarterly payroll returns, Form 941
- Preparing the annual federal unemployment return, Form 940
- Issuing Forms W-2 and W-3 to employees and to the Social Security Administration
- Preparing Forms 1099-NEC or 1099-MISC for contractors, and collecting the W-9s beforehand
- Keeping the payroll register in a form that ties back to the general ledger
Why outsource payroll to a CPA
Cheap payroll services will happily calculate a paycheck. What they will not do is notice that a new hire should have been classified as an employee rather than a contractor, that an owner’s salary is too low to support the distributions being taken, or that the payroll figures and the business return disagree.
Doing payroll here means it is done by the same firm that prepares your return and keeps your books, so the three sets of numbers agree with each other.
Contractors and 1099 reporting
If you pay an individual or an unincorporated business $600 or more during the year for services, you generally have to report it. We will keep track of who needs a form, ask for the W-9 at the right moment, and file the forms before the January deadline.
Workers’ compensation and other obligations
Payroll brings obligations beyond tax — workers’ compensation coverage, new hire reporting, and in Florida the reemployment tax. We will point you to the right agency and help keep the reporting consistent. Our useful links page lists the official state and federal sites for each.
Setting up a new business
Before the first paycheck, a new employer needs an employer identification number, a payroll schedule, and a decision about how owners will be paid. Getting those choices right at the start avoids a correction later. See small business accounting for the bookkeeping side, or call the office to talk it through.
Next step
Ready to get your books and returns in order?
Call the office, tell us what you are dealing with, and we will set up a time to go through it. Appointments are recommended, and existing clients can usually be seen at short notice.