Payroll

As your business experiences growth, managing the increasing workload becomes a priority. One option to consider is hiring additional help to share the responsibilities. However, venturing into the realm of employment brings forth a myriad of considerations and obligations.

Here's a breakdown of what it means to become an employer:

1. Hiring an Employee: Bringing someone on board means assuming responsibility for their wages, benefits, and adherence to employment laws and regulations.

2. Employment Taxes: Employers must withhold federal and state income taxes, as well as Social Security and Medicare taxes, from their employees' wages. These withholdings must be reported and remitted to the appropriate tax authorities regularly.

3. Payroll Period vs. Check Date: The payroll period refers to the timeframe for which wages are calculated, such as weekly, bi-weekly, or monthly. The check date is when employees receive their pay for the respective payroll period.

4. Tax Submissions: Employers are required to submit withheld taxes, along with their own contributions, to the IRS and state tax agencies on a regular basis, typically per payroll, monthly, quarterly and annually.

5. Direct Deposit: Employers can offer the convenience of direct deposit, allowing employees to receive their pay directly into their bank accounts.

At Haburn CPA, LLC, we understand the complexities of managing payroll and becoming an employer. Our knowledgeable team is here to guide you through the process, answer your questions, and help you establish efficient payroll procedures. Whether you're hiring your first employee or seeking to streamline your existing payroll system, we offer flexible solutions tailored to your business needs. Let us handle the intricacies of payroll management, so you can focus on growing your business with confidence. Contact us today to learn more about our payroll services and how we can support your business's success.