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I currently have a few payroll payments that I need to make on behalf of my company. The company isn't incorporated yet, but I do plan on incorporating it within the next few weeks. The payments are to my CTO and programmer and are all under $3,000. How can I pay my employees and minimize paperwork & taxes in the future? |
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Even before you incorporate, if they are employees (as opposed to contractors, and it sounds like they are), you are required to withhold from their paychecks. The easiest way to do this is to sign up for a payroll service. I have been using Intuit Payroll for this for years and we love it; they file all your taxes and take care of all the details. If you are a Costco member, you can get Intuit Payroll through Costco and save money. Other choices are using your own accountant, or some of the big national payroll companies (ADP and PayChex are big ones, both big and bureaucratic) |
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You really need to ask your accountant this, as the answer varies with where you are located (which you haven't stated). You should also check on whether you want employees or freelancers at this early stage. If using freelancers, make sure intellectual property is assigned appropriately. |
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