Hot answers tagged payroll
9
So if you apply your idea throughout your company, will you choose to under pay or over pay your taxes? Will you pay too much or too little for office space?
Are you seriously saying you will interview potential employees, come up with a salary and then make it lower or higher? Here's what will happen:
If the pay is lower than normal- you will miss out on ...
5
You don't payroll contractors, contractors are usually paid as contractors 1099. The best way to pay them is by check, international ones by wire or paypal (paypal is cheaper than wire usually).
Make sure that all your contractors have signed the right agreements and that you are reporting amounts paid to the irs.
4
I don't have a full answer for you, but I think for the part about explaining US hiring practices to EU folks, you are looking at it the wrong way.
European countries (and they all differ) have very strict labor regulations. You can't just explain to someone in Europe that "that's how things are done in the US" and give them US terms. Labor laws will apply ...
3
Once you're past the legal basics that you've already discovered, payroll frequency and payday is a matter of employee, employer convenience and cost. Here's some issues to consider:
(1) The labor and hassle of preparing, processing, and posting payroll is significant. In addition, some payroll processors charge per payroll run. Taken together, running 12 ...
3
So, first of all, get a copy of the Employer's Tax Guide (Publication 15 from the IRS). That will point you to the frequency with which you have to make filings of withholding and employment taxes. Also, look at the paperwork that came when you got your EIN -- it will tell you what federal forms you need to file, and when.
Secondly, Federal Unemployment ...
3
I would strongly recommend that you look into payroll services companies like:
ADP
PayComOnline
Payroll Express
And just for kicks the whole list of them from IRS which includes several located in GA
Or find an accounting firm that can do the payroll for you or talk to the bank where you have your account as most of them offer payroll services as well. ...
3
LLC owners are not technically considered employees by the IRS. That means you don't have to fool with payroll issues. You can simply write yourself a check from your business bank account. This is known as a "guaranteed payment". For more on that see How does a business owner take money out of their business.
Although you won't have to fool with payroll ...
3
This Q comes up sufficiently frequently that I blogged about it almost two years ago (Should I form an LLC or a corporation?). Here is the most important portion of that post:
<<<<<
The following are the factors that, in my experience, are most likely to lead an entrepreneur to form a corporation rather than an LLC:
An expectation that ...
3
This is your choice. Members of an LLC may be paid "via payroll", but you must withhold Social Security, Medicare, Federal, State, unemployment taxes and more. Additionally, your LLC must pay for the company's share of Social Security & Medicare, making this a more expensive option for your LLC.
If you pay via a distribution, you do not have to ...
3
I do not know CA law specifically, but independent contractors are usually not subject to minimum wage requirements. I found this page on CA's government website http://www.dir.ca.gov/dlse/faq_independentcontractor.htm and it seems to agree with what I know of FL law.
So, if the person designing your website is an independent contractor working in exchange ...
3
As a Canadian contractor who has worked with many international companies, here are some notes on the financial side of things (not legal or automated)...
PayPal was almost always the best option. Fees were expensive (doesn't the receiver pay the fees?) but usually better than the alternatives. PayPal is actually quite reasonable... it's only expensive ...
3
For small businesses there are third party providers that can do all the hard work for you at a relatively low price ($25/mo with Quickbooks, for example). It is definitely not something worth doing on your own.
Larger companies either work with third party providers (like ADP for example) or have their own accountants do that for them.
Generally there are ...
2
You can ask your contractors to get a free paypal account that accepts credit cards. You can pay them their actual salary (using your card) and let them worry about the fees. An alternative way is to to hire them through odesk. It gives you more control and guarantees your work upto a certain limit. Again, Odesk will charge your contractors 10% percentage of ...
2
You should definitely take your payroll responsibilities seriously. If you don't you run the risk of having an employee file for unemployment and then the state might conclude that they could get a lot of money from you just by spending a little time on an audit.
If you want to spend some time studying you can probably handle your responsibilities with an ...
2
We are dealing with contractors in countries with strict currency importation laws because of runaway inflation (cough, Argentina).
I recently learned about ATMCash and it appears to be exactly what we needed. For 10 bucks you send the freelancer an ATM card then load it up. The limit is $2,500/mo and the best part is that they only charge $5 per ...
2
Accountants are professionals and whilst they will pick up your dry cleaning if you pay enough they really would rather not and you will find it more cost effective getting someone else to do this.
I've been puzzled before by the difficulty of being able to 'outsource' the accounts in a way that you don't have to worry about it any more and come to the ...
2
I really would recommend moving payroll to Intuit, Paychex, or one of the other payroll companies. Done it myself in several companies and learned better to not do that again. Mistakes are very expensive and you will always miss out on details. People are extremely sensitive to even small payroll mistakes and they have long memory for those too.
Also, do ...
2
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 ...
1
Your accountant seems to know what he's talking about.
If I were to try to get another job later, it would look better if I
could prove that I was an employee rather than just a dreamer/slacker
that didn't make it.
Anyone can look your LLC up and see that its your own LLC. What's the point?
Also, we are refinancing our home for a lower rate and ...
1
Considerations:
Monthly works for some people, but does take some adjustments. Some bills can be moved to specific days to help the employee budget, but the process takes discipline. For the employer it works best when employees are salaried. They don't get overtime, and they get the same pay each month. This is why the US military uses this pay cycle.
...
1
Talk to a very small business you know and ask what service they are using. If they are not using a service they may be able to give advice.
You are taking a risk by going forward without an expert. The deadlines and requirements are non-trivial, and if you mess them up their are penalties.
Talk to the Georgia Small business development center for other ...
1
Remember that money is just part of the compensation package and often less important than you might think. In fact many would argue that money is a hygienic motivator that is not particularly effective if you want to attract the best people and get exceptional performance out of them.
Think about what would attract someone to want to work for a startup ...
1
Accountants are like lawyers, and they'll do anything you want, even pick up your dry cleaning, as long as you pay their hourly fee.
It is a trade-off, as some people want to pay less fees and do lots of work, while some don't mind paying high fees, but want no work.
Any decent accountant will do all the work for you, as long as you pay, so if yours won't, ...
1
Many factors go into determining whether an individual is an independent contractor (minimum wage does not apply) or an employee (minimum wage does apply). Federal and state law are somewhat different; there is no federal statute or CA Labor Code section that controls concerning this issue.
I recommend that you start with Avoiding the "Independent ...
1
Classifying a worker as an independent contractor can be complex. The IRS and individual states say,the general rule is that an individual is an independent contractor if the payer has the right to control or direct only the result of the work and not what will be done and how it will be done. In other words, you cannot tell them when, where, or how to ...
1
The most important rule is that you should be honest with the potential employee. The implicit social contract of employment is that as long as the employee does good work and the company is doing reasonably well, they will continue to have a job. (Of course, companies can have problems, or simply reprioritize, and sometimes this changes who you want working ...
1
You're an SaaS, which is great when you hire employees, because you have a good idea of your estimated monthly revenue.
When should you hire someone? When you have enough money to. You don't need to have a years worth of salary, half a year, or even 3 months worth.
Is it ideal to have capital reserves to keep employees on incase you guys start losing ...
1
While I'm not an HR person, I believe the answer is: "Yes, given that your employee is exempt from state overtime requirements" (page 4 of http://www.labor.ny.gov/workerprotection/laborstandards/PDFs/wage-theft-prevention-act-faq.pdf)
Workers except from state overtime requirements, again based on a quick Google search, include workers classified as ...
1
I'll say up front that I am biased because we have a partner relationship with SurePayroll and offer discount small business payroll pricing through SurePayroll on our web site. But this is only because I think they are easily the best online payroll processing company out there.
We sell and support Virtual TimeClock software that integrates with a number ...
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