It’s quite a headache for business owners to go through the process of setting up payroll. I can walk you through the steps needed to set up payroll:
– Apply for Federal EIN number and State BIN number. These are necessary to have, even if you aren’t a corporation or LLC, if you’re going to be preparing payroll.
– Set-up your EFTPS (electronic funds transfer account) for Federal and the Idaho EFT (Electronic funds transfer) account for payroll deposits. These accounts are now mandatory for both federal and state. Federal became mandatory last year and state law simply says if federal does it so will we, so as of January 1st 2011. It is now mandatory in Idaho as well.
– Supply W-4’s and I-9 forms necessary for employees to fill out.
– Setting up payroll in Quickbooks:
- Setting up payroll items (State Unemployment, Federal Withholding, State Withholding, Workers Benefit Fund, FUTA, FICA and Medicare)
- Setting up employees (entering tax information, frequency of pay etc.)
- Setting up Federal and State deposit due dates
At this point you should be set up and ready to start entering payroll. I’ll walk you through how to make deposits and prepare quarterly and year-end payroll reports.
If you’d rather not prepare the payroll yourself I offer payroll service for straight forward payrolls.*
The following is what I offer at a very reasonable price and bring you peace of mind in knowing all aspects of payroll are taken care of without the headache:
– Payroll check preparation/Quarterly and year-end payroll reports and deposits
– Prepare 1099’s/1096 for subcontractor’s
* If there is 125 plans, profit sharing etc. then I encourage you to use one of the larger payroll companies. ADP, Paychex, Heartland are a few.