I want to do payroll myself for my employees, how can I do it without a software?
Question : I want to do payroll myself for my employees, how can I do it without a software?
I live in Texas and just started my restaurant business. I have 2 employees that I would like to deduct taxes, medicare, and ss. I would like to do this myself without a payroll software, how hard can it be without a software? What are the taxes that I have to pay and how often? Do I have to pay FUTA taxes?
payroll software
Best answer:
Answer by Craig T
Publication 15
yes you must pay FUTA
Your best bet is to pick up a payroll ledger from OfficeMax or OfficeDepot. These are blank worksheets for your weekly or biweekly payroll, so you can log in hours worked, gross wages, deductions for employee-paid taxes, the cost of employer-paid taxes, and so forth. The blank worksheets are fairly straightforward. Here is a link to the OfficeMax product, it’s only $ 10 and comes with a tax calendar –> http://www.officemax.com/omax/catalog/sku.jsp?skuId=20597542&searchString=payroll&category_Id=null
You’ll also need to pick up the FUTA tax forms, which the IRS can mail to you. You can go to http://www.irs.gov for information about how to get these forms.
For state taxes and other employer-paid fees, I recommend that you stop by your local Small Business Administration (SBA) office. They have people there who can help walk you through the payroll process–and you don’t have to pay anything for their expert assistance, which is a great benefit. SBA also has a wonderful program called SCORES–this is a group of retired small business owners with a wealth of expertise on what it takes to run a small business, including managing your own payroll. Depending on your business type and needs, they can match you up with a retired mentor who has experience in the area where you need the most help. They can also help you by letting you know if you’ve overlooked anything–like special taxes that apply to your state, county, or city–which can save you a lot of headaches down the road if you get audited and find out after the fact there were special taxes you never knew about.