Payroll Basics For First Time Employees - PowerPoint PPT Presentation

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Payroll Basics For First Time Employees

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Every business owner must start somewhere, and even if you have grown up around business owners or your family runs a business that you are involved in, going it alone can be a whole different kettle of fish. While it’s highly advisable that new business owners seek professional help and guidance when setting up their company and preparing to take on and pay a workforce, there are a few basics that it can be helpful to understand before you begin intake proceedings. – PowerPoint PPT presentation

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Title: Payroll Basics For First Time Employees


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Payroll Basics For First Time Employees
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  • Every business owner must start somewhere, and
    even if you have grown up around business owners
    or your family runs a business that you are
    involved in, going it alone can be a whole
    different kettle of fish. While its highly
    advisable that new business owners seek
    professional help and guidance when setting up
    their company and preparing to take on and pay a
    workforce, there are a few basics that it can be
    helpful to understand before you begin intake
    proceedings.
  • One of the first decisions that any new employer
    must think about and decide upon, is when to pay
    your employees

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  • Paying your employees at a specific time
  • While your employees may prefer that you pay them
    on a date that suits them and at a frequency that
    they find preferable, the final decision must of
    course make business sense for you, and once
    youve decided upon whether to pay them weekly,
    bi-weekly or monthly, you must then arrange the
    schedule. Once your scheduled is fixed, then your
    employees wages will need to be calculated with
    the correct amount of taxes withheld, and their
    pay check can then be issued.
  • Outsourcing payroll can be a fantastic way of
    ensuring that your new employees are paid
    accurately and in a timely manner, leaving you
    with a workforce that are satisfied and more
    likely to be productive when working.

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  • Payroll taxes
  • For anyone not familiar with payroll and the tax
    system related to employees wages, it can be
    extremely risky not to seek professional help,
    since it can result in costly fines and penalties
    from the IRS, should you not conform with the tax
    and regulations set out at state and federal
    levels. Be warned that these rules can change
    frequently, and at a moments notice, and that
    your business itself will owe payroll taxes that
    will need to be accurately calculated and
    reported.

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  • Filing tax forms
  • Most businesses file their taxes quarterly, while
    others filing monthly or yearly, and with the
    plethora of forms required to be filled out and
    the alarming number of figures to be calculated,
    it often makes good financial sense for business
    owners to outsource this duty to a professional
    payroll provider. This helps to prevent any
    mistakes that could incur fines, and enables you
    to be compliant with state and federal rules, too.

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  • Avoiding payroll mistakes
  • While there is software available on the market
    that can help owners of businesses get to grips
    with calculating payroll, there is still no
    substitute for engaging with a qualified and
    experienced payroll professional, who will spot
    mistakes before they happen and ensure that
    everything is calculated in a timely manner.
  • Meeting deadlines
  • Federal and state deadlines must be met no matter
    how your business is running, and the IRS will
    not be sympathetic to late filers.

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  • The IRS website can be referred to for more
    detailed information about deadlines, and payroll
    providers will of course be aware of deadlines
    and ensure that their clients meet them.
  • Avoiding penalties
  • As a business owner, your tax responsibilities
    are no laughing matter, and making mistakes or
    missing deadlines can be costly for your company.
    Such penalties are wholly preventable, provided
    you seek help from a reputable payroll provider,
    and for those who are new to the world of
    payroll, they would be wise to take advantage of
    a full-service payroll option.

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  • The world of payroll need not be an elusive one
    and avoiding mistakes and missing deadlines need
    not be something your business needs to be
    worried about. Simply contact your nearest
    payroll provider for help and guidance, and start
    paying your employees accurately and on time.
  • Apollo Payroll is one of the premier small
    business payroll services companies in Miami and
    Coral Gables. Apollo Payroll is dedicated to
    delivering expert advice, responsive service, and
    highly accurate payroll processing and reporting
    to ensure the success and growth of the business
    that we serve. Our services include comprehensive
    payroll services in Homestead and other cities in
    Miami-Dade County, employee background check and
    group health insurance in Miami Coral Gables
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