Payroll refers to the total wages and salaries paid to a company’s employees. Beyond just compensation, effective payroll management also involves the timely filing of quarterly federal and state tax returns. Additionally, depending on the volume of payroll taxes owed, regular deposits may be required. It’s a crucial financial task that ensures both employees and regulatory bodies are appropriately compensated and accounted for.
Absolutely! Bean Counter offers comprehensive payroll services nation wide. No matter where you’re located, we’ve got your payroll needs covered.
When it comes to running a business, we know that time is your most valuable asset. We make your life easier by offering a seamless, all-in-one solution for payroll, human resources, and compliance. Say goodbye to navigating multiple platforms, and hello to efficiency.
The answer varies based on your business structure:
Owners of C-Corporations, S-Corporations, and LLCs opting for S-Corp taxation can indeed be on payroll.
For sole proprietorships and partnerships, owners or partners typically don’t use payroll. Instead, business profits flow directly to them and are taxed accordingly. Any distributions or dividends they take from the company are considered taxable income. Uncertain about your situation? Contact Bean Counter at 1-844-MY-BEANC or drop us an email at [email protected]. We’re here to clarify and guide you.
Absolutely! Bean Counter handles everything from registering with your state, ensuring your employees get paid, to processing withholdings, managing taxes, and even assisting with employee handbooks. Whatever your payroll needs, we’ve got you covered. Reach out at 1-844-MY-BEANC.
How Affordable are Bean Counter’s Payroll Services?
Our commitment is to provide value for your money. While we generally bill hourly for our services, in payroll it’s a flat rate per employee.
W-2 vs. 1099: How Should My Employees Be Classified?
Typically, full-time workers under your company’s direct supervision should be classified as W-2 employees. On the other hand, 1099 contractors operate their own businesses, possess expertise typically outside your company’s primary function, and often collaborate with multiple clients. Not sure about classifications? Book a free consultation with us!
Absolutely! Bean Counter ensures all essential information is acquired and maintained to accurately issue W-2 forms for employees and 1099 forms for contractors. Count on us to deliver these by January 31st each year.
No, they don’t. Payments made to 1099 contractors are distinct from payroll. Contractors with a 1099 status handle their own tax responsibilities.
Every W-2 employee must complete two crucial forms:
Form W-4: This form determines federal tax withholdings. Additionally, most states require a similar form for state tax deductions. Ensure you have a signed Form W-4 on file for each employee.
Form I-9: It verifies an employee’s legal eligibility to work in the United States. Each employee should have a completed Form I-9 on record. Plus some states specificities.
For 1099 contractors, the primary form required is the Form W-9. Unlike W-2 employees, you don’t need Forms W-4 and I-9 for contractors. However, it’s imperative to keep a signed Form W-9 on file for any contractor you compensate $600 or more within a year. At Bean Counter, we simplify compliance and streamline issuing of Forms W-2 and 1099. Need guidance? Schedule a free consultation today!
Legally, no—but having a company handbook is a proactive step in keeping your employees well-informed about labor laws and your specific company policies. Need assistance crafting one? Bean Counter is here to help. Reach out at 1-844-MY-BEANC, drop us an email at [email protected], or schedule a free consultation today!
For employees operating outside your business’s home state, certain exemptions might apply for state payroll tax withholding’s. It’s essential to maintain either a withholding exemption certificate or documented proof of the employee’s out-of-state residency. However, federal tax withholding requirements remain consistent, whether your employees are in-state or out-of-state.