Payroll is comprised of the wages and salaries of a company’s employees. Along with payroll there are quarterly federal and state tax returns that must be filed, and deposits must be made more frequently depending on the amount of payroll taxes owed.
Yes! Our payroll services are available in all 50 states plus the District of Columbia.
As the business owner should I put myself on payroll?
This depends on the structure of your business entity. For C-Corporations, S-Corporations, and LLCs filing as S-Corporations, business owners can be on payroll. For sole proprietorships and partnerships, there is no need for owner(s) or partners to be on payroll because the profits of the business will flow through to the owner(s) or partners personally and be taxed accordingly. Distributions or dividends taken out of the company by the owners are considered taxable income. Don’t worry if you are confused, just give Bean Counter a call at 1-844-MY-BEANC or email us at [email protected] and we’ll help you figure it out.
Yes! Bean Counter can take care of everything including registering with your state, paying your employees, processing withholdings and taxes, maintaining employee records, creating handbooks, and more. Call us at 1-844-MY-BEANC.
How much do Bean Counter payroll services cost?
Our rates are very affordable! Generally we charge by the hour for all services, but payroll services can be negotiated at a fixed rate per payroll cycle depending on your needs.
Should my employees be W-2 or 1099?
Generally, your employees must be hired as W-2 employees and not 1099 contractors if they work full-time for your company and the company directly supervises and controls the scope of their activities. By contrast, 1099 contractors own their own businesses, usually specialize in something outside the scope of your normal business, and usually work with multiple clients. If you have questions, schedule a free consultation today!
Yes! Bean Counter will obtain and maintain all the information needed to issue accurate W-2 and 1099 forms to your employees and contractors by January 31st of each year.
No. Payments to 1099 contractors are not considered payroll. 1099 contractors are responsible for paying all their own taxes.
W-4 and I-9. You need to have a signed Form W-4 on file for each employee to determine their federal tax withholdings, and in most states a similar form for state tax withholdings. You also need a completed Form I-9 for each employee to ensure they are legally eligible to work in the United States.
W-9. If you hire 1099 contractors, you do not need Forms W-4 and I-9 but must have a signed Form W-9 on file for each contractor whom you pay $600 or more in a calendar year. Bean Counter will help ensure you are in compliance and can issue Forms W-2 and 1099 efficiently. Schedule a free consultation today!
Employees who work out-of-state may be exempt from payroll tax withholdings in the state where your business is headquartered or where your business has a physical presence. For out-of-state employees, you must have on file a withholding exemption or proof of the employee’s out-of-state residency. The same federal requirements for tax withholding will apply as for in-state employees.