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Paying yourself or others a payroll check does not mean simply writing a check and labeling it “payroll”. You have to withhold taxes and then pay those taxes to the appropriate agencies. There are four types of taxes to withhold:
- Federal income tax (rate varies based on filing status and exemptions claimed on the W4)
- Social security (6.2%)
- Medicare (1.45%)
- State withholding (there can be more than one state to withhold and the rate varies based on filing status and exemptions claimed on the W4)
You may need to pay these taxes on a monthly, quarterly, or on an annual basis. It depends on how much you pay yourself and how much taxes are due to be paid. The forms to file include:
- Employer 941 for Federal, Social Security, and Medicare
- Employer 940 for Federal unemployment taxes (annual only)
- State 941 for state taxes withheld
- State unemployment
This can be a lot of work and time but you can have me handle your payroll for you. You can select how much you want to pay yourself on a regular basis and I will handle all of the details as needed or I can prepare a spreadsheet you can use to calculate your check whenever you need to pay yourself. How much I do and how much you do is totally up to you. If I handle your monthly bookkeeping, payroll is included in the fee. Otherwise, the fee is dependent on how much you want me to do for you and how often we have to file the payroll reports. Pricing is typically between $65/month and $175/quarter.
