In addition to your daily duties as a small business owner, you know that there are many monthly financial tasks, such as doing payroll or logging mileage, that can be time consuming. Whether you’re just starting your business, hiring your first employee or can’t keep up with payroll tax changes, figuring out payroll each month is one task that can be extra confusing. Here are a few tips for saving you time and stress when doing your payroll each month:
1. Properly classify your employees: Whether someone who is working for you is considered an independent contractor or a full employee will determine how you pay that person, and as with other parts of tax law, there are always exceptions. This article on the IRS website can help you determine how to correctly set up payroll for your workers.
2. Be sure your budget is sufficient: While putting together your budget, it’s important to plan for not only the wages that you will pay your employees, but for the payroll taxes for both federal and state governments that will also need to be paid. Talk with your accountant about any additional employment taxes you’ll need to pay and factor them into your monthly budget.
3. Hire professional help: Hiring a professional or service to help with your monthly payroll can ease the stress you have each month. Telhio Credit Union is now offering members easy online SurePayroll, a service that is trusted by small businesses nationwide. With industry-leading technology, you’ll run payroll in two minutes or less, anywhere with internet access, even your smart phone! All you have to do is enter, preview and approve payroll, SurePayroll handles the rest – including payroll taxes and paying your employees and independent contractors.
Contact our business lender representative today at 614-221-3233, option 6 to learn more about SurePayroll and special Telhio pricing.
Telhio Credit Union is open to everyone who lives, works, worships or attends school within Franklin County and surrounding communities. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members’ financial needs. Telhio offers seven branching offices throughout central Ohio and nearly 4,000 shared branching locations nationwide. Additionally, Telhio credit union participates in the highest level of combined federal and private share savings insurance available, insuring deposit accounts up to $500,000.*
*Federally insured by NCUA. Additional coverage up to $250,000 provided by Excess Share Insurance Corporation, a licensed insurance company.