Payroll is the business process of paying employees. Running payroll consists of calculating employee earnings and factoring out federal and state payroll taxes.
As a small business owner with employees, you need to know how to do payroll. This payroll guidewill make sure that you’re paying wages properly and stay in line with US tax laws.
What is payroll?
Payroll is the total amount of wages that a company pays its employees.
The components of payrollBoyd, Ken “What is payroll? A complete guide for small business owners.” 11 May 2017
1. Gross wages
3. Social Security and Medicare
4. Tax withholding
Payroll can be complicated and time-consuming, but you don’t have to do it alone. No matter how you run payroll, understanding the basics can help you track business finances. And although labor can be any business’s biggest expense, running payroll correctly is necessary for your small business’s health and success.
Silicon Harbor Business Services is based in Mount Pleasant, SC. We provide solid, practical advice to small business owners and select individuals. We work with Quickbooks Online, Quickbooks Desktop and Quickbooks Enterprise.
For a complete list of our services, please click here. Reach out to our team of Business Consultants at Silicon Harbor Business Services in Mount Pleasant, SC if you have any questions about online bookkeeping or business consultancy. We’d love to hear from you!