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Payroll Preparation

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Preparing payroll involves a series of basic calculations to determine each employee's base pay as well as deductions for state and federal taxes, and employee contributions to retirement funds and health insurance plans. This information is then transferred to individual employee paychecks as well as company records that facilitate the process of tracking information for internal and external tax and financial reporting. Developing a comprehensive and user-friendly payroll system will make your life much simpler when it's time to fill our quarterly and annual tax forms. It will also provide you with clear and useful information for understanding your company's financial activities.

1. Calculate each employee's base pay by multiplying the number of hours worked for wage employees, or by referring to salary levels for salaried employees. If you use payroll software, your program will do these calculations for you. Pay wage employees who work more than 40 hours per week one and-a-half times their base pay rate for any overtime hours.

2. Calculate each employee's state and federal deductions. Use federal tax tables or the percentage method to determine federal income tax withholding, and calculate Social Security and Medicare withholdings by multiplying base pay by .0565 as of 2012. Calculate state income tax according to your state's specific income tax rates. Subtract withholding amounts from each employee's gross pay. Also subtract the amounts of other paycheck deductions such as employee contributions to health insurance plans or retirement funds. Prepare paychecks that clearly show the information you have used to calculate each employee's net pay, including regular and overtime hours, and tax and insurance withholdings.

3. Track payroll information and pay payroll taxes on time. Separate the amounts you have withheld from employee paychecks from general business funds, either by depositing them in a separate bank account until it is time to remit them, or keeping a running total of how much you owe so you don't treat this money as regular operating capital. Make federal tax deposits according to the deposit schedule that the IRS gives you, based on your payroll volume. Complete state payroll tax forms quarterly.

4. Use payroll information in your business accounting to evaluate your company's profitability and financial health. Divide payroll information relative to different tasks and departments. For example, if you own a retail grocery store, track the amount you spend on payroll in the meat department versus the amount you spend in the produce department. Compare these amounts to the revenue from each department to assess the profitability of each section.

Contact our team and see the many benefits of having a Certified QuickBooks ProAdvisor on your team!

A Light for Navigating Your Financial Path

All Services

Certified QuickBooks Proadvisor

Certified QuickBooks ProAdvisors are experts who have been tested and certified by Intuit (makers of QuickBooks) on a range of QuickBooks products.

QuickBooks Set Up

Although QuickBooks is designed for the layman to understand, the initial setup and installation must be done correctly in order for future information to be accurate.

Business Tax Return

A business tax return is basically an income tax return. The return is a statement of income and expenditure of the business.

Personal Tax Returns

An individual tax return is a form the individual submits to a federal, state or local taxing agency to report income, calculate and pay taxes.

Quarterly & Monthly Filings

Quarterly & Monthly filings include key accounting and financial data for a company, including gross revenue, net profit, operational expenses, and cash flow.

Financial Statement Preparation

Financial statements show how well a company has performed over the year and the level of profit achieved.

Consulting Services

Another tax season is here! I suggest making an appointment as soon as possible after you have received all the necessary paperwork. Form 1040 for US Individual Income Tax Return Annual income tax return filed by citizens or residents of the United States.

Payroll Preparation

Preparing payroll involves a series of basic calculations to determine each employee's base pay as well as deductions for state and federal taxes, and employee contributions to retirement funds and health insurance plans.

Bookkeeping Services

A bookkeeping service offers a three-tiered approach to developing and maintaining your company’s overall financial processes and management.

Bank Financing

CPA consulting services to help small business owners to take bank financing. If you are growing your business and you need money, bank financing can be a good option.
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