Federal ID Number
Securing a federal ID
number needs to be accomplished first since many other forms require it.
After form SS-4 is complete the IRS can be called to get your Federal
ID#. After the completed form is mailed to the IRS, you will receive
federal tax coupons which are needed for payroll tax deposits.
State Withholding, Unemployment, and Sales Tax
You
will then need to fill out forms to establish your account with the
State for payroll tax withholding, Unemployment Insurance Registration,
and sales tax collections (if applicable).
Payroll Record Keeping
Payroll
reporting and record keeping can be very time consuming and costly,
especially if not handled correctly. Let our expertise handle that part
of your business so you can concentrate on running your business. Also
keep in mind, almost all employers will be required to transmit their
federal payroll tax deposits electronically. You should keep personnel
files for each employee. Included should be the employee's employment
application as well as the following:
W-4 Form -
completed by the employee and used to calculate their federal income
tax withholding. Also includes necessary information such as address and
social security number.
I-9 Form - required to be completed by you, the employer, to verify employees have permission to work in the U.S.
Friday, February 12, 2016
