How to Run Payroll in 4 Easy Steps
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Transcript of How to Run Payroll in 4 Easy Steps
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RUN PAYROLLIn Just 4 Steps!
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If you're a business owner,
here's the bottom line:
You've got torun payroll.
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Running payroll is more complicated than it
sounds, especially as a small business owner.
Follow these 4 steps toget your payroll program
off the ground.
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STEP ONE:Getting Ready to Run Payroll
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To run payroll, you need your state new employer
information to register your business.
Use our handy map to find theinformation for your state!
FIND MY INFO
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Once you've registered your business, you'll get afederal employer identification number (FEIN).
You use the FEIN to pay employer payrolltaxes. You'll also enroll in electronic paymentsystems for federal and state payroll taxes.
1124 56
653 34
5634
21
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Don't forget to collect employee
information! You'll need:
Pay rate or salary
Hours worked
Time‐off taken
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STEP TWO:Calculating Payroll Amounts
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To calculate how much to pay employees, ask:
Is the employee hourly or salaried?
Are they eligible for overtime pay?
Once you've answered these questions for
each employee, follow these formulas to
calculate payroll amounts:
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HOURLY EMPLOYEESCALCULATION
# of HoursWorked
Pay Rate
GrossPay=
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SALARIED EMPLOYEESCALCULATION
Annual Salary
# of Pay Periods
per Year
GrossPay=
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OVERTIME CALCULATION
Pay Rate
x 1.5
Overtime Pay=
# OT hours
worked( )
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STEP THREE:Payroll Taxes & Other
Deductions
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You need to deduct payroll taxes
(income tax, Social Security,
Medicare) from employee pay.
Read this to get the fullexplainer on payroll taxes!
READ NOW
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Depending on your employee benefits
package, you may need to take other
deductions from your employee's paycheck.
Other deductions could include:
Health Insurance
401(k) Deductions
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STEP FOUR:Paying Your Employees
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To calculate exactly how much to put on youremployee's paycheck, follow this formula:
Payroll Taxes +
Other Deductions
Net Pay=
GrossPay ( )
*
* a.k.a. the amount you put on the paycheck
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Once you've calculated your
employee's net pay,
you're ready to pay them!
You can pay employees using either
paper checks or direct deposit.
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CONGRATULATIONS!You just ran payroll in 4 steps!
(Now, go celebrate with some ice cream.)
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Learn how to avoidthe most commonpayroll errors:
DOWNLOAD NOW
DON'T MESS UP PAYROLL.
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