Longview Public Library
right000Payroll for your businessDo I need a payroll?If you have any employees, you need a payroll. Employees can beRegular employeesTemporary workers – not from a temporary agencyCasual labor or 1099 workersAnyone receiving anything of monetary value in return for their workIndependent contractorsShould I do payroll myself or get a professional? Keep in mindPayroll and related taxes aren’t difficult, but the recordkeeping, filing, and payment responsibilities are significantSpending time learning the skills, keeping up-to-date with changes, and taking the time needed to meet requirements takes time away from your businessFor one person hired early in the year, there will be 18 forms to complete in addition to legal responsibilities for payroll recordsWhat payroll reporting and tax responsibilities do employers have?Refer to Washington Business Hub Small Business Guide p. 27 Federal income taxes – employee paidForm W-4IRS Publication 15 – Employers Tax GuideElectronic Federal Tax Payment System (EFTPS)Federal Social Security and Medicare taxes – employee and employer paid Federal Unemployment Taxes (FUTA) – employer paidFederal Wage and Tax Statement (Form W-2) and Transmittal (Form W-3State Unemployment Taxes (SUTA) – employer paid State workers’ compensation insurance premiums – employer and employee paidWhat payroll records do I need to have?Employee information (name, hire date, job title and duties, address, social security number, job change dates, termination date)W-4 form for each employeePay rateBasis of payTimesheets Noncash compensationOvertime pay calculationsPaid sick leave accrual and usageGross payroll calculationsTax withholdings from the employeeOther payroll deductions authorized by the employee Payroll check registersEmployee pay recordsBank statementsTax reports and paymentsFor each paycheck/statement, you need to includePay period datesBasis and rate of payGross payItemized taxes and other payroll deductionsNet payPaid sick leave accrual and usage Before issuing pay checks Establish a standard 7-day workweek for overtime calculationsEstablish standard pay periods and paydaysEstablish a basis of pay: hourly, salaries, piecework, commission, hybridAdditional resources about paying employees Read the Dept. of Labor & Industries’ Pay Requirements web page to understand employer payroll requirements.Overtime eligible employees versus overtime exempt workersFederal and state laws require you to pay overtime. Employees who are eligible for overtime cannot choose to have time off as an alternative.See the Dept. of Labor & Industries Understanding Overtime web page for more information.Deductions from paychecksSee L&I’s Deductions from Pay web pageEstimate payroll costsUse the online “Payroll Calculator” to estimate payroll costs.Starting January 1, 2018, employers in Washington are required to provide their employees with paid sick leave. Don’t forget to include this. Include the state unemployment insurance rate - Include the workers’ compensation insurance rate - What other responsibilities do I have as an employer? Develop and implement an employee safety programPost required postersProvide breaks and meal periodsGet a minor work permit and authorizations when hiring workers under 18 Attend Department of Labor and Industries workshops Need assistance? Local Resources:SCORE of Vancouver – vancouver.Kelso/Longview Chamber of Commerce – Small Business Development Center – Cowlitz Economic Development Council – City of Longview – City of Kelso – Cowlitz County – LCC Career & Employment Center WorkSource Washington - Business and Professional Associations Business Impact NW Bridge Kelso/Longview Chamber of Commerce LCC Career & Employment Center SCORE vancouver. Small Business Administration Small Business Development Center training Veterans Business Outreach Center Washington Business Hub Washington Center for Women in Business Washington Small Business Development Center (after plan is drafted)0263525*Online databases can be accessed with a valid library card via the Online Databases page of the library’s home page, , outside the Longview Public Library.00*Online databases can be accessed with a valid library card via the Online Databases page of the library’s home page, , outside the Longview Public Library.-228600493395Material in this checklist is based on the Washington State Small Business Guide developed by the Governor’s Office for Regulatory Innovation and Assistance, Information Center, 800-917-0043 / 360-725-0628, in this checklist is based on the Washington State Small Business Guide developed by the Governor’s Office for Regulatory Innovation and Assistance, Information Center, 800-917-0043 / 360-725-0628, ................
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