If your business has employees, you’ll have to do payroll. There’s no way to avoid it, but what really is payroll? There are 4 basic components to payroll:
- Paying employees
- compensating employees for the work they do
- Withholding and paying taxes
- both employee and employer taxes
- Reporting to the government
- both state and federal
- Maintaining labor compliance
- minimum wages, overtime rules, etc.
Proper execution of payroll is a vital part of a business. Give me a call if we can assist you with an understanding of the processes or the services TL Baker & Co. provides.