Idaho Falls is a great place to own a business. New businesses are popping up all around more and more often. The majority of businesses start out with the owners doing the brunt of the work. However, this is not sustainable for a long period of time. At some point in the growth process of your company you will need to hire employees to help with the workload. As soon as employees are considered, payroll should be at the forefront of your mind. If you own a business in Idaho Falls, you should consider the benefits of outsourcing your payroll through Cooper Norman.
Cooper Norman can either assist your current payroll employees or can be a full-service and assume all payroll responsibilities. We can provide as much payroll service as is needed. As a business owner of a growing company you may not have time to research state laws for payroll. Cooper Norman is current with state laws and is here to help you avoid costly fines and execute payroll properly for your business and employees.
Unless every service you provide is contracted out through other companies or sole proprietors, it is required that you pay employees through W-2 payroll. In order to start that process there is necessary paperwork for federal and state laws that must be completed. This paperwork is necessary for proper withholding amounts and proper documentation for tax purposes. Did you know that employers pay for social security taxes as well as Medicare taxes? These are also referred to as FICA taxes. If you as the employer pay benefits for your employees such as health insurance, retirement, etc., this may affect payroll as well. A payroll accountant can help you navigate these very important deductions and taxes.
Payroll will be easiest and done most accurately when using a professional payroll company or payroll software. If you choose to tackle payroll on your own, it is advised to at least hire a tax professional to help set up the software in accordance with tax laws. There are laws that differ between states that must be known and complied with in order to avoid costly fees or penalties. Payroll must be run regularly to keep your employees paid and taxes must be paid to the appropriate entities. If payroll is not done correctly or taxes are not paid on time; this could also result in fines and penalties.
These are just a few of the reasons why it is in the best interest of your business to retain a professional payroll service.
As you can see from the above section, there is a great potential for costly and avoidable fines if you are not careful. Although you may think it is a better idea to save your business’ money to not pay for a payroll accountant, hiring a payroll accountant is more likely to end up saving you money in the long run. Though it may seem like an expense to avoid, you can’t afford not to hire a payroll professional.
Your business and employees must pay taxes properly. Knowing and staying up-to-date with the current tax laws is necessary for executing payroll. Being in compliance with state and federal laws is something that our payroll professionals prioritize. Compliance is key to avoiding fines and remaining in good standing with your business. Things like knowing how much to withhold from employee’s paychecks and how employee benefits play a part in payroll are very important for your employees and for your business.
There is a ticking clock when it comes to payroll. Paying taxes has to be done on time and in accordance with state regulations. Without proper education and training, it will take more time for a business owner themselves to manage payroll. Outsourcing payroll allows owners and employees to stay in their lane and focus on the tasks they are trained to do. Hiring a tax professional to take care of payroll will free up your and your employees time to focus on growing your business.
Payroll must be completed in a timely manner. Employees who are well taken care of by being paid on time will help your business succeed. Setting up a payroll service with our team of professionals ensures that your payroll will be submitted on time. It will occur automatically without any risk of penalty or any fallout with employees.
If you currently have someone doing payroll, but they have questions that need answered, or they get sick or need vacation time, then who will be able to make sure that payroll gets processed? Cooper Norman can support your payroll team.
Q: How often does my company have to pay unemployment insurance?
A: The answer varies depending on the size of your company. Unemployment insurance must be paid to federal and may also need to be paid to the state.
Q: How often do you withhold from an employee’s paycheck?
A: It depends on some factors but usually every time payroll is run.
Q: How much must be withheld from an employee’s paycheck?
A: This depends on many factors including information received from federal and state W-4 forms.
Q: What is the Fair Labor Standards Act and what does it mean to be exempt or non-exempt?
A: Exempt employees are typically administrative professionals that are on salary and therefore are not covered under FLSA. Non-exempt employees are entitled to minimum wage and overtime pay rates if they put in more than 40 hours of work per week.
Cooper Norman has a sizable reservoir of experts with unmatched combined experience. We have assisted many local businesses throughout Idaho with their payroll for more than 50 years. We care about the financial health of your business, and can offer services above and beyond payroll if you ever need. We are quick to respond with any issues that may arise and are available to answer any and all questions that are bound to come up. Ultimately, Cooper Norman has the best interest of your business at the forefront of everything we do. We are your resident Idaho Falls accountant experts.