software? IS there just MN and Federal taxes coming out if this? Any websites or links that may help me? What al needs to come out? FUTA? SUTA? OASDI? ST TAX? FED TAX? SS?
2007-06-12 11:54:39 · 7 answers · asked by noyb 2 in Business & Finance ➔ Taxes ➔ United States
If you don't know anything about payroll, let someone else do it and learn from them until you do.
Seriously, you don't want to be responsible for screwing up someone's paycheck.
For Federal taxes, look up Publication 15. For MN taxes, look up the similar publication on MN's website. You will need to withhold 7.65% for Social Security. Also, the employer will need to pay a matching amount to Social Security. The employer is also responible for paying unemployment taxes for both the state and federal.
Also, you have to administer any benefits that the employer is offering.
2007-06-12 12:04:30 · answer #1 · answered by Steve 6 · 3⤊ 0⤋
Quick Books is about the easiest software out there for payroll. If you have Excel on yours now that will work for the time being. You will have to take all taxes out - Federal, State, City (if any), social security, medicare (which is broken down now instead of all being shown as taken out of ss), any child support that is due to the clearing house address, you will have to know if it is regular pay, OT, vacation, sick or accrued time and keep up with all of that too. I used Excel for a construction co for many years and it was very easy to transfer to Quick Books when we finally upgraded to it. You can log on to the IRS website and find any questions you need answered about your state taxes and how they can be paid each month via phone transfer. It is really very easy once you get everyone put into your program and get started. Good luck and remember to have fun!
2007-06-12 12:04:09 · answer #2 · answered by phxmilitarymom 5 · 1⤊ 0⤋
I agree with outsourcing the payroll. I'm sure you are a very competent person, but if payroll isn't your skill (and you don't want to invest the time to keep up to date on it) then paying someone to process it for you might be a good option. A lot of smaller local accounting firms do just that for construction businesses.
Think of the cost of paying the accountant compared the cost of your time PLUS learning about all the materials/compliance. There are a few key things with payroll you want to stay on top of and people who handle this on a regular basis are very good at handling it.
Don't be afraid of shopping around for price, but do go for quality.
Best of luck.
2007-06-12 17:16:34 · answer #3 · answered by Molly 6 · 0⤊ 0⤋
Since you obviously don't know a thing about payroll taxes, do your friend a MAJOR favor and find some other type of work. Getting it wrong risks financial ruin for you and your friend. (YOU can be held personally responsible if payroll returns are not filed or taxes are not paid on time.)
2007-06-12 13:21:23 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Moon Dog Ale is a beer made by the Great Lakes Brewing Co. My guess would be Perch Lake Ale or Yellow Perch Ale Perch Lake a common midwest lake name (fourteen in Minnesota) and perch (the fish) are a yellowish color like a pale ale might have. Conjures up images of summer nights fishing at the cabin.
2016-05-18 21:22:52 · answer #5 · answered by ? 3 · 0⤊ 0⤋
If you have to ask these questions here, you are obviously not qualified to take on doing this payroll.
Do yourself AND your friend a favor, and don't do it.
2007-06-12 14:28:42 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
how about a degree in accounting ?
2007-06-12 11:56:38 · answer #7 · answered by Anonymous · 2⤊ 1⤋