As a small business owner, figuring out ways to save on expenses is a constant battle. There are some ways this works and others that don’t. Do-it-yourself payroll is one place you might want to avoid cutting costs.
In the old days, the owner could simply grab some cash from the drawer and pay employees. Some small businesses just write a check and assume the payroll is all done! But payroll is more than just keeping track of hours and pay rates. Today’s business owner needs to understand federal tax deductions, but it is more than just knowing how to calculate taxes.
Local, state, and federal taxes, compliance with changing laws and percentages, unemployment taxes, and more are all part of the equation that makes in-house payroll complicated and specialized.
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