{"id":8039,"date":"2021-01-14T11:00:13","date_gmt":"2021-01-14T18:00:13","guid":{"rendered":"https:\/\/certusbookkeeping.net\/?p=8039"},"modified":"2020-12-16T17:18:54","modified_gmt":"2020-12-17T00:18:54","slug":"online-payroll-for-small-businesses","status":"publish","type":"post","link":"https:\/\/certusbookkeeping.net\/online-payroll-for-small-businesses\/","title":{"rendered":"Online payroll for small businesses"},"content":{"rendered":"

Understanding online payroll for your business<\/h3>\n

Payroll can be a very daunting task for any business owner with staff. But thanks to today’s technology, the right approach and the right software will make your payroll process run smoothly.<\/p>\n

5 things to understand<\/h3>\n

While the details and regulations surrounding payroll will vary from one jurisdiction to another, there are some areas of the law that are likely to be in force wherever you run your business. These are listed below.<\/p>\n

1. Tax<\/h4>\n

Any business with staff is required to withhold the proper payroll taxes from employees’ pay packets and pay the appropriate government taxes. To put it simply, you’re acting as the tax collector for your employees.<\/p>\n

2.Retirement plans and healthcare<\/h4>\n

You may also have to manage payments for things like social security and healthcare and requirements will vary. That means withholding the right amounts from your employees’ pay and, usually, paying employer’s contributions too. Sometimes these are fixed amounts, sometimes they’re a percentage of each employee’s salary.<\/p>\n

3. Fines and penalties<\/h4>\n

If you don’t pay the necessary taxes you could receive a heavy fine or other penalty, so it’s important to calculate the amount of PAYG, payroll tax and Superannuation Guarantee Contributions (SGC) owed and pay them on time.<\/p>\n

4. Reporting<\/h4>\n

Tax liabilities must be reported to the appropriate government agencies, and your employees, in writing. This might be done weekly, monthly or yearly, depending on local regulations.<\/p>\n

5. Payroll is for employees<\/h4>\n

Your payroll legally includes the people you directly employ. It doesn’t usually include independent contractors or freelance workers, or anyone who invoices you through their own business. If you’re ever in doubt about who’s on your payroll and who isn’t, talk to your us.<\/p>\n

Payroll software makes it easier.<\/h3>\n

We use and recommend Gusto’s<\/a> payroll software. Here are some reasons why:<\/p>\n