Although you may try to go it alone in the beginning, some businesses may necessitate that you hire employees in order to get your business off the ground. Whether you have one employee or 50, setting up a payroll system not only streamlines your ability to stay on top of your legal and regulatory responsibilities as an employer, but it can also save you time and help protect you from incurring costly IRS penalties. Do your homework on legal and market issues regarding employee wages, payroll taxes, benefits, and workers compensation, if applicable. Payroll administration requires attention to detail and accuracy, so it’s worth doing some research to understand your options. Typically, your options for managing payroll include in-house or outsourced options. However, regardless of the option you choose, you are responsible for reporting and paying of all payroll taxes.
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