How to do Payroll Taxes and Process Payroll Yourself?
Firstly you hire the employees and review basic payroll requirements, you need to figure out how to get them paid. You are using the three ways to approach payroll processing — do payroll yourself, use a payroll service like Square Payroll, or hire an accountant.
As well as which option might be best for your business. Remember, this post is for educational purposes only. For specific advice, be sure to consult with a professional.
How to do Payroll Taxes:-
QuickBooks Payroll taxes are federal, state and local taxes withheld from an employee’s paycheck by the employer. They include Income Tax, Social Security, and Medicare. In order to properly calculate what your payroll tax should be, you need to know the current tax rates. For example, the Social Security tax for 2016 is 6.2% and the Medicare tax rate is 1.45%. The percentages are determined on a yearly basis.
We are using the some steps here:-
Step 1: Have all employees complete a W-4.
Step 2: Find or sign up for Employer Identification Numbers.
Step 3: Choose your payroll schedule.
Step 4: Calculate and withhold income taxes.
Step 5: Pay taxes.
Step 6: File tax forms & employee W-2s.
For more information about importing invoices into QuickBooks, dial QuickBooks Customer support phone number+1-855-441-4417. You can ask any query related to QuickBooks from well qualified and experienced accounting experts