I’m just a sole-proprietor right now, but next year I’ll need to hire someone at least part-time. For those of you who have done it, how do you make that next step. Specifically, how did you decide whether you wanted your company to be an LLC, S-corp, or whatever? I’ll need to add worker’s comp; what else do I need to do?
I don’t have an accountant because I keep all my records myself and use turbotax for sole’s. Will an accountant take care of all the stuff that must come out of an employees check (SS, taxes, etc.)? Anything else I need to know on the business side of things? Any help would be appreciated.
I’m not concerned with hiring, training, etc. Just the legalities and logistics of adding employees to the payroll and whatnot.
Some food for thought. Since it might only be a part time position, perhaps you should start with subcontracting before hiring. Might make things simpler for you for a while before you are forced to hire.
An accountant can do all the payroll deductions etc. for you, however, I use quickbooks for all my payroll, it takes out the money for you. You will still need to file your 941 with your bank or electronically every month. This is your payroll tax. I have my accountant do all my qtrly paperwork. This is when you need to send in your unemployment tax money and stuff like that. So as a recap, I do all the payroll myself, and qtrly I need to give my accountant a payroll summary report and he does the rest. Its cheaper than having your accountant do everything. I just started a new company in SC and I am considering staff leasing. Thats when the leasing company does EVERYTHING for you, even covers the workers comp. insurance which can be expensive.
Yea I would agree with Tim… Use a payroll service like paychex… They will handle everything, all you need to due is subit there hrs. They will handle everything else.
