Payroll
(This is an excerpt from a University Of Metaphysical Sciences course at www.umsonline.org,
please feel free to visit the school website)
As far as payroll, if you have the employees, it is best to hire an accountant or some other service to do this for you. Payroll can get quite complicated, for you will be withholding taxes, paying into each employee Social Security fund, workmen’s compensation insurance, and state and federal charges that may be quite bewildering to deal with. I personally found that it is best to pay someone who knows what they’re doing rather than risk the penalties that could ensue if I did my paperwork wrong, filed late or did things in ways that weren’t proper procedures with the bureaucratic requirements. Know what your limits are and be willing to delegate. Pay for the services of others who have more education than you do in certain things. QuickBooks is an excellent computer program for keeping your business organized, and their service of processing payroll for you is very inexpensive (approximately $60-$70 per month). They are flawless in their reporting and their handling of your payroll. I understand that companies like Costco also have an excellent payroll processing service. Be willing to pay someone else for these headaches. Believe me, it will be worth it!