Payroll Information
As a business owner, you are subject to myriad payroll taxes: federal, state and local. Keeping track of hours worked is time consuming enough. Much less having to calculate the gross payroll, compute the withholdings, administer garnishments and track all the taxes.
Payroll Tax
Federal taxes include withholding, employee Medicare contributions, employee FICA contributions, employer matching for both Medicare and FICA and Federal Unemployment Taxes.
States have their own withholdings, unemployment insurance and workers compensation requirements. Some cities have income taxes, a per capita tax, an occupational privilege license (per employee) and more.
These monies are considered trust monies, as they are being deposited for your employees benefits. Any delays in depositing them can result in severe penalties.
My fee for preparing semi-monthly payrolls for 1 - 3 employees is $275 a quarter. This includes preparing paystubs, journal entries and required tax forms.
2012 Billed quarterly
Employees | Monthly | Semi-Monthly | Bi-Weekly | Weekly |
| 1-3 | $120 | $155 | $165 | $215 |
| 4-7 | $190 | $240 | $260 | $340 |
| 8-12 | $265 | $330 | $360 | $460 |
| 13-16 | $335 | $425 | $460 | $595 |
| 17-21 | $405 | $510 | $550 | $715 |
| 22-25 | $485 | $605 | $650 | $845 |
| 26-30 | $555 | $695 | $750 | 975 |
| 31-35 | $630 | $780 | $850 | $1100 |
| 36-40 | $705 | $880 | $945 | $1240 |
| 41-45 | $770 | $970 | $1045 | $1365 |
- Quarterly Payroll Taxes: $120
- New Hire Reporting: $15/each new employee
- Payroll Set-up Fee: $60 Beginning of calendar year or New Company, $120 for transfers
- Garnishment Checks: $7/each check
- W-2s including annual reports: $15/each
Employee counts are derived from number of employees on State Unemployment Tax Returns.