Personalization and scalability are at the core of our services and platform. Simply enter payroll online, import hours and wages, or utilize our integrated time keeping system. Whether it’s direct deposits, deductions, or PTO tracking, managing these day-to-day tasks becomes streamlined using our online portal and employee onboarding. Plus, we store all necessary documentation electronically, so you never have to worry about storing or retrieving paperwork.
Our team will also keep your business up-to-date with the complex tax filing requirements as they inevitably change and complicate your payroll processes. GMS’ online payroll software, GMS Connect, makes running payroll simple. Our online technology streamlines the payroll process to create less paperwork and give users access from anywhere with an internet connection.
Time is money—get more of both
Most payroll software and payroll services will calculate, file and pay federal and state payroll taxes on your company’s behalf. If you are making federal tax deposits on your own, you must use the free Electronic Federal Tax Payment System. How often you deposit federal taxes is based on the total tax liability you report for your quarterly federal tax return. If you manage benefits such as health insurance or retirement plans through a payroll service, it might also be able to make payments to those providers for your business. Or, if you’re managing benefits in-house, you’ll have to make benefit payments on behalf of your employees.
- Until you’re sure how long it will take to complete payroll by payday, it may be helpful to allow some extra time for processing.
- Start by ensuring employees know how to update their information, whether via an employee portal or paper form.
- Practice processing your first payroll, including calculating withholdings, deductions, and benefits like overtime pay.
- The next step is to calculate net pay by taking the gross pay amount and subtracting deductions.
Stay covered at tax time
Full-service payroll typically implies an all-in-one solution, meaning everything you need is included. Depending on the product, users might enjoy features like automatic payroll tax deductions, automated tax filing, digital pay stubs, and same-day direct deposit. If you’re tracking time electronically, you may be able to connect that software to your payroll, eliminating the need to transcribe employee time cards. First, schedule a call to learn more about our payroll platform and Managed Payroll services. Next, we’ll hold your hand through implementation using our proven best practices and managed payroll support. Finally, rest easy knowing your people will be paid correctly and on time‑backed by our accuracy guarantee.
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Find help articles, video tutorials, and connect with other businesses in our online community. According to the American Payroll Association, roughly 40% of small businesses incur an average of $845 in IRS penalties each year. Turn your data into business results with robust HR analytics tools. Attract and retain your people with recruiting, performance management, goals, and recognition. Manage life events, and open enrollment in an intuitive and unified accounting memo sample platform.
GMS’ Payroll Services
You’ll also need information from them related to employee health insurance and retirement savings if applicable. If you plan to offer direct deposit, collect your employee’s banking information as well. Before running your first payroll, it’s important to establish a standard payroll policy. Contributions to Social Security and Medicare taxes (known as Federal Insurance Contributions Act, or FICA, taxes) are paid by both the employee and the employer. That means you’ll also need to pay the employer portion of FICA payroll taxes to match your employees’ contributions. If you’ve received court orders for wage garnishments, consider using payroll software with garnishment management services to stay in compliance and avoid penalties.
It even includes an integrated time clock and timekeeping system that eliminates double-time entry. The only way to know if you’ve set everything up correctly is to put your payroll plan in motion. Practice processing your first payroll, including calculating withholdings, deductions, and benefits like overtime pay. If everything looks good to go, you’re ready to run your first payroll. The Internal Revenue Service requires businesses to keep employment tax records for at least four years and the U.S. Department what are subsidiary accounts of Labor requires companies to keep payroll tax data for at least three years.
However, if employees hand you a printed form, you’ll need to manually update the records. For most small business owners, doing payroll is one of the most confusing, tedious and time-consuming business activities—but it’s also one of the most necessary ones! Problems can lower employee morale, tie up crucial company resources and run even the most successful business into the ground. Review employee pay rates and look into anything that is higher or lower than expected. Check overtime hours and tips, especially for employees who work shifts.
Most, but not all, small business owners need to get an EIN before they can apply for licenses, file payroll taxes or even open a bank account. Depending on where your business is based, you may need to get a state-level EIN on top of your federal EIN. The next step is to calculate net pay by taking the gross pay amount and subtracting deductions. For small business owners, managing payroll and tax filings can be one of the most time-consuming and challenging tasks there is. GMS can save you time and give you peace of mind through expert payroll management services. Whether you decide how to calculate cost per unit to pay your employee biweekly, semimonthly, or on a completely different cadence, you’ll need to set up a pay schedule.