Payroll and Taxes Question?
August 20th, 2010 | 
Author: I’ve recently purchased a coffee stand and I need to someone to take care of payroll and taxes. How much work will they be required to do and how much should they be payed? I’ve heard that it only takes about a couple hours a month to do all this. Maybe 5? Any advice?
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If you only have one or two employees then it should not take the person long to process. I previously processed a payroll for 2000 employees and total time including garnishment checks was one full 8 hour day – I did not complete tax payments but just the reports however tax payments should not take long either.
The other 4 days to the week – was general employee changes, filing, shredding etc.
I am assuming you will not have alot of employees however if you will only have yourself – it should take a max of 8 hours for someone that is not totally expirienced. An expirienced person it should only take a few hours.
Pay will depend on who you hire as their expirience and where you live will determine that.
If you use Quickbooks, I recommend Paycycle. I have used it for a couple of years. You log on and report the hours/pay. They prepare all of the checks and do all of the reporting. You can download the transactions with a couple of clicks into Quickbooks. It takes me about 5 minutes to do a payroll and they handle everything after that. Here is the information off their web site:
For SMALL BUSINESSES
Introductory Offer: 30 days FREE + 2 more months at $9.99! (Includes 5 employees)
Our online payroll service handles it all: paycheck calculations, instant checks, direct deposit, W-2 forms, electronic tax payments, electronic tax filings & more.
Good luck,
Jim Kirby, CPA/PFS, CFP, CFS