Federal ID Number
Obtaining a federal ID number needs to be accomplished early on since many other forms require it. After form SS-4 is complete, you can get your Federal ID# by phone or fax. But you still need to mail in the form. Later, you will receive the federal tax coupons needed for payroll tax and other tax deposits or instructions for registering to make such deposits electronically.
State Withholding, Unemployment, and Sales Tax
You will also need to fill out forms to register your account with the state for payroll tax withholding, unemployment taxes and benefits reporting, and sales tax reporting and deposits (if applicable).
Payroll Record Keeping
Payroll reporting and record keeping can be very time consuming and costly, especially if not handled correctly. We can assist with that part of your paperwork so you can concentrate on running your business and enhancing its profitability.
You should keep personnel files for each employee. Included should be the employee's employment application as well as the following:
W-4 Form - completed by the employee and used to calculate their federal income tax withholding. Also includes necessary information such as address and social security number.
I-9 Form - required to be completed by you, the employer, to verify employees have permission to work in the U.S.
