There are so many different things that you need to think about as a small business owner. You have to make sure you’re paying your taxes on time, you have to keep your inventory stocked, and you definitely need to make sure you are paying all of your employees on a schedule that works for everyone. If you don’t pay your employees on a schedule, you may find that they aren’t willing to continue working for you. Mark Dicus & Company is here to talk about payroll schedules so that you can determine which one is the best fit for your business.
Does Every State have Different Payroll Laws?
Before we get started, it is important that you know that every state has different payroll laws in place. Some states don’t allow certain payroll schedules. They will also have a say in how they are taxed and how they work. Some states don’t allow small businesses to pay their employees on a payroll schedule of once a month. It is important that you check the Department of Labor’s website to see what the laws are for the state that you live in.
Different Payroll Schedules to Choose From
Like mentioned above, there are different payroll schedules to choose from. Here is what you have:
– Weekly: Many people like to be on a weekly payroll. Your employees will more than likely prefer this schedule over all the others. Who doesn’t want to get paid on a weekly basis? This can be helpful when you have most of your employees get paid hourly. However, there are some states that will require you to do payroll taxes on each employee every week when on this schedule. This might be difficult for small businesses. You need to check what the laws are for your state before choosing this option. If you choose this option, you will more than likely pay your employees every Friday.
– Bi-Weekly: If you have a mixture of hourly and salaried employees, you may opt for bi-weekly payroll scheduling. For businesses, this means that you are paying your employees every other week. It can help with payroll taxes for small businesses as well. When on this schedule, employees usually get paid on Fridays as well.
– Semi-Monthly: This is somewhat similar to bi-weekly payroll, but your employees will get paid according to dates. They usually get paid on the 1st of the months as well as the 15th. Businesses that have mostly salaried employees often choose this option.
Bookkeepers, Accountants & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
It can be extremely beneficial to consult with your professional accountant before choosing the right payroll schedule for your business. The professionals at Mark Dicus & Company can help you determine which payroll schedule makes the most sense for both your business and your employees. We can also help ensure that you are following all of the laws that are required by your state. Call us today!