Frequently asked questions about how to do payroll.
How to do Payroll
- What are my payroll tax responsibilities?
Generally, you need to pay federal and state income taxes on at least a monthly basis. As for filing, Federal Form 941 (quarterly federal tax return) must be filed each quarter. Form 940 (FUTA tax return) must be filed yearly. Employers must send Forms W-3 and W-2 to the Social Security Administration each year.
- What is the purpose of a Tax Form W-4?
- Is my employee exempt or non-exempt?
- Employees who are paid above a certain weekly income threshold
- Employees who have a base salary that cannot be reduced based on the quantity or quality of work
- Employees who have a specific set of job functions (this includes roles like executives and sales professionals)
- How do I pay an employee who receives tips?
See your state’s minimum wage laws to determine the cash wage that is required for tipped employees.
- Is direct deposit safe?
- What is a wage garnishment?
- What is a pay period?
- What is a workweek?
- What’s the best way to track hours worked?
You don't have to worry about how to do payroll when you outsource it to a firm like McVay Business Services.
Partnering with us means you have a dedicated payroll coordinator that will work with you during each payroll cycle and a team of experts to handle complex payroll and tax obligations.
Contact us to learn more about payroll, workers comp and employee benefits!
Mike McVay, Payroll Expert 850-725-5696 www.PensacolFLTax.com