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Payroll for New Business Entities: Entity Selection, Tax ID Registration, and Employment Documents

Learn about entity selection, tax ID registration, and essential employment documents for new business entities. Discover various tax obligations and reporting requirements. Contact The Payroll Factory for expert payroll accounting assistance.

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Payroll for New Business Entities: Entity Selection, Tax ID Registration, and Employment Documents

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  1. THE PAYROLL FACTORY610-644-4569thepayrollfactory.com thepayrollfactory.com 610-644-4569

  2. Payroll for New Business Entities thepayrollfactory.com 610-644-4569

  3. Entity Selection • Discuss with Client Pros and Cons of each Entity • Schedule C • Partnership – 1065 • Regular/C Corp 1120 • S-Corp/ 1120S • LLC - Various thepayrollfactory.com 610-644-4569

  4. Register for Tax ID’s • Federal EIN • State Withholding – Most • State Unemployment Compensation – All • Local Taxes – Various • PA – Earned Income Tax- Almost All • PA – Local Services Tax – Some thepayrollfactory.com 610-644-4569

  5. Register for Tax ID’s • Other States - 4,943 jurisdictions in 17 states • All counties in Indiana and Maryland impose a local income tax. In Ohio, 593 municipalities and 181 school districts have such a tax. 2,469 municipalities and 469 school districts in Pennsylvania impose local income or wage taxes. Many cities and school districts in Iowa and Michigan also have these taxes. thepayrollfactory.com 610-644-4569

  6. Employment Documents • W-4 • I 9 • Application • Background Check Authorization • E Verify • Non-Compete and/or Non-Disclosure Agreements, Etc. • Asset docs for Company Auto, Laptop, Cell Phone, Other , Etc. • Employee Handbook, Company Procedures, Etc. • Other thepayrollfactory.com 610-644-4569

  7. Starting Payroll Pay Frequency • Weekly • Bi-Weekly • Semi-Monthly • Monthly • New Hire Reporting • Direct Deposit • Tax Deposits • Frequency • Paper vs Electronic • Multi-state or Multi-local thepayrollfactory.com 610-644-4569

  8. Normal Payroll • Garnishments • Philadelphia Res/Non Res • Retirement plans • 401k • Roth 401k • Health Insurance • Work Comp • Unemployment Comp • Personal Use of Company Vehicle – fiscal year • Third Party Sick Pay thepayrollfactory.com 610-644-4569

  9. Verifying Tax Payments Must verify no matter who is doing the payroll Federal – EFTPS Most important 20% to 50% State and Local Add this service and charge your clients for protecting them thepayrollfactory.com 610-644-4569

  10. End of an Entity • Inactive or $0.00 Quarterlies and Year End • All quarterlies must be completed until final returns are filed. • Final Quarterlies filed • Year End Reconciliations filed • W-2’s filed thepayrollfactory.com 610-644-4569

  11. Links • https://taxfoundation.org/local-income-taxes-city-and-county-level-income-and-wage-taxes-continue-wane/ • https://www.pa100.state.pa.us/Registration.htm • https://www.govdocfiling.com/tax-id-application/?utm_source=google&utm_medium=cpc&utm_campaign=adgroupfour&utm_content=Non_easytitle&gclid=EAIaIQobChMIpLXMlbHY2QIVhUsNCh2vxAXcEAAYASAAEgJuWvD_BwE thepayrollfactory.com 610-644-4569

  12. Links • http://munstats.pa.gov/Public/Default.aspx • https://www.keystonecollects.com/page/home • https://www.hab-inc.com/ • https://thepayrollfactory.com/ thepayrollfactory.com 610-644-4569

  13. Thank You for Attending Today’s Seminar If you have any further questions about Payroll Accounting Please contact The Payroll Factory 610-644-4569 www.thepayrollfactory.com

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