Small Business Payroll Solutions
Through Express Payroll Solutions, Inc., a subsidiary of Schultz & Associates, we provide small business payroll solutions at a fixed and predictable price.
Our pricing is as follows:
NUMBER OF EMPLOYEES
|Up to 5 Employees||
|Each Increment of 5 Thereafter||
Direct Deposit is an additional $10 per payroll. (ie: 10 employees = $53)
Payroll can be expensive if you do not pay close attention to your due dates with the IRS, the State, City municipalities, or retirement plan administration. Things to remember are: monthly verse semi-weekly payroll depositor, when are State and City withholding taxes due, how are unemployment taxes calculated, when must W2’s be distributed by, when is Form 941 due, how long do records need to be kept, can we treat our employees as 1099 contractors instead and many other issues. Failure to timely deal with payroll related issues often result in unnecessary penalties and interest. Often the cost of processing payroll on site can be more expensive than contracting a third party to administer payroll.
Contact us if you need assistance with setting up your business payroll.
7 Small Business Payroll Solutions
1. Michigan minimum wage is scheduled to increase to $8.15 beginning September 1, 2014. Tipped Michigan employee’s will increase to $3.10 per hour. A training wage of $4.25 may be paid to employees16 to 19 years of age. the training wage is available for the first 90 days of employment.
2. Michigan unemployment tax covers the first $9500 of each employees income. The base tax rate in Michigan is 2.7%. There is currently and additional ser charge which has a base rate of .33%.
3. Michigan has reciprocal payroll tax agreements with Illinois, Indiana, Kentucky, Minnesota, Ohio and Wisconsin. Michigan residents are not subject to those states taxes while working in those states. They remain subject to Michigan payroll and income taxes.
4. Michigan requires employers to withhold Michigan income taxes from their paychecks. The funds are remitted to the Michigan Department of Treasury along with Form 160. The withholding tax is generally due 20 days after months end. Most employers are required to remit taxes monthly to the Michigan Treasury. Some employers can remit taxes quarterly.
5. Michigan requires business with one or more employees to carry worker compensation insurance. Michigan employers who do not comply with this laws could be subject to penalties and fines.
6. Michigan employer should have the following: an employee handbook, workers compensation insurance, employees fill out Form I-9, W-4, and MI W-4. Employers should consider background checks, and drug testing of new hires.
7. Michigan employers have several options when it comes to providing employees with retirement saving options. Small employers with less than 25 employees should consider Simple IRA’s. Larger employers often consider 401(k), or 403(b). All three of these are most dependent on employee participation. Employer type plans include SEP’s, defined contribution plans such as money purchase pension plans and profit sharing plans.