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What is Required to Process Payroll?
Any BD company must go through a number of steps before issuing a paycheck. You will require:
- A national EIN (employer identification number)
- Any applicable state and local tax identification numbers
- Occupational tax forms (Forms I-9, W-4 and W-9)
- A bank account for taxes and salaries
- A payroll supervisor (either you or someone hired or designated by you)
- Clearly spelt out firm payroll policies in your employee handbook
- A payroll calendar
Once you’ve put everything in place, you may choose the specific payroll processing strategy that will work the best for you.