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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:

  1. A national EIN (employer identification number)
  2. Any applicable state and local tax identification numbers
  3. Occupational tax forms (Forms I-9, W-4 and W-9)
  4. A bank account for taxes and salaries
  5. A payroll supervisor (either you or someone hired or designated by you)
  6. Clearly spelt out firm payroll policies in your employee handbook
  7. 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.