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Paycheck

For some, doing payroll for a small business is the least enjoyable part of the job. It could become tedious and costly if not done properly and efficiently.
&nbsp;
Luckily, with these helpful 9 tips for your small business, running payroll for your employees would be easier, faster, more accurate, and more reliable than ever before.
<h2>Set Up a Payroll System</h2>
Setting up a good payroll for small businesses entails you would have to choose from three options. It could be either a;
<ol>
<li>manual,</li>
<li>outsourced, or</li>
<li>a software-based system that helps you <a href="https://www.realcheckstubs.com/blog/paystubs/best-paystub-generator-2022">calculate and manage your employees&rsquo; paychecks</a>.</li>
</ol>
So before making a decision, weigh in several factors such as budget, your number of employees, and your confidence in making a good payroll.
&nbsp;
Some small businesses still opt to do payroll by hand. Although a manual payroll may save you on initial costs, it is the most tedious and time-consuming system in the long run. It is also at a disadvantage when you have many employees and the most prone to errors, leading to a higher cost of financial repairs.
&nbsp;
If you have extra cash, you could choose to hire outside service from paycheck companies to do your payroll for you. Their assistance usually involves everything from preparing and processing paychecks to handling payroll taxes, withholding taxes, deposits, etc. However, if you have a tight budget outsourcing your payroll is most likely not an option.
&nbsp;
When setting up a payroll system, the best option is to use cloud-based software that would give you access to all payroll information in one place. It combines the best from both a manual and outsourced method. A paystub maker for a small business is a cost-effective, time-saving, accurate, and convenient way of processing information.
<h2>Understand and Follow Wage Laws and Tax Deadlines</h2>
As an employer, you should have proper knowledge and understanding of federal, state, and local wage and tax laws. You should also be familiar with essential deadlines and legal and financial obligations as a small business owner.
&nbsp;
<a href="https://www.realcheckstubs.com/generateStubs" target="_blank" rel="noopener">An online cloud-based system, such as Real Check Stubs</a>, would give you up-to-date wage and tax rates, as well as remind you of significant dates for when to file for W-2s. Online software makes sure that you are paying the correct employment taxes on the payroll for small businesses. It accurately <a href="https://www.realcheckstubs.com/blog/paystubs/the-2022-fica-limit-on-paystubs-recent-changes" target="_blank" rel="noopener">computes FICA taxes</a> (Social Security and Medicare) which you could monitor and keep track of.
<h2>Decide Carefully on Pay Schedule and Wage Status</h2>
Your payroll for a small business involves various vital decisions, including <a href="https://www.realcheckstubs.com/blog/paystubs/pay-cycle-pay-day-pay-period-whats-the-difference-between-them">pay frequency</a> and salary status.
&nbsp;
- Pay schedule or pay frequency determines when you pay your employees and how often they receive their payment. For a small business, you have plenty of options when it comes to how often you create a payroll. It could be weekly, bi-weekly, or monthly time frame, depending on the overall size of your business. If you have fewer workers, you may be able to apply more frequent scheduling.
&nbsp;
- Wage status refers to how you pay your employees, either at an hourly rate (non-exempt) or in a salary-based (exempt) amount. A payroll system for a small business would have issues if non-exempt and exempt employees. Paying your staff a salary could help you manage your payroll easier, as they would always receive the same amount each pay period. Meanwhile, paying by the hour could be more complex and tedious as you would need to keep track of the total number of hours worked.
&nbsp;
An integrated payroll software such as a paystub maker for small businesses would give you accurate calculations for your worker&rsquo;s compensations.
<h2>Establish a Standard Payroll Policy and Process</h2>
It is vital to develop and establish a standard payroll policy and process before making your first payroll. Documenting your payroll process ensures that everyone on your staff, from management to your employees, is aware of how payroll functions. If you have extra cash to spare, you could also enlist the assistance of a payroll service company to create one for you.
&nbsp;
A payroll policy would tell the members of your business how much they expect to take home when the pay schedule is and how their benefits such as leave and overtime are computed and paid. In the event that you need to hire new employees, the payroll process would make training easier and faster. Make sure to include all details of how payroll for a small business plays a role, from an employee&rsquo;s hiring and orientation to termination.
<h2>Set Your Budget</h2>
Always secure your budget for salaries and taxes when you plan to run your online payroll for the business. Include federal and state taxes, as well as Social Security and Medicare, which you as an employer need to match. You need to withhold FICA taxes from your employees&rsquo; payments each pay period and deduct them from their gross earnings. Constantly get updates of current wage and tax rates so you could better prepare and set your budget ahead of time.
<h2>Determine How Long to Keep Records and Which Document To Store</h2>
To keep yourself from getting a visit from the IRS, your payroll for your small business should maintain a good and clean record. As an employer, you should be prepared for any possibility, and the best way to do that is by keeping every form of your tax filings, payrolls, and employment documentation.
&nbsp;
According to the rules of the IRS, you should keep your tax records for at least three years and your employment records for four years. However, many experts recommend keeping all your documents for at least seven years. Moreover, you do not only need to store all records but also ensure you have good records.
&nbsp;
Consider keeping both physical and electronic copies of every document. A cloud-based software system would store all of your financial information regarding payroll. If the government ever decides to conduct an audit, you could access and check each record quickly.
&nbsp;
For your employees, advise them to<a href="https://www.realcheckstubs.com/blog/paystubs/how-long-to-keep-pay-stubs"> save their paystubs for at least three years</a> and their time cards for two years.
<h2>Secure Your Employer Identification Number</h2>
As an owner, you would need to have an employer identification number (EIN). You would also need your EIN before listing employees on your payroll. The EIN identifies your small business for tax purposes, much as the Social Security number (SSN) identifies you.
&nbsp;
If your business is a corporation or a partnership, you should have an EIN. However, if you do not have a number, you would need to acquire one through the IRS. Additionally, depending on the location of your business, you might need to apply for a state-level EIN aside from <a href="https://www.realcheckstubs.com/blog/paystubs/where-to-find-fein-number-on-pay-stub" target="_blank" rel="noopener">the federal EIN</a>.
<h2>Complying with the IRS</h2>
Ensure that you need to ascertain that all your payroll documents comply with the Internal Revenue Service (IRS) before filling out any required forms. This means you would also need to make sure that you organize your payroll for your small business. Doing these measures would help you to protect your company from IRS fines and penalties effectively.
&nbsp;
You should also guarantee that your employees have an employee identification number (EIN) when running payroll. Make yourself familiar with employment and payroll compliance laws. The IRS provides information on their online website if you need additional assistance.
<h2>Regularly Audit Your Payroll System</h2>
Even with an automated payroll system for your small business, you should still regularly audit your records. This adds a layer of protection for your business, allowing you to avoid any issues. It would help you identify misclassifications and find any employees no longer working for you. Auditing could also spot accidental errors made by employees on their timecard entries.
&nbsp;
If you use software, you should always remember that they are not a perfect technology. An online payroll for business would definitely make your job easier and faster, but do not rely on it entirely. Review the numbers and reports to check for accuracy and compliance.
&nbsp;
You could also opt to hire the service of paycheck companies. They have systems that would ensure accuracy, and they guarantee to keep updated with the latest laws and regulations. Rest assured that these companies know how to run payrolls thoroughly and adequately.
<h2>Conclusion</h2>
As an employer, doing payroll for your small business could be a smooth and fulfilling experience when you consider the best practices. Setting up a good system, understanding and following wage laws and tax deadlines, deciding on a pay period and salary rates, creating a standard payroll policy and process, setting a budget, keeping records, securing your EIN, complying with the IRS, and regularly auditing your payroll are some of the best advice that would help you run a good payroll.

According to the rules of the IRS, you should keep your tax records for at least three years and your employment records for four years. However, many experts recommend keeping all your documents for at least seven years. Moreover, you do not only need to store all records but also ensure you have good records.

How Long to Keep Tax Records?

Get the best payroll advice for small businesses.  Maximize efficiency and protect your business with our expert tips about paycheck stubs.

Best 9 Payroll Tips For Small Businesses

Best Payroll Advice For Small Businesses

&nbsp;
Online salary slip maker&nbsp;with its array of features such as its pay stub template for 1099 employees and employee payroll calculator could give you a huge advantage when it comes to making your job of issuing pay stubs easier.
They are one of the must-have tools in a business owner&rsquo;s arsenal to give him or her the edge when it comes to dealing with employee matters.
Whether you are a small or large company employing thousands of workers, <a href="https://www.realcheckstubs.com/blog/paystub-generator/the-best-paystub-generator" target="_blank" rel="noopener">online pay stub creators</a> would always come in handy.
&nbsp;
<h2>What Is An Employee Pay Stub?</h2>
Let us first answer the question of what a paycheck is. A paycheck is a check that the employer gives to an employee as compensation for any or all services or work rendered to the company. 
Paychecks contain your employee or contractor's name and their net income (salary) accumulated for a week, two weeks, a month, or the duration of a contract.
&nbsp;
<img src="https://www.realcheckstubs.com/media/realcheckstubs.com - check stub.jpg" alt="What is a paycheck?" width="1280" height="754" />
&nbsp;
Although some employees receive their salaries in cash, employers nowadays give wages through paychecks. The employees would then have the option to cash in their payslips in banks or choose to have the check deposited into their accounts. Paychecks serve as proof that you have paid your employees or your contractor. As required by the Fair Labor Standards Act, paychecks come with an attached employee pay stub where various denominations are listed. This information is a crucial part of running a business.&nbsp; Paycheck stubs, also known as pay stubs, payslips, or salary slips, document and outline the details of how much your employee earns within a pay period and the year-to-date (YTD) payroll. Pay stubs provide a breakdown of employee earnings statements, including hourly or daily pay, <a href="https://www.realcheckstubs.com/blog/paystubs/gross-pay-vs-net-pay-on-a-pay-stub-what-the-difference">gross and net income</a>, taxes, deductions, and even benefits. You could create pay stubs for employees either manually or digitally through an online salary slip maker. They could receive them printed on paper attached to physical paychecks or view an electronic copy using an online payroll system. Providing payslips creates transparency between you as the employer and your employees regarding their income. This would also make you a more trustworthy employer, giving them confidence in their work.
<h2>What Information Is On Your Pay Stub?</h2>
 Pay stubs are a great way to help you and your employees keep track of work hours, payments, salaries, taxes, and deductions. Each detail of a payslip helps employees recognize and understand how their total take-home pay or net income was computed from their gross wages. The following are the vital information you would need to make pay stubs for employees more effectively and accurately.
<h3>1. Employer and Employee Information</h3>
First, an employee pay stub includes identifying information for both the employer and the employee. Salary slips commonly include the employer's name and logo (if any), address, and contact information. Meanwhile, the employee's part also includes their name, address, social security number, employee number, and position in the company. Make sure to input these items thoroughly and accurately to avoid any conflict or confusion. Next, the employer breaks down the salary statements into 3 categories:
<ol>
<li>Gross income; deductions, taxes,</li>
<li>Contributions; and</li>
<li>Net income.</li>
</ol>
<h3>2. Gross Income</h3>
Gross incomes include the payment you owe to an employee before taking out any mandatory deductions, taxes, benefits, and other charges. Generally, gross wages are the base income of an employee, as stated in their employment contract, and the basis for all subsequent computations. An employee's gross income information comes down to two items: the current gross wage for the pay period and the year-to-date (YTD) totals. Depending on the type of employee or contractor, whether paid salary or hourly, calculate their gross pay accordingly.
For salaried workers, divide the yearly salary by the number of pay periods, usually in months, in a year (YTD). Meanwhile, hourly-paid workers multiply their hourly fixed rate by the total number of service hours rendered. Gross pay could also include additional income an employee could earn, such as sick pay, bonuses, advance pay, holiday pay, among others. <a href="https://www.realcheckstubs.com/blog/paystubs/how-to-calculate-adjusted-gross-income-from-pay-stub">Correctly computing the gross pay</a> includes the following items: Pay Rate &ndash; One of the first items to enter when creating a pay stub for employees is the agreed-upon pay rate, <a href="https://www.realcheckstubs.com/blog/paystubs/pay-cycle-pay-day-pay-period-whats-the-difference-between-them">whether hourly, weekly, or monthly</a>. This shows the amount due for a pay period and would serve as the basis for the total gross wage. In some instances, the rates could differ from regular hours depending on the types of hours, such as overtime, double-time, and working holidays. Meanwhile, the pay rate for contractors depends on the hours worked or the service is done as per the contract. Hours or Service Rendered &ndash; Employee pay stubs would include the total hours worked within a pay period. Aside from regular hours, an employee could render various types of hours, such as overtime and double-time. When making pay stubs, itemize each type of work hour, and separate them into the appropriate YTD and current columns.
&nbsp;
<img src="https://www.realcheckstubs.com/media/realcheckstubs.com - paystub generator.jpg" alt="calculate gross income" />
<h3>&nbsp;</h3>
<h3>3. Taxes, Deductions, and Contributions</h3>
Mandatory taxes, deductions, and contributions reduce the worker's take-home pay. An employee earnings statement lists each item to see the amounts deducted from their gross income. Taxes and deductions are also categorized into two columns: the current deductions and the year-to-date amounts. Payslips include the following common taxes and deductions:
<ul>
<li>Employee Taxes &ndash; These are the mandated taxes employees pay according to regulated policies in a country, state, or local government. Government agencies such as the IRS tax the worker's salary usually based on a fixed percentage. On the employee pay stub, enumerate all taxes with their corresponding deducted amounts for the current pay period and the year-to-date. Common taxes include: </li>
<ul>
<li>Federal or Central Taxes &ndash; Employees pay these mandatory taxes as they work in a particular country. All working citizens, even non-citizens, are required to pay the federal taxes according to the nation's policies. This is the annual income tax liability calculated by multiplying a percentage to the gross income as the basis. This also includes<a href="https://www.realcheckstubs.com/blog/paystubs/the-2022-fica-limit-on-paystubs-recent-changes"> the employee's share of the FICA tax </a>and their social security tax. </li>
<li>Applicable State and Local Taxes &ndash; These are the taxes specific to a province, state, or local government and differ based on specific policies. </li>
</ul>
<li>Deductions and Benefits &ndash; Employee pay stubs should also show specific insurances, benefits, and deductions. These items could vary depending on the benefits you provide as an employer. </li>
<li>Insurance benefits could include health, dental, disability, family, or other comprehensive benefits you could provide. In creating pay stubs for employees, you automatically deduct employee contributions to these benefits directly from their gross income and deposit them into their accounts. These benefits are then released when workers are due for reimbursement or when applicable. In some cases, employees would want to increase their contributions, which means the deductions their gross pay also increases accordingly. There is also the case of salary garnishments where a court could mandate you to automatically deduct a specified amount from your employee's salary based on their liabilities to their spouse, children, or creditor. </li>
<li>Employer Contributions &ndash; As the employer, you have an obligation to pay certain contributions to your workers&rsquo; behalf and reflect them in the employee pay stub. However, these amounts are not deducted from their gross income. They are your responsibilities as an employer towards your employees. Your contributions include the employer's share of <a href="https://www.realcheckstubs.com/blog/paystubs/what-is-fica-on-my-paystub" target="_blank" rel="noopener">the FICA tax</a>, <a href="https://www.realcheckstubs.com/blog/tax/what-is-futa-overview-of-futa-tax-rates-calculations-credits" target="_blank" rel="noopener">FUTA tax</a>, and <a href="https://www.realcheckstubs.com/blog/tax/what-is-suta-tax-rates-obligations-calculations" target="_blank" rel="noopener">SUTA tax</a>. Your responsibility could also extend to employee benefits such as medical and dental benefits, retirement plans, and insurance premiums. Itemizing your contributions would make you a more trustworthy employer, ensuring that your employees are cared for.</li>
</ul>
<h3>4. Back Pay</h3>
Back pay or dated pay is the amount you owe your employees that have not yet been released, such as pending payments carried over from the previous pay period or any reimbursable payments due. However, keep in mind that back pays are also subject to taxation based on the year they are paid and not the year they were supposed to be paid. Computations on back pay should be created in a separate pay stub and given at the same time as the current payslip.
<h3>5. Net Income</h3>
Starting from the gross income, then subtracting all applicable taxes, deductions, contributions, and other charges, you would arrive at your employee's net income. This is the exact amount a worker would take home without the worry of other taxes or deductions. Net income or net pay is the amount you write on your employee's paycheck, or if they choose so, directly deposit into their bank accounts. The payslip records and keeps track of net incomes, and since the pay stub details all earnings and deductions, your employees could quickly check for accuracy.
<h2>Employee Pay Stub Templates</h2>
Making employee pay stubs online is an easy and effective way of generating a payroll system. Online generator Real Check Stubs provides employee pay stub templates and payroll calculators, making your job stress-free. Online salary slip maker Real Check Stubs would also guide you on <a href="https://www.realcheckstubs.com/blog/paystubs/3-steps-how-to-make-check-stubs-online" target="_blank" rel="noopener">how to make pay stubs for employees </a>in three easy steps. You could rely on salary slip creators to help you from selecting and filling out a pay stub template to previewing and downloading. Choosing a sample pay stub for 1099 employees to give you the best impression of a professional image has never been easier with Real Check Stubs&rsquo; platform. We have all the information you need to create a pay stub for employees and compute salaries accurately. In any case, all templates are designed to minimize errors and help you keep track of payments systematically. Employee pay stub templates also allow you to create and edit small changes, giving your payslips a layer of authenticity. You could even use barcodes to improve security and for easy tracking and relocation.
<h2>Why Do Employees Need Paychecks?</h2>
As stated earlier, a paycheck is a check that you, as an employer, give to an employee as compensation for any or all services or work rendered to you or your company. Put simply, paychecks contain the amount you owe your employee for their work. They are one of the most popular payment methods you could use to compensate your employees.
&nbsp;
<img src="https://www.realcheckstubs.com/media/realcheckstubs.com - paystub maker.jpg" alt="Why Do Employees Need Paychecks?" /> 
 There are a few ways on how to make paychecks for employees: - Paychecks could come in a more traditional way by manually writing your employees' names and their salary individually on a physical check. However, handwriting a check each pay period could be very time-consuming and exhausting, especially if you have many workers. To avoid this problem, you could simply print them on paper making your job easier. - The increasing digitalization of business processes also paved the way for giving out checks electronically. Even small businesses are now using wire transfer systems rather than issuing physical checks. - Employees could view their electronic paychecks through a company website you provide. This method also saves you money from periodically printing and processing checks and reduces the chances of fraud. However, electronic employee paychecks are more commonly used for payments directly deposited to employees' bank accounts. This poses a challenge for those who do not have an account. In any case, you should still be able to give out checks physically, if requested. Using paychecks as a payment method has its advantages as opposed to using cash or cards. Here are some advantages of using this method: 
<ul>
<li>- Sending checks through mail keeps your employee's money a lot safer than sending cash. </li>
<li>- They are less stolen as thieves cannot cash in the checks without proper identification. </li>
<li>- It makes your employees less of a target as opposed to them carrying cash after payday. </li>
<li>- You could trace your issued paychecks to employees as you are notified of their use. </li>
<li>- Your employees do not need to have bank accounts to cash their payment checks, making it more convenient.</li>
</ul>
<h2>Conclusion </h2>
&nbsp;
Using an online salary slip maker such as <a href="https://www.realcheckstubs.com/generateStubs" target="_blank" rel="noopener">Real Check Stubs</a> is an efficient and effective way of creating pay stubs for your employees. However, understanding the basics of what an employee pay stub is and knowing which information is needed is the first step in making check stubs for employees with the full potential of payslip generators.

Easily create professional employee pay stubs with our online salary slip maker. Streamline your payroll process and save time and money.

Create Employee Pay Stubs with Online Salary Slip Maker

Employee Pay Stub - Online Salary Slip Maker

You're unique and there's an argument that your paycheck stubs should be unique as well.
<h2>Customize Your Stub</h2>
Our site allows you to make small changes that completely <a href="https://www.realcheckstubs.com/blog/paystub/customizable-options">customize the look of your stubs</a>. For instance, you can change the background on the stubs to a background with more lines, darker and lighter, and different paper textures.
These unique backgrounds provide your paycheck stub with a custom look that adds a layer of authenticity.
<h2>Make Your Own Paycheck Stub</h2>
The process to make your paycheck stub unique is easy. Literally, a click of a button changes the background and gives you a custom paycheck stub.
Creating your own paycheck stub is already easy and simple using our site and now customizing your stub is just as easy.

Your paycheck stubs should be unique. Discover 16 different templates of Real Check Stubs and customize your stub by one of them.

Reasons to Customize your Pay Stub | Check Stub Maker

Why you should customize your paycheck stubs

ASHLEY

I'm a new customer . I will like to say this was easy fun and very quick . i most certainly will do this again.

GOASH

Yoshi T.

I'm a returning customer. I'll never use any other service.RCS is the best!

jimmy williamson

Mina

This is so fast and easy to do and to get your stubs easily and fast then ever ! I recommend!! Great low price compared to other company!!

Great service !!

David

I want to leave a 5 star review. I had got in contact with customer service to let them know I had mess up on the check stubs. They responded back fast and gave me a complementary adjustment for free. They was very professional and understanding. I would like to say thank you and this will be my number one go to if I need check stubs. Thanks once again.

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