Business
In the age of COVID-19, many people are taking advantage of a slower-paced world by finding opportunities to grow their businesses. As a result, some have transitioned to a place where they may need to hire help and are seeking guidance on how to appropriately pay the people doing work for them. If you’re one of those people, do you know what payroll really means?If you’ve asked questions such as, ‘What is payroll? How and who can I pay? When do I pay myself? What about state and federal withholding?’, etc.-- we have you covered.On this week’s episode, we’re diving into:The DO’s and DONT’s of payrollHow to select the business entity type that is most tax advantageous for youThe importance of documentation reflecting how you’re paying people in the event that you’re audited, and more!As always, thanks so much for being here – your support keeps Little Fish Accounting swimming. To learn more about us, visit www.littlefishaccounting.com, find us on Instagram (@littlefishaccounting), on Facebook (Little Fish Acctg), or email us at hello@littlefishaccounting.com We also love hearing from our listeners! How’d you like this episode? Visit us on Instagram and let us know via DM or send us an email at podcasts@littlefishaccounting.com .Episode Links and more:We recommend using Gusto, an all-in-one platform that supports small business owners with onboarding, payroll, and insurance. We especially like their payroll system as it’s so straightforward and intuitive. Here’s a link to check them out. Podcast Vocabulary WordsBusiness entity type We’ll be discussing these four - sole proprietorship, LLC, partnership, & S corpPayroll taxesOwner’s draw