How do I pay payroll to my employees?
- First make a file for payroll for the current year, use it for all payroll correspondence for that year.
- Have employee fill out W-4 so you know what they are claiming.
- Figure the employees' gross by multiplying the hours times the rate.
- You can use this payroll link: http://www.paycheckcity.com/calculator/netpay/us/new%20york/calculator.html
- Figure the FICA or social security and Medicare (same thing, different words) by multiplying the gross by 7.65%.
- Figure the Federal withholding(FWT) and State withholding(SWT) by going to the table for married or single weekly pay based on what the employee is claiming. Than follow the column across to the number of exemptions they have claimed and than look down the row for the gross wages you are paying and enter the amounts on their payroll cards.
- You are allowed to deduct from wages 60 cents per week for disability.
- You are also allowed to deduct from wages health insurance premiums.
- Write in all the information on the payroll card showing gross to net, for your own reference you can put in the check number.
- Getting your information to accountant by due dates.
Attention: All employers
All newly hired employees are subject to a "New Hire Reporting Law". This law is to catch "dead beat" moms and dads so that child support payments can be deducted from their pay. Even if you're positive that a new person is not a "dead beat" parent, the form still has to be sent in. Newly hired employees are defined as all new employees hired from October 1997 on. This is to be done indefinitely for all new hires. A fine of $20 per employee is now being imposed if the form is not sent in. As an employer you must provide NYS with the following information:
- A copy of a filed out W-4 signed or unsigned by the employee with their name, address and social security number.
- Your business name, address and Federal ID Number on the bottom of each W-4
If any employees have not been sent in, send them in now.
Mail copy to:
New York State Department of Taxation and Finance
New Hire Notification
PO Box 15119
Albany, NY 12212-5119
or Fax copy to: