Getting Started With Payroll

Getting Started With Payroll

Thanks for choosing us for your payroll needs. In order to move forward, the first question is what do we do and what do you do. We can manage the entire process from getting the Employer ID to completing both Workers Compensation and Disability policies, which are required under state law. Our fee for doing this is very competitive and most new clients choose us to do this, since we are experienced in navigating down this path.

Alternatively, to can do these steps on your own. Our motto is open and upfront communication all the time. The steps that are necessary in getting payroll up and running are as follows:

Employer Requirements

1. Obtain a Federal Employer Identification Number (EIN) This can be performed over the phone in 20 minutes - Call 800-829-4933	For Fastest Service, Perform Online via IRS Website
2. Completion of Form NYS-100 (For New York State Payroll) This step is dependent upon having the Federal EIN in Step 1 completed
3. Get a Workers Compensation Policy (for Household Employees from the New York State Insurance Fund Website
4. Get a Disability Policy Quotes from the New York State Insurance Fund Website

Redlig Financial Services requires copies of all the completed forms, but as the Employer, it is also your responsibility to keep them on file as well.

Once we have this information, we will also need the following pieces of information to set up the payroll:

From Employer:

For Employer Worksheet, Click Here

Full name and Address and contact information. Most of this can be taken off the SS-4 form (however if you fill this out on-line, you will get a hard copy in the mail a few weeks later).
Email address
Pay Frequency (Weekly, Bi-Weekly, Bi Monthly)
Who is keeping track and Inputting Payroll for Hours Worked (responsibility for this must be clearly spelled out)?
Bank Account information, including ABA number and account number for the account that is going to fund payroll. (A copy of a blank check is best for this).
Any specific policies I need to be made aware of (such as Vacation, Holiday Bonus, Pay Rates for Working on Holidays, Sick Leave, etc).
Signed electronic Authorization forms for both Federal and State Tax Filings (This will be sent to you once payroll set-up process has commenced).

From Each Employee:

For Employee Worksheet, Click Here

Completed IRS Form W-4
Completed Immigration and Naturalization Form I-9
Email address (if applicable)
Bank Account information, including ABA number and account number for the account that is going to receive payroll funds. (A copy of a blank check is best for this)

Have These Questions Been Answered?

Who is keeping track of Hours?
Who is Inputting Hours into Payroll System?
How is the employee (s) obtaining their paystub?
Will there funds available in the employer funding account to ensure there is no problem funding payroll (and avoid incurring unnecessary bank charges)?