Jane Peterman:

I've set up the payroll software through Quickbooks to issue the first payroll on November 15th. The enhanced payroll software takes care of reporting, saving my time. The cost is $24 per month plus $2 per employee. I may have to subscribe to Wells Fargo Quickbooks services which is about $15 per month. It will take me some extra time to set up and then run the payroll. I charge OSI $100 per hour. I have started on the disability insurance and expect to have a couple of quotes today or tomorrow.

The OSI payroll expense besides the salary amount includes:

  • Social Security taxes (6.2% up to the annual maximum)
  • Medicare taxes (1.45% of wages)
  • Federal unemployment taxes (FUTA) (depends on employer history) (6% of first $7000 in salary)
  • State unemployment taxes (SUTA) (probably applies in New York) (offsets some of the FUTA if required)

The employee is responsible for deducted income taxes, social security taxes and medicare (employee portion), disability insurance

We will be making deductions for taxes and disability insurance and making tax deposits through the payroll software.

The initial payroll will be prorated from November 8th. If Patrick would like to receive direct deposit he should give me deposit information, the routing number and account.

We are at the mercy of the banking system in executing transfers so this may not happen for the first payroll. I've set up direct pay through Wells Fargo but I'm not sure this is the best since they take 4 to 5 days to execute the payment. I'll be intensely involved until everything is set up and running smoothly.

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Created by Patrick Masson on 2013.11.29 at 21:03:20 PST
    

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