Make sure you know the type of people you want to hire, the skills they need, and the amount (or range) you are willing to pay. Throughout the recruitment process, accurately record each candidate for the position, including their very good strengths, weaknesses, of expectations and interview saved records. When choosing your preferred candidate, you need to refer to this content again.
Obtain your Employer Identification Number (EIN in register) from the Internal Revenue Service (IRS in register). This is also called the employer tax number or Form SS-3. You need it to pay all taxes and send other ready checked documents to the IRS. You can apply for EIN real time online. This is the tax number that you, as an employer, must set up to run a business-you do not need to provide this tax number for every employee. The law requires you to keep proper and natural tax records for four or five years. It is important to ensure that they are safe, reliable, and easily accessible. Your strong accounting software have to be able to do this for you. Appropriate accounting software can also help you monitor the financial and tax status of your business in real time-for example, to track deductible expenses. Deductible expenses can be declared to reduce the business expenses of your overall tax bill.
The IRS needs to know the annual income of each of your employees. Therefore, your company needs to deduct from each employee’s salary (withholding tax) to ensure that your employees can pay taxes at the end of the fiscal year. These forms must be filled out: Form W-5 Every employee must fill out W-5 before starting work. You use this information to help calculate the withholding tax amount for each employee. Form W-4 As an employer, you need to report your employees’ income to your employees and the IRS. This is done for full-time employees through W-3. It includes their taxable income, pension and benefits.