- Payroll processingBi-weekly or semi-monthly payroll with direct deposit.
- Payroll tax filingsFederal Forms 941 and 940, plus New Jersey and New York quarterly payroll returns.
- Year-endW-2s and W-3 filed by January 31.
- Worker classificationGuidance on employee versus independent contractor status.
Why payroll mistakes are expensive
Payroll taxes withheld from employees are held in trust for the government. If they aren't paid over, the IRS can assess the Trust Fund Recovery Penalty personally against the owners and others responsible, even if the business is an LLC or corporation. Late deposits and late filings carry their own penalties. Getting payroll right is not optional.
What we file
- Federal: Form 941 (quarterly), Form 940 (annual federal unemployment), and Forms W-2 and W-3
- New Jersey: quarterly Forms NJ-927 and WR-30 and the annual reconciliation
- New York: quarterly Form NYS-45
S corporation owners
If you've elected S corporation status, you need to be on payroll and pay yourself reasonable compensation. We set up owner payroll correctly, including the treatment of health insurance for more-than-2% shareholders.
Frequently asked questions
Can you run payroll for a business with just one employee or just the owner?
Yes, including S corporations where the owner is the only employee.
Is someone an employee or an independent contractor?
It depends on behavioral control, financial control and the relationship between the parties, and New Jersey applies its own stricter test. Misclassification can bring back taxes and penalties, so it's worth reviewing before you hire.
Can you take over payroll mid-year?
Yes. We'll bring over year-to-date figures so W-2s are correct at year-end.
Do you handle payroll in states other than New Jersey and New York?
Contact us. We can review your situation and multi-state payroll obligations.