9 Steps to Make Payroll in Nevada a Breeze
As someone who has had to take care of Nevada payroll, you know that it can be quite a headache — especially if you’re just starting out in your business and aren’t sure where to start. But with this simple guide, you’ll be able to handle payroll in Nevada like a pro, saving yourself plenty of time and stress along the way. The first step is always the most important, so let’s get started!
Step 1: Determine how many employees you have
When it comes to payroll, it’s all about the numbers. The number of employees you have is what determines the complexity of your payroll and whether or not you need to hire an accountant or bookkeeper. But first, let’s discuss how many employees are considered small, medium, and large.
Small businesses typically have 5-10 employees on their payroll and focus on company growth and profitability. Medium-sized businesses have 10-50 employees on their payroll who focus on profits but also spend time with their families outside of work hours. And finally, large companies typically have 50+ employees on their payroll who are focused solely on growth but work more than 40 hours per week.
Step 2: Choose which employees will receive pay from your business
There are two methods for paying employees: salary or wage. With a salary, an employee is paid one sum on the 1st and 15th of every month or at any other date determined by the employer. With wages, an employee is paid their paycheck based on hours worked, e.g., $10 per hour for 40 hours per week for 2 weeks (160 hours). If you choose to pay employees by salary, you may need help from payroll service providers like ADP to process your payments – just one more expense to worry about. If you are interested in keeping costs low and prefer not to deal with payroll companies, you can use a direct deposit method so that employees receive their pay through banking institutions – another cost-saving tactic that makes payroll processing simple and efficient.
Step 3: Determine whether you want to outsource payroll duties
Of course, the other option is that you hire a payroll service. This may cost more than doing it yourself, but it does make things easier. In many cases, payroll providers can offer benefits packages for your employees or even discounts for you as an employer. They can also take care of collecting payroll taxes and saving employee information so that your company can stay compliant with all state and federal laws. It’s really up to you if you want to outsource this work or not, but either way make sure that you have what it takes before doing any paperwork!
Step 4: Gather all necessary documents
Collecting the necessary documents may seem overwhelming at first, but there are ways to keep your paperwork organized and streamlined.
1. Start with the most current pay period. Get each employee’s W-2 from last year’s employer and take note of their tax withholding from last year on this current pay stub.
2. If they don’t have a copy of their W-2 handy, ask them for an alternative document that has the same information such as their Social Security card or birth certificate. Next, create an Employee Information Sheet for each new hire. Here you will include all relevant information such as SSN and other government IDs, birth date, mailing address, phone number(s), etc. Add any notes you want about how often they get paid or if they require direct deposit or paper checks (i.e., health insurance requirements).
3. Next is deductions: What federal taxes do they owe? What state taxes do they owe? If your company offers retirement benefits through a 401k plan, then is it set up? If so what percentage will be deducted monthly?
Step 5: Prepare your payroll taxes and payments
The IRS, the state of Nevada, and the state Unemployment Insurance Fund require you as an employer to contribute taxes on wages paid. Form 941 is used for federal payroll taxes and NUA-2 is used for unemployment tax. These need to be prepared monthly on form W-3, an information return form. The last step is that these forms are filed with the government by filling out their respective versions of these forms which can be done through any one of the following: electronically filing it online or mail it in or mail them along with payments due.
How To Do Payroll In Nevada
Learn how payroll works in Nevada for businesses of all sizes! This resource provides useful information about steps needed to pay your employees and stay compliant.
Step 6: Submit your completed forms, tax payments, etc.
Once you’re all set up with an account and business number, it’s time to submit your completed forms, tax payments, etc. You’ll find this part of the process simpler than the rest. Simply mail or email your forms and payment with any other necessary attachments over to the assigned address (check out this list of addresses for some guidance). Alternatively, you can drop off the packages in person at these locations if you prefer. Once they receive them, your work is done!
Step 7: Prepare checks for paying your employees
Prepare payroll checks. The final step is preparing the payroll checks and sending them out with paystubs so that your employees can be paid. To do this, you will need the necessary banking information for each employee as well as their earnings amount. If you are printing your own checks, the bank routing number should be located on top of your personal check or underneath it (whichever side has a 4-digit long number). If you are ordering checks from an online company like Checks Unlimited, this information should be listed there too and it will vary depending on what type of account you have at the bank.
Step 8: Distribute checks by hand or mail
You’re finally done paying your employees, and now it’s time to pay yourself. Your job is as important as theirs! You need to issue yourself one final paycheck and then decide if you want the option of either handing out the checks by hand or mailing them.
1) To hand out checks by hand, find all the necessary documents for each person such as their W-2 or Social Security card, and have those ready with you.
2) If you’re mailing them, print out the check at home before leaving for work.
Step 9: Follow up with employees on their payroll information
We make sure to follow up with employees on their payroll information after we update it. This way, if there is ever an issue, we know who to contact and what the payroll needs are. We also ask that our employees call us if they experience any difficulties with the new system so that we can find ways to make it easier for them going forward.
While the last step has proven most helpful for us, it may not be right for every business. The only thing you have to remember is knowing what works best for your business will help you streamline everything else!
