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Payroll Software: Mid-Sized Business (101-2500), 944, Deduction Calculations
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By John Henshell
Accounting
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Make payroll easier with an accounting suite, payroll software or an online service.
Calculating payroll taxes, computing employee deductions, writing checks — a payroll system can be tedious and time-consuming. That's why, traditionally, business owners have hired payroll services to handle the chore for them. These days, however, a growing number of business owners are opting to tackle the task with easy-to-use payroll software programs. Payroll solutions generally include some combination of the ...
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Business Size (Employees)
Choose a payroll software solution based on business size (number of employees): small business (0-100), mid-sized business (101-2500) or enterprise business (more than 2500).
- Small business (0-100) payroll software usually comes pre-packaged in a format specialized to suit small business needs.
- If you are a mid-sized business (101-2500), you can opt to purchase pre-programmed business payroll software or can choose to have it customized to fit your more complex needs.
- For enterprise businesses (more than 2500) that face multifaceted issues and may have employees spread around the world, business payroll software solutions will resolve the complexities of payroll including differing tax laws from location to location.
Payroll software solutions typically include tax forms such as 940, 941, 944, 1099, W-2 and W-3.
- Choose software that includes the 940 form, used to report annual Federal Unemployment Tax Act (FUTA) taxes, which is paid by employers to help fund federal unemployment benefits.
- All payroll systems come loaded with 941 software. Form 941 is the employer's Quarterly Federal Tax Return that reports each employee's wages and tips and the withholding that you've taken out, including Federal income taxes, Social Security and Medicare.
- Your payroll processing software will also include Form 944, the annual reporting version of Form 941.
- If your business uses independent contractors or you pay interest income, you'll want help with 1099 (1099-MISC) forms. Form 1099 software can be an extremely helpful tool in printing out and distributing these forms.
- Your payroll software assists in printing and distributing payroll W-2 forms, employee wage and tax statements that you must provide annually to all employees.
- Payroll processing software also includes W-3 forms that enable employers to transmit each employee's W-2 wage and tax statement to the IRS.
Choose between web-based or desktop payroll processing solutions.
- Web-based or online payroll software enables users to log on to a secure Internet site and enter payroll information without buying multiple software licenses.
- Desktop or PC-based payroll software is beneficial for businesses that do not have multiple users.
Payroll processing software offers features such as direct deposit, check printing, deduction calculations, accounting system integration, role management and multiple licenses, and may have a demo available.
- With direct deposit payroll software, you eliminate the hassles of check printing and distribution.
- Payroll check printing software lets you print paychecks directly from the software application, virtually eliminating errors.
- Deduction calculations comes as a standard feature in most applications, automatically deducting employee benefits like 401k contributions, taxes, Social Security and Medicare payments.
- Accounting system integration makes payroll software solutions work with existing accounting software such as QuickBooks.
- Role management allows HR employees access only to portions of payroll software solutions that apply directly to their role.
- If you have more than one employee managing your payroll software solutions, you will need multiple licenses. This means you need to purchase a payroll accounting software license for each user.
- Before you purchase payroll software, check with each brand that you are considering to see if they have a payroll software download demo available.
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