When to hire employees for small business
In a few cases, like in a restaurant setting, hiring employees may be necessary from your first day in business. More often, a business owner will handle all aspects of their business until they realize it’s too much for one person to manage. Here are some questions to answer when considering whether to add an employee. Do you want help? Can you afford help? What type of employee do you need?
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Some do’s for hiring
When it comes to your employee or employees, some forms, such as Form I-9 and the W-4 form, are required. In addition to federal aid, many states in the U.S. collect income taxes and require a form to calculate state tax withholding; employees must complete the form before receiving their first paycheck. Contact your state department of revenue to find out the requirements for your state. Also check with your local department of labor to determine whether there are other documents you are required to maintain.
Paying employees fairly, legally and on time is a crucial part of running a business. But with taxes, tracking paperwork and setting a payroll schedule, it can be hard for busy business owners to know where to begin. As your business grows and your number of employees increases, it would help immensely to be familiar with the legal requirements around payroll, have a set schedule and create a master plan for maintaining payroll and related tax records.