Hiring top-quality employees is one of the most important facets of small business administration. Do you know how to make the hiring process work to your advantage?
This small business video minute advises you on the right steps to take to ensure you make the best possible hiring choices. Creating a formal job description and using targeted recruiting are two important issues. And, during the employee screening process, it's crucial to listen to the prospective hire.
Welcome to the SurePayroll minute.
I’m Michael Alter.
Did you know that you’re responsible for reporting new hires to the relevant governmental agencies, and keeping certain new-hire information on-file and up-to-date?
States require employers to submit new hire information in a timely manner.
If you’re using a payroll service, they may do this for you... when you add an employee to your payroll.
If not, be sure to check with your state agency to understand their requirements and filing deadlines.
In addition to submitting state information, you’ll need to collect federal forms from new employees.
For example, Form I-9 establishes the legal eligibility of the employee to work in the United States.
You must retain this form for 3 years following employment or 1 year following their termination, whichever is later.
Form W-4 establishes how much income taxes should be withheld from an employees’ paycheck.
You must retain this form for 4 years.
If your business doesn’t have a formal process for collecting, storing and submitting new hire information, you should create one.
It can save you a tremendous amount of time AND save you from paying IRS penalties.
For the simple answer to small business issues, I’m Michael Alter with your SurePayroll Minute.
