If you’re a new business, you’ll have to apply for an EIN. The IRS issues this number so it can identify your business. Your first step is to set up an EIN with the IRS. How to do payroll: 8 easy steps Step 1: Find your employer identification number. However, you can still process payroll manually – in eight steps – and if you’re a small business owner who employs only a few people, it may be worth learning how to do payroll on your own.
For example, if you enter deductions or file payroll taxes incorrectly, you could expose your business to severe liability.
The challenge of processing your payroll is what you may miss. Processing payroll by yourself can be complex, and if you’re doing it for the first time, it’s crucial to consult an expert before you get started.
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