Filing A Payroll? Here Is the Entire Process
What are the steps of processing payroll?
The payroll process is complicated but the steps will make it easier for you. Now, let’s jump into the process to get a better understand on how its work.
Whenever there is any new recruitment in the firm, you need to collect all the required payroll data. Your company or the owner must hold amounts of state and federal taxes and must withhold money for employee benefits.
Here is the information that you need to collect –
- TDI forms must be filled and signed by the employees.
- Their mailing address
- Social insurance number
- Bank account details where you need to send the payment.
- The employee’s contact number
It is import to get your business registered. Get a registered business number, if you have not one yet. To find out everything about business registration you can check out the process here. In case, you have registered your business, all you have to do is call the CRA business inquiry line at 1-800-959-5525 and ask to register for a payroll account.
Well, Payroll is time-consuming but can help you to track business finances. Now as you are aware of the steps, make sure to leverage the information and amplify your organization’s efficiency.