Business Book Lovers - How am I supposed to do my payroll -please see the details below?

How am I supposed to do my payroll -please see the details below?

Hi- I am the owner of a small business and I use Quickbooks. I started out freelancing and now I have so many projects that i have another consultant working with me. Our hours are billable on some projects and some projects are set rates. How am I supposed tobe doing payroll? Are we supposed to get a certain percentage- say 45% of the project in as checks and the the rest goes into the business account? And do I remove expenses first- for example- If I found the project on a site that charges monthly access fees, do i remove those fees before processing payroll?

Public Comments

Where it me, I would pay employees off the top. You need to consider FICA and Benefits (if any) when bidding jobs. I started a business providing sales services for smaller business locally. Since there was no overhead for the businesses, I found myself overwhelmed with contracts very fast. I restructured myself as an LLC, brought on an employee, and raised my rates to offset the added expenses. This simply means I had to increase my value to the customer. This is a very easy thing to do when you use customer Imagination.
Payroll and payroll taxation are complicated matters, so your best bet is to stop worrying about it and sign up for a payroll service. There are several that come with QuickBooks. You probably want to use Assisted Payroll, since it minimizes time you spend on payroll-related issues. As to how you are "supposed" to be "doing payroll", payroll is a business expense, just like rent or office supplies. You have an agreement with your employee, whereby you pay them either an hourly rate or a monthly salary. You also have agreements with clients, who either pay you hourly rates or fixed fees. There is no relationship between the two agreements whatsoever; the clients don't care how you pay your employees, and your employees don't care how clients pay you.
you il pay payroll taxes on all of your profits after expenses...for the most part. Your best bet is to find a good accountant.
if u want information about the payrolls just go through the following website