The cost of payroll services is typically based on the number of employees on payroll.  Your pay frequency, your location,  and the services that you utilize may also impact pricing.  Time & Pay provides transparent pricing to help give you an idea of what payroll services will cost.

The best way to do payroll for a medical practice depends on your needs and budget, but you can consider outsourcing the process, using payroll software, or hiring a payroll specialist.

Regardless of whether you're processing payroll yourself, or using a payroll company, you'll still need these items:

• EIN and State Tax Accounts
• W4 and I9 for all employees
• Consistent pay frequency and check date
• Tax filing requirements and deadlines
• Record keeping requirements

Though time consuming and often complicated, employers do have the ability to handle tax filings and returns through The Electronic Federal Tax Payment System (EFTPS), can pay employees via check, maintain employee records within their filing systems, and produce year-end forms for their employees without the assistance of a payroll processing company.  More often than not, however, the peace-of-mind and time savings that outsourcing payroll responsibilities provides far outweigh the cost of those services.  Non-compliance with tax and labor regulations can also be significantly more expensive than the cost of outsourcing payroll.

Regardless of who is doing it, processing payroll consists of the following steps:

• Track and record employee hours worked
• Calculate wages and withholding amounts (taxes, benefits, etc.)
• Distribute wages to employees
• Deposit the withheld taxes with appropriate government agencies
• File employer tax returns at the applicable deadlines
• Send employees Form W-2 and other required tax forms

Businesses usually outsource their payroll in an effort to save time, reduce labor costs, and maintain compliance with tax and labor laws.  Payroll is not a revenue-generating aspect of your business, so the more time you spend on processing payroll, the less you are able to focus on growing your business.  Outsourcing payroll can also offer peace-of-mind knowing that employees will be paid and taxes will be filed on time and accurately.

Each state can have its own tax requirements and labor laws.  For example, certain states have state income taxes, while others do not.  Regardless of where your company is located, Time & Pay can help keep you compliant with local regulations.