Q: LLC is looking to take on its first&only employee,the job is all online work from home, how do I do it+what should I no?
To be more specific what taxes? how and when are they taken out? do I do them for employee? and for such a simple job will I need to give the employee any benefits? get insurance(s)? anything?
What else should I know? Anything and everything helps. Thank You!
Note that I'm not a Michigan lawyer, and I can't tell you about specific Michigan requirements, such as whether you need to buy workers' compensation insurance or pay into the unemployment compensation program if you have just one employee. (My guess is that the answer to both is yes, but I don't know.)
With respect to withholding taxes, I advise my clients to pay someone to do that for them, from the very beginning, starting with their first part-time employee. You CAN do it yourself, but unless you have experience in accounting or bookkeeping, the odds are good that you'll eventually make a mistake. Find a good payroll processing company, There are large, nation-wide payroll processors, and there are local ones. I can't say that one is necessarily better than the other. If you know other small business owners, ask them how they handle payroll. Do enough research and ask around enough to satisfy yourself that the one you choose is reputable, provides good services for a reasonable price, and does not appear to have a history of making mistakes (to the extent you can get that sort of information). A good place to start is always the Better Business Bureau, but don't stop there. Another option is to have your accountant handle your payroll, if he or she does that. (Don't have an accountant? Get one. And a lawyer.) Many accountants, especially sole practitioners, don't do payroll processing because they can't compete with the companies that make that their business, but it's still a good option, although you may pay a bit more.
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