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Accounting At Your Fingertips, 2e by George Murray, CPA.

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8.1 Setting Up Payroll

Obtaining a Federal ID Number

Authorizing New Employees

Employee or Independent Contractor?

Implementing System Safeguards

Outsourcing Payroll Services

Determining Pay Periods

Here we take you through the basics of setting up a payroll system. You learn what you need to do to comply with federal and state laws and how to set up safeguards to minimize the possibility of errors or misappropriation.

Obtaining a Federal ID Number

Before you hire your first employee, you’re going to need to obtain a federal employer identification number (EIN). If you haven’t already done this to open your business bank account, don’t sweat it. It’s a fairly simple process. Just log on to the IRS website (www.irs.gov) and download form SS-4. ...

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