![]() ![]() While it is possible to process payroll manually, most business owners opt for a payroll provider that processes employee’s checks and files state and federal payroll reports and payments. Here’s how to calculate your baseline wages for a semi-monthly pay period: ![]() ![]() If your state minimum wage is higher than the federal wage, you’re required to pay the higher wage. When hiring an hourly employee, keep in mind that you’re subject to federal and state minimum wage laws. You can pay your employee two ways, with: These are your employee’s earnings BEFORE taxes. Gross wagesĪn employee’s gross wages are the fixed, regular payments you make to your employee. If you’re still crunching those numbers, here’s some friendly advice on how to determine your pay rates. If you aren’t able to cover these costs, then you’re not ready to make a hire.īy the way, this article assumes that you’ve already determined how much you’re going to pay your new hire. Think of these costs as the bare minimum you’ll be paying for an employee. When hiring an employee, there are a few costs that you MUST pay. Fill out this spreadsheet to see if you have the cash to hire Monthly Baseline Costs ![]()
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