What payroll covers
- Paychecks figured for each pay period
- Federal income tax, Social Security, Medicare and Virginia withholding
- Payroll tax deposits on schedule
- Form 941 each quarter and Form 940 each year
- W-2s for your employees and the Virginia year-end summary each January
The payroll calendar
Payroll has more dates than any other part of a small business's paperwork. The big federal ones:
| When | What |
|---|---|
| Every payday | Paychecks and withholding |
| Jan 31 | W-2s to employees, fourth-quarter Form 941, annual Form 940 |
| Apr 30 | First-quarter Form 941 |
| Jul 31 | Second-quarter Form 941 |
| Oct 31 | Third-quarter Form 941 |
Virginia has its own withholding returns, and its own year-end summary, the VA-6, due January 31. When a date falls on a weekend or holiday, it moves to the next business day.
Why employers hand it off
Payroll mistakes are the kind that compound. A wrong withholding amount is wrong on every check until someone notices. A missed deposit picks up penalties. And payroll is the one bill your employees notice the same day it goes wrong.
Handing payroll to the same office that keeps your books also means wages, payroll taxes and expenses all land in the right accounts without anyone retyping them. At tax time, the return is built from the same numbers.
Price
The price depends on how many people you pay and how often. You'll know it before any work starts. Contact the office or call (276) 971-7822.