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Running payroll infrequently
erikjweber
Member Posts: 1
I only need to run payroll once or twice a year, I am my company's single employee. Does anybody else do this? It doesn't seem worth paying for the service. Can I just put in a journal entry and move all the money around manually?
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@erikjweber,
Assuming you are in the US, for some it's worth paying a service to handle all the payroll even if infrequent. The reason being, you have quarterly forms to file whether you have payroll or not. I have clients that do both regular payroll (bi-weekly and monthly) and have one that does annual salary. The annual does it on their own and files zero returns for all the other quarters.
@erikjweber +1 to what @Mikeg is referencing here -- it could be worth it depending on the state that you are located in (or if you are in Canada). We offer Tax Service in 8 states currently, which is $35.00 a month + $4.00 for each active employee you have: https://support.waveapps.com/hc/en-us/articles/115005333163-Tax-services-with-Wave. In Canada, it's $20.00 a month + $4.00 a month for each active employee. You could simply pay yourself twice a year and skip the pay periods (basically change the end date of the Run Payroll section) for when you want to be paid.