What are ALL the payroll costs when hiring employees in New York City and State?

Описание: After a business starts succeeding, it’s time for the business to grow and hire more employees. At that point, there’s something every New York City or State business owner gets concerned about:

What are the Typical Payroll Costs when hiring employees?

What are all the employer costs for payroll?

What taxes do you pay when hiring people?

Are there any hidden or extra fees I need to be aware of when hiring people?

In this video, I’ll go through all the payroll costs you need to be aware of when hiring employees in New York City and State.

See also: How to save $10K, $20K, $50K or more in taxes each year by making ONE simple change to your finances: https://go.spearcpa.com/tax-savings-y...

What are the Typical Payroll Costs?

When you first hire an employee, you need to hire a payroll service.

This is to make sure the payroll taxes are paid, the employee receives the pay stub, and that you’re legal and compliant.

Estimated costs when hiring employees in New York

Here’s everything you need to be aware of:

Payroll service: $75-150 per month

This ensures that everything is taken care of so you’re legal and compliant.

Payroll taxes on first $142,800: 7.65%

This would be for social security and medicare taxes.

Payroll taxes after $142,800: 1.45%

These are the typical taxes required after the cap.

Unemployment insurance: 2-10%

This is based on how you retain your employees.

If you do a very good job of recruiting, retaining, and not letting go of employees, then the amount you pay is going to be much less.

Workers’ compensation insurance: $200+ per month

Before paying employees, you’d need this insurance and have to speak to an insurance broker.

Once you hire a payroll service, they usually are the ones that can also set up the workers’ comp insurance for disability or paid family leave.

The costs for this varies between the types of work the employees do, be it office work or physical work.

Health Insurance: $300+ per month

The cost depends on the employer.

It’s up to you and the kind of benefits you want to give your employees.

Pension Plan: $200+ per month

People usually pay 2-3% of the employees’ salaries for this.

How to stay compliant when hiring employees in New York City and State

Although there are a lot of costs incurred when hiring employees, it is still a really important aspect of a growing business and an investment worth undertaking.

If you need help with hiring employees, staying compliant and paying the least amount of taxes possible then feel free to schedule a call with us.

If you’d like to learn how to save $10K, $20K, $50K or more in taxes each year be sure to check out this video here.