When starting a small business it is important to decide how your employees are going to get paid. When looking into different payroll providers you might be shocked at all of the options available to you. That's why we're here to help explain the options you have and to hopefully make the decision making process easier for you.

Let's start with PEO's, what are they? Professional Employer Organizations are a business entity that will contract with clients (that's you! The business) to perform some or all of the federal employment tax withholding, reporting and payment functions related to workers performing services for the client.

The PEO charges the client a percentage of payroll or other fee for the services it provides. This means that you can get assistance with workers compensation, paychecks and pay periods, insurance, and tax filings.

Now let's dive into PSP's. PSP's are Payroll Service Providers which are thirdparties that can help an employer administer payroll and employment tax obligations.

It's important to know that with PSP's that the employer (aka you) are still responsible for your employment tax obligations and liabilities.

Essentially, PSP's assist you with preparing your payroll, your tax forms and wage statements, but you are still responsible for filing and submitting everything.

To summarize, PEO's are like onestopshops that handle all of your employee paperwork, paycheck information, benefits, and tax needs.

With PEO's, you are basically entering a jointpartnership with them to assist you in those areas. With PSP's, they help you prepare all of these items, but you are held responsible for filing and submitting all of these items.

If you want to be totally handson with all aspects of your company you might want to go with a PSP.

On the other hand, if you want to have these processes done for you so that you can focus on other aspects of your business then a PEO will be more beneficial for you.

Make sure to always do your own research to find the perfect solution for you! The options are endless so take the time to find the right option for your business.

#seniorcare #paychecks #payroll
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