The Detail.
Creating a new job is more than just entering a deduction on a Schedule C. Documentation, compliance, and reporting requirements must be met. The following is a recommended checklist of items needed in the creation and maintenance of your new job:
- Obtain an Employer Identification Number. If you do not have an EIN, you must get one.
- Develop a formal job description.
- Determine a reasonable hourly wage for the new position.
- Complete an Employment Eligibility Verification, Form I-9, for your new employee.
- Complete IRS Form W-4, Withholding Certificate for your new employee.
- Report your new hire to your State's New Hire Reporting Agency (Federal Law).
- Prepare and complete semi-monthly time cards to document hours worked.
- Complete the annual Form 944, Employer's Annual Federal Tax Return.
- Complete the annual Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return.
- Complete IRS Form W-2, Wage and Tax Statement for your employee.
- Complete IRS Form W-3, Transmittal of Wage and Tax Statements.
- Comply with state wages reporting requirements.
- AND LASTLY, Pay your employee in a timely manner.
This is important! You must do the paperwork....Don't just pretend that you have created a job! That is why we created the Hire Your Kid Tool Kit. We will do the work for you, from start to finish.
The Hire Your Kid Tool Kit provides everything you need to create your new job and start saving thousands in taxes. Once your payment is verified we will provide your Kit, complete with your new EIN (if required), a detailed job description, completed I-9 and W-4, a submitted new hire reporting form, employee time cards for each pay period, completed sample pay checks and sample year-end IRS and Social Security Administration compliance reports including W-3, W-2, Forms 944 and 940.
Each month we will email you a reminder to pay your employee and to document work performed via time card completion. At the end of the year, we will verify payroll detail and complete all required reporting and send to you for signature. You simply sign and mail the forms, take a full tax deduction on your Schedule C, and keep over $2,000 of the money you worked so hard to earn during the year. That's it!
The Hire Your Kid Tool Kit provides everything you need to create your new job and start saving thousands in taxes. Once your payment is verified we will provide your Kit, complete with your new EIN (if required), a detailed job description, completed I-9 and W-4, a submitted new hire reporting form, employee time cards for each pay period, completed sample pay checks and sample year-end IRS and Social Security Administration compliance reports including W-3, W-2, Forms 944 and 940.
Each month we will email you a reminder to pay your employee and to document work performed via time card completion. At the end of the year, we will verify payroll detail and complete all required reporting and send to you for signature. You simply sign and mail the forms, take a full tax deduction on your Schedule C, and keep over $2,000 of the money you worked so hard to earn during the year. That's it!