Your Onboarding Accountant will help get you up and running with payroll during the Training Call.
Your gross monthly payroll is your Reasonable Compensation per year divided by the total number of payrolls per year. We will help you run 12 payrolls per year. Dated for the last day of each month. Once Gusto has that gross $ amount, it will calculate the employer taxes that are on top of the gross and the employee taxes that are a sub-set of the gross. Each month Gusto will:
deduct the gross wages and employer taxes from your business checking
deposit the net pay of the gross wages into your personal checking
send the total of the employee and employer taxes to various state and federal agencies.
In most cases, you can simply start running payroll after your Training Call. Your Onboarding Accountant will help you if a catch-up payroll is needed.