Running Payroll at Collective

Note: Payroll Features Are Available Only for S Corp Tier Members
Payroll functionality — including adding and managing 401(k) deductions — is currently available only for members on Collective’s S Corp tier. If you are on the LLC tier, payroll is not included in your plan.

Overview
This article continues from Payroll Setup Continued: Account Approval at Collective. Once your account is approved and any necessary payroll migration is complete, you will be able to run payroll through your Collective dashboard. The sections below outline all available payroll actions, team management options, banking updates, and where to access these features.

What you can do via Collective's Payroll Dashboard:

Once everything is set up and approved, you're ready to go! Here's the practical stuff you can do from your Collective dashboard - think of it as your payroll command center.

Core Payroll Operations

1. Run Payroll - W/O Autopilot 
   1. Every pay period, click "Run Payroll" to pay yourself (and any employees). Gusto automatically calculates all the taxes, files them with the IRS, and deposits money into your account - you just review and approve.
2. Skip Payroll
   1. Need to skip paying yourself one time because cash is tight or you're taking unpaid time off? You can skip a scheduled payroll run, though you shouldn't make it a habit since the IRS expects regular S Corp owner compensation.
3. Look Up Payroll Runs
   1. View your complete pay history anytime - every paycheck, pay stub, tax payment, and year-to-date totals. Useful when you need documentation for mortgages, loans, or just want to see what you paid yourself last quarter.
4. Off-Cycle and Special Payrolls
   1. Need to pay a bonus, fix a payroll mistake, or make a special one-time payment outside your regular schedule? Run an off-cycle payroll anytime, and Gusto still handles all the tax calculations and withholdings automatically.

Team Management

1. Add or Update Employee - Cost: $15 per employee per month 
   1. When you hire someone full-time, add them to your payroll and they'll get an email to complete their own setup (direct deposit, tax forms, etc.). Costs $15 per employee per month, and they're automatically included in your regular payroll runs.
2. Add or Update Contractor - Cost: $5 per contractor per month (only charged for months when you pay them)
   1. Add freelancers or contractors to pay them through Gusto and automatically generate their 1099s at year-end. Costs $5 per contractor per month, and only in months you actually pay them.

Banking and Financial Management

Changed banks or want to use a different account? Update your business account (where payroll debits come from) or your personal account (where your paychecks go) whenever needed - just verify the new account and you're set.

1. Updating business bank account
2. Updating employee bank account 

Accessing These Features

Through your Collective Dashboard:

1. Log into your Collective account
2. Navigate to "Payroll - Overview" in the left sidebar
3. You'll see your payroll dashboard with options for:
   • Run Payroll (big action button)
   • Upcoming payroll schedule
   • Team management (employees & contractors)
   • Payroll history
   • Settings and bank accounts

Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as legal, financial, or tax advice. It is not intended to be a substitute for obtaining legal, accounting, or other financial advice from an appropriate and/or licensed  adviser, or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.