Gusto updated their sign-on bonus to $100: If you're interested in signing up, use this link to get a $100 Amazon gift card after running your first payroll: gusto.com/d/matt1072
Thank you for this video. I sign up for ADP and realized how overpriced they were for basic payroll processing. So I’m definitely jumping ship to gusto.
Absolutely. You can calculate hourly, salary, bonuses, tips etc, however you want to do it. And you can run payroll at any interval you'd like too! Weekly, biweekly, monthly, etc
Thanks for the video! I have ran my second payroll with Gusto and have been amazed of how simple and easy it is to process payroll. Do you know how long it takes for the sign on bonus to be sent?
So at 6:34 you are talking about taxes and I’m not sure if I’m understanding you correctly. Gusto will take out and pay my employees taxes and it will take out my business taxes and also pay the irs. So my business taxes will be paid each payroll and I’ll just have to file and see if I owe anything extra? THANKYOU in advance sir.
The way it works is you set up an account with the official IRS EFTPS (It's the electronic funds system the IRS uses), and you can link a checking account to your EFTPS account. Then Gusto uses your EFTPS account to trigger payments to the IRS on your behalf. Gusto will also pay state Withholding taxes for you, but if I remember correctly, you add your checking account info into your Gusto account directly, and they pay the state on your behalf. So just to be clear, Gusto will file and pay all federal and state *payroll* taxes on your behalf, but they don't do anything regarding your income taxes.
@@onlinebusinesstech So as a small business owner I have quarterly taxes right? Am I paying my quarterly taxes through gusto or the IRS directly. I’m confused on how to file taxes for my business . Any information would be wonderful. It is only myself and my partner and we plan on using gusto for our payroll needs for our company . I think I’m confused because I was assuming it payed all employees taxes and your company taxes but it’s payroll taxes which are different? How do you pay your business taxes PLEASE.
Yeah, that's actually my exact scenario. I'm an llc treated as an scorp, so I have to be on payroll as the owner and pay myself a fair wage. It's why I use gusto. Makes it so easy.
Yeah. Gusto links up with your eftps.gov account (they actually set up a dedicated account just for gusto but linked to your tax id) and make electronic payments from your checking account directly to the IRS.
Hey, i signed using your referral code and just about to run the first payroll. In what form do Gusto send the $100 visa gift card? Is it the physical mail or digital?
Cool, thanks! It's an email. There will be a link in it, where you click and redeem the gift card and they provide a credit card number you can use online.
I actually have both my wife and I on payroll in Gusto since we are both W-2 employees of my company. You can pay salary, hourly, weekly, bi-weekly, monthly, whatever you'd like.
Yes! Gusto takes care of filing quarterly and annual tax forms, as well as paying any payroll taxes due on your behalf (Gusto connects to your IRS electronic payment system called EFTPS which allows you to have a bank account on file.) They will walk you through the whole setup process when you first sign up, but once the setup is done, it's completely hands-off. Honestly, I don't ever even look at the reports, I know Gusto is taking care of it. I don't even have to "approve them", Gusto sends them automatically for me. Maybe at the end of the year I'll download them to take a look and save them to my computer. They are all accessible for download right from your Gusto Dashboard so you always see what they submitted.
Gusto only deals with payroll and employee related stuff. Gusto does allow you to reimburse employees for expenses they incur, but if you're talking about more general bookkeeping, you would need to use some accounting software like Quickbooks, Wave, or Xero. Gusto integrates with Quickbooks and Xero nicely (and others too), so it imports payroll expenses and accurately categorizes them.
I personally don't have employer-provided health care, so I don't use that form. But Gusto does send 1095s out for you if you have benefits set up on their platform
Horrible payroll company. They do not do Direct Deposit so if they tell you they are they are not. Direct deposit does not hit your account sometime before 5PM and if a payday lands on a holiday then you get paid after the holiday even if that holiday lands on a friday. This is the only payroll company I have seen that does that. If you are looking for a payroll company, i would suggest you find another one.
I have a partnership llc. It’s me and my husband and I read that llc can’t be a employee if they are owners. I wanted to go on payroll because we are expanding and I believe we make enough to do it . So I was considering changing my llc tax status to a s Corp just so I can go on payroll and be 100 legit. Any thoughts
![How To Pay Yourself As an LLC [Follow this or lose money]](http://i.ytimg.com/vi/5USA99XXV9g/mqdefault.jpg)
Gusto updated their sign-on bonus to $100: If you're interested in signing up, use this link to get a $100 Amazon gift card after running your first payroll: gusto.com/d/matt1072
Thank you for this video. I sign up for ADP and realized how overpriced they were for basic payroll processing. So I’m definitely jumping ship to gusto.
No stone left unturned enjoyed the overview, I think you sold me on Gusto
Thanks for the vid! Signed up for Gusto through your link last week and just processed my first payroll on the platform! 👍🏼
Awesome!
Great video and overview. Thanks too for the code.
We keep running into very slow prepare payroll function. How do we go back to print after payroll was prepared but, didn't have time to print
Awesome information THANK YOU MAN
Can the compensation be customized? I have a cleaning business and the pay isn't always the same. It varies week to week.
Absolutely. You can calculate hourly, salary, bonuses, tips etc, however you want to do it. And you can run payroll at any interval you'd like too! Weekly, biweekly, monthly, etc
@@onlinebusinesstech Thank you!!
Thanks for the video! I have ran my second payroll with Gusto and have been amazed of how simple and easy it is to process payroll.
Do you know how long it takes for the sign on bonus to be sent?
The sign-on bonus usually gets emailed 30 days after running your first payroll.
what is the appropriate company size limit that can go for Gusto for payroll services?
So at 6:34 you are talking about taxes and I’m not sure if I’m understanding you correctly. Gusto will take out and pay my employees taxes and it will take out my business taxes and also pay the irs. So my business taxes will be paid each payroll and I’ll just have to file and see if I owe anything extra? THANKYOU in advance sir.
The way it works is you set up an account with the official IRS EFTPS (It's the electronic funds system the IRS uses), and you can link a checking account to your EFTPS account. Then Gusto uses your EFTPS account to trigger payments to the IRS on your behalf. Gusto will also pay state Withholding taxes for you, but if I remember correctly, you add your checking account info into your Gusto account directly, and they pay the state on your behalf. So just to be clear, Gusto will file and pay all federal and state *payroll* taxes on your behalf, but they don't do anything regarding your income taxes.
@@onlinebusinesstech So as a small business owner I have quarterly taxes right? Am I paying my quarterly taxes through gusto or the IRS directly. I’m confused on how to file taxes for my business . Any information would be wonderful. It is only myself and my partner and we plan on using gusto for our payroll needs for our company . I think I’m confused because I was assuming it payed all employees taxes and your company taxes but it’s payroll taxes which are different? How do you pay your business taxes PLEASE.
Great video, you did a awesome job! What accounting software do you use?
I use Xero. It gets the job done but I'm not totally in love with it
What if your LLC is taxed as an S Corp and you have to pay yourself, would you still go through the same process ?
Yeah, that's actually my exact scenario. I'm an llc treated as an scorp, so I have to be on payroll as the owner and pay myself a fair wage. It's why I use gusto. Makes it so easy.
Thanks for the video - quick question. you Mentioned automatically paid to IRS... is that correct?
Yeah. Gusto links up with your eftps.gov account (they actually set up a dedicated account just for gusto but linked to your tax id) and make electronic payments from your checking account directly to the IRS.
Hey, i signed using your referral code and just about to run the first payroll.
In what form do Gusto send the $100 visa gift card? Is it the physical mail or digital?
Cool, thanks! It's an email. There will be a link in it, where you click and redeem the gift card and they provide a credit card number you can use online.
If you and your wife are the business owners, can you put her as an employee and pay her a salary through Gusto?
I actually have both my wife and I on payroll in Gusto since we are both W-2 employees of my company. You can pay salary, hourly, weekly, bi-weekly, monthly, whatever you'd like.
@@onlinebusinesstech can you change the salary later? Meaning can I update the amount if you want to pay yourself more.
@@poisonivy208 yes
My accountant is offering to setup Gusto and my Payroll for a fee. Do you think this is necessary? Or is Gusto an easy DIY I can do myself?
It really isn't too hard to set up yourself. That's what I did. I guess it depends on how much your accountant is charging you to do it, lol.
Does Gusto automatically file quarterly and annual reports on wages? It looks like with QuickBooks it has to be done manually...
Yes! Gusto takes care of filing quarterly and annual tax forms, as well as paying any payroll taxes due on your behalf (Gusto connects to your IRS electronic payment system called EFTPS which allows you to have a bank account on file.) They will walk you through the whole setup process when you first sign up, but once the setup is done, it's completely hands-off. Honestly, I don't ever even look at the reports, I know Gusto is taking care of it. I don't even have to "approve them", Gusto sends them automatically for me. Maybe at the end of the year I'll download them to take a look and save them to my computer. They are all accessible for download right from your Gusto Dashboard so you always see what they submitted.
The quarterly reports that gusto will send automatically for you is that just showing records of your payroll taxes
Hello what mic are you using?
I've got the Rode VideoMic Pro. I try to get the mic as close as possible without being in frame using a boom arm. That has made a huge difference.
How would I track my receipts for expenses with GUSTO?
Gusto only deals with payroll and employee related stuff. Gusto does allow you to reimburse employees for expenses they incur, but if you're talking about more general bookkeeping, you would need to use some accounting software like Quickbooks, Wave, or Xero. Gusto integrates with Quickbooks and Xero nicely (and others too), so it imports payroll expenses and accurately categorizes them.
Are you a multi member l.l.c? Can you use Gusto if you have a llc
I'm a single member LLC taxed as an SCorp. Yes, you can use Gusto if you're an LLC.
Thanks for the video. Did you know, how to run 1095 reports?
I personally don't have employer-provided health care, so I don't use that form. But Gusto does send 1095s out for you if you have benefits set up on their platform
Can gusto be used for a non profit 501 (3)(c)?
Yeah, absolutely
Have you received your referral $ timely from Gusto?
Horrible payroll company. They do not do Direct Deposit so if they tell you they are they are not. Direct deposit does not hit your account sometime before 5PM and if a payday lands on a holiday then you get paid after the holiday even if that holiday lands on a friday. This is the only payroll company I have seen that does that. If you are looking for a payroll company, i would suggest you find another one.
Do I have to be a S Corp to use Gusto
No, not at all. Any type of business that needs to run payroll can use Gusto
I have a partnership llc. It’s me and my husband and I read that llc can’t be a employee if they are owners. I wanted to go on payroll because we are expanding and I believe we make enough to do it . So I was considering changing my llc tax status to a s Corp just so I can go on payroll and be 100 legit. Any thoughts
Have you received your referral $ timely from Gusto?