Wave Payroll won’t help you much with benefits, such as health insurance and retirement plans. While you can add these deductions, it’s up to you to purchase and manage them through different resources. Unlike other payroll solutions, Wave Payroll doesn’t have relationships with benefits providers.
They’ll need to do so manually or through a different method so you can later input the information into the software. Businesses in states where tax services are available pay a base fee of $35 per month and an additional $6 per month for every employee or independent contractor. Pay stubs are used to verify payment accuracy and may be necessary when settling wage/hour disputes. For this reason, employees may want to save their pay stubs, but aren’t required to do so.
Wave Payroll Ease of Use
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Instead, they are classified as “vendors” and you only pay $6 per contractor that you pay each month. So if you have six contractors on call but only need to pay three this month, you’ll be charged $18. Contractors can be paid via direct deposit just like standard employees, but classifying them correctly in your payroll is vital to ensure your tax information is accurate. Customers like Wave Payroll’s simple interface and say it’s easy for those without accounting experience to run payroll. They’ve also commented on the automatic generation of tax forms being a handy feature.
- If they choose the check option, you’ll have to make sure you have checks for printing; Wave Payroll doesn’t offer a print-and-mail option.
- You still have to pay the $40 base fee per month (plus the per-employee costs) even if you opt not to get the provider’s automated tax filing services.
- Your workers can complete their profiles, enter personal and tax deduction info themselves and they can view pay stubs and tax forms by logging into the system.
- Wave Payroll offers basic payroll processing capability and is best suited for smaller businesses with fewer than five employees who are currently using or planning to use Wave Accounting.
- This discrepancy can frustrate business owners or HR personnel who need to manage payroll on the go.
It also makes state and federal payroll tax payments and files taxes for you and integrates with other software options, including QuickBooks and Xero. The software only has one plan at $40 per month with an additional $6 per month per paid employee. Gusto’s payroll software offers small businesses features for managing employee pay and more. Its plans offer a variety of features that let you pick what you need to support your business.
Wave Payroll’s key drawbacks
If your employees prefer to get paid via direct deposit, they should receive money three days after you process payroll. If they choose the check option, you’ll have to make sure you have checks for printing; Wave Payroll doesn’t offer a print-and-mail option. Upon processing your first payroll, you can use Wave’s payroll software for up to 30 days, commitment-free. At any time, you can activate to start your billing cycle and gain access to items like automatic remittances and approving payrolls beyond the current month. Wave Payroll doesn’t have time tracking functionalities, so you need to input the hours into its online time sheet manually. For your hourly staff, you use it to enter their total hours worked, overtime hours, and PTO information.
Wave Payroll’s fast facts
Our guide to the best payroll services for small businesses contains our recommended pay processing solutions. why do i have to pay fica tax’s app, while functional, only encapsulates some of the features available on its desktop version. This discrepancy can frustrate business owners or HR personnel who need to manage payroll on the go. While basic functions such as payroll runs are supported, the limited mobile experience may push users back to the desktop version, slashing the convenience factor.
Timesheets
There’s an automated tax filing option if you live and pay workers in specific states; otherwise, you’ll have some paperwork to do. Onboarding new employees is easy with Wave Payroll, thanks to the self-serve employee portal. Your workers can complete their profiles, enter personal and tax deduction info themselves and they can view pay stubs and tax forms by logging into the system. If you’re interested in using payroll software, you can start a free 30-day trial when you sign up for Wave. When we evaluate payroll software for small businesses, we look at pricing and ease of use. We also check the provider’s customer support and whether it offers unlimited pay runs, multiple pay options, full-service payroll, and tax filing services.
Deposit times may vary due to processing cutoff times, third party delays, or risk reviews. Your employees can log into Wave securely to access their pay stubs and T4s, and manage their contact and banking information. Deposit payments quickly, reliably, and directly into your employees’ bank accounts. We totally get it—running payroll for your business can seem like a daunting task, especially when you’ve got so much on your plate.
Featured payroll solutions
A well-regarded name in the payroll and HR software realm, Gusto delivers more than just payroll processing. For small-business owners focused on merely keeping people paid, Wave is a great choice. But for growing entities desiring next-level support, the platform falls short.
