Small business - payroll and 401k

[HelpMe]

Hi,

I have recently started a LLC company. I am thinking of recruiting 3 employees in next 2 months, May I know the best option for the payroll and 401k for my employees.

I have business account with bank of America.

please help

Thanks

If you are using Quickbooks for accounting, I would recommend using their integrated payroll for calculation and form filing. It is a little more expensive than others but the convenience of the integration is worth it.

For your 401k it depends. You can setup a 401k with essentially three options and each has it own options as well.

1. 401k
2. 401k with profit sharing plan
3. 401k profit sharing with an integrated defined benefit plan

The choice above will depend on how much you, the owner wants to save for yourself. You will need help with this issue to determine which plan makes sense.