If you use all of Wave’s apps, including invoicing and accounting, it can be a useful suite of business management products because those apps seamlessly work together. With Wave Payroll, your small business can manage payroll, employee deductions and taxes in an easy-to-use, affordable platform. You may set up payroll for both employees and independent contractors while giving them access to a portal with their information and tax forms, such as W-2s and 1099s. If your employees prefer to get paid via direct deposit, they should receive money three days after you process payroll.

Users will need to rely on one of Wave Payroll’s time-tracking integrations to use that integration with payroll. Similar to its payroll processing features, Wave Payroll offers just enough employee management and PTO features to be functional. 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.

She realized she could earn a more lucrative and flexible living as a freelance writer, so she soon went all-in on being self-employed. Laura loves to write about managing your money, navigating your career, and running a successful business. Her work has been featured in Forbes, LendingTree, Rocket Mortgage, The Balance, and many other publications. She has also earned an MBA and a Bachelor’s degree in Psychology. Blueprint is an independent publisher and comparison service, not an investment advisor.

1. Check out our handy support article to learn how you can switch to using Wave’s payroll feature.
2. In addition, Wave Payroll seamlessly integrates with Wave Accounting, which is great news if your business is using the accounting app and familiar with it.
3. To qualify, all the information on your end must be accurate, and you must notify Wave within 90 days of receiving the fine.
4. A complete review of Wave Payroll, including pricing, comparisons to competitors, key information, and FAQs.

Wave Payroll lets businesses manage payroll, employee deductions and taxes all in one platform. Employers can run payroll for employees and valuation methods explained – morgan pryce contractors, connect their accounts with Wave Accounting and let Wave file their payroll taxes for them in some states. It also provides employees with a portal to access and update their information. You can also connect your employee accounts to Wave Accounting so that Wave can calculate, pay and file payroll taxes on their behalf in some states.

Wave Payroll at a Glance

There are currently 13 different reports available, and only two are specific to payroll. Employees can use self-service accounts to view pay stubs, updated information and access tax forms. It will cover up capitalize definition — accountingtools to $500 in penalties due to a payroll tax miscalculation. To qualify, all the information on your end must be accurate, and you must notify Wave within 90 days of receiving the fine.

Level Up Your Business Today

The information is accurate as of the publish date, but always check the provider’s website for the most current information. We provide different levels of support, depending on the plan and/or the add-on features you choose. We built our payroll tool for small business owners, so it’s easy to use AND teaches you as you go. Keep in mind that any benefits or deductions from an employee’s pay will display as an uncategorized expense, which you’ll need to categorize properly in Wave Accounting.

They’ve also commented on the automatic generation of tax forms being a handy feature. Businesses in states without tax services pay a cheaper base fee of $20 per month but the same per-employee rate of net revenue and operating income $6 per month for every employee or independent contractor. Our partners cannot pay us to guarantee favorable reviews of their products or services. You can use the app to handle invoices, process payments, track expenses and complete banking tasks. Wave Payroll won’t track your employees’ working time, though it does track leave time and accruals for payroll processing purposes.

Best POS Systems For Small Business In 2024

The easiest payroll software depends on what your company’s needs are. For example, Wave Payroll is a simple system to learn and use. Some of the best payroll services that are also easy to use include OnPay, Gusto and ADP RUN. When it comes to price, Deluxe is more expensive than Wave Payroll. While it will calculate and file your taxes and offer tax payment penalty protection (a feature Wave lacks), using the software can be tricky, especially if you don’t have a tech team to help you out. Plus you have to pay extra for add-on features, such as benefits administration.

Blueprint is an independent, advertising-supported comparison service focused on helping readers make smarter decisions. We receive compensation from the companies that advertise on Blueprint which may impact how and where products appear on this site. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Blueprint. Blueprint does not include all companies, products or offers that may be available to you within the market. 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.

Wave payroll earned a low 2.9/5 star rating in the ease of use category, as the software can be tedious to set up, lacks many integrations, and doesn’t offer any white glove set up options. Wave Payroll’s simple, low-cost features may be basic but they’re well-suited for small businesses needing an affordable all-in-one accounting and payroll solution. However, Wave lacks a native time-tracking function, which means you’ll have to rely on a third-party integration to track how many hours you’ve worked on a project for a client. If you want your payroll processing and time-tracking functions to come from the same software, you’ll have to look at other solutions, like Gusto.