Payroll taxes are the most tedious but essential aspect of running a business. Between figuring out how much your business owes and how much to withhold, business owners likely spend a lot of time on accounting. If you’re a small business owner, this means you could be performing two full-time jobs simultaneously. Luckily, there are a few tools you can use to ease the process. We’ll walk you through some of the more difficult aspects of the state’s payroll tax and tell you about a possible solution.
South Dakota Payroll Tax Rates
Most South Dakota payroll taxes are easy to follow, but the unemployment insurance tax rate can be more difficult to nail down. This program is financed by employer through payroll taxes and is subject to change each year. Here’s the information you need to know.
If you’re a new employer, your South Dakota payroll taxes will be slightly higher than usual. Non-construction businesses should expect to pay 1.20% for their first year. That decreases to 1.00% for years two and three. Conversely, construction unemployment insurance rate start at 6.00% for the first year, then decrease to 3.00% for years two and three. The wage base is $15,000, and rate notices for the upcoming year are mailed in October of the previous year.
Remember that if you are a liable employer under state law, you may also be required to pay under the Federal Unemployment Insurance Tax Act.
South Dakota Payroll Software is Accessible and Affordable
It can take months to become acquainted and comfortable with South Dakota payroll taxes, especially if you’re calculating them manually. It becomes much easier once you invest in payroll and wage calculating software, like AMS Payroll ($134). Here’s how.
First, AMS Payroll comes with state-specific tax tables, which update when necessary. This means you won’t have to go searching for updated South Dakota payroll tax rates and filing deadlines every year. They’ll appear in your software and be applied accordingly. Plus, AMS Payroll can assist in electronic filing for a range of federal and South Dakota forms. Just fill out the required documents within the software and file electronically.
AMS Payroll can help with more than South Dakota payroll taxes. The tool can host personal and business information in the back-end data storage feature. This includes employee data, like social security numbers and other relevant information, as well as payroll and tax information. When you’re ready to file, you can apply this information to the relevant forms and send them off.
AMS Payroll is also a solid South Dakota payroll software. The program can print up to 30 different types of checks, facilitate direct deposit processing, print client letters, and import and/or export data from and to a variety of sources.
Get Started Today
If you’re not ready to purchase a semi-automated payroll solution, we recommend trying us on for size. Our software is available as a free, online demo. If you like what you see, you can purchase our product from anywhere and at any time.
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