Wave Payroll is simple to learn and use, and while it offers many useful features, it also lacks a bit. There is an automated tax filing option if you live and pay workers in specific states; otherwise, you will have paperwork to do. Onboarding new employees is easy with Wave Payroll, thanks to the self-service employee portal. Your workers can complete their profile, enter personal and tax deduction information themselves, and they can view pay stubs and tax forms by logging into the system.
If your employees prefer to be paid by direct deposit, they should receive the money three days after the payroll is processed. Alternatively, they can choose to be paid by check. If they choose the check option, you’ll need to make sure you have checks to print. Wave Payroll does not offer a print and mail option.
You can try Wave Payroll for 30 days before paying anything. If you like it, then you provide your payment information and you will pay monthly to use the software. Be sure to test all features on the corporate and employee side to make sure this is a good system for your business. For example, timesheets are available, but you must manually add hours worked. This can work well if you have few hourly workers, but it could end up being a big time sink if you have a larger staff.
Wave Payroll is priced a bit differently in that you pay either $20 or $35 per month as your base payment, depending on which state you’re running the payroll in. Wave can pay and file taxes for you in 14 states (see Wave’s website for the full list), and for that you’ll pay $35 per month to have an automated tax return. Otherwise, the cost is $20 per month and you will have to file your taxes yourself. There is a charge of $6 per person on your payroll per month, whether employees or contractors.
It’s worth noting that you don’t pay contractors every month. Instead, they’re categorized as “sellers” and you only pay $6 per invoice. Contractors can be paid by direct deposit just like standard employees, but filing them correctly on your payroll is essential to ensure your tax information is accurate.