Setting Up Gusto Embedded Payroll on Your Collective Dashboard

Introduction

This guide will walk you through the process of setting up Gusto Embedded Payroll on your Collective dashboard. By following these steps, you will be able to efficiently pay yourself as an employee of your S-Corp and complete the necessary setup before scheduling your training call.

Step-by-Step Instructions

Accessing Payroll Setup

To begin, log in to your Collective dashboard at app.collective.com. You will see the payroll setup option on your dashboard, which must be completed before you can schedule your training call.

Completing Company Profile Setup

Click on the "Company Profile Setup" section. Here, you will be prompted to enter your Employer Identification Number (EIN) and select your taxpayer type as S-Corp. Some of this information may already be filled in for you.

Entering Your Industry

After saving your EIN, you will need to describe your industry. Enter a few words about your business, such as "marketing consulting" if applicable.

Adding Your Business Bank Account

Next, you will add your business bank account, which should have been opened using your business EIN. You have two options to verify your bank account: through Plaid or by entering the information manually.

Verifying Your Bank Account

If you choose to verify through Plaid, click "Verify Account with Plaid," select your bank, and enter your credentials. If you need to enter your bank information manually, provide your routing and account numbers. Note that micro deposits will be sent to your account for verification.

Employee Setup

Now, navigate to the employee section where you will find your name listed with "incomplete" status. Click on "Edit Employee." Some information will likely be pre-filled. Make sure to review and save your changes.

Entering Salary Information

You will need to input your job title, which will usually be "owner." Specify your salary, ensuring that it is adjusted to "per year."

Federal Tax Withholdings

In the federal tax withholdings section, it is generally recommended to select "single" with zero withholdings. This maximizes your tax withholdings and can benefit your business.

Setting Up Direct Deposit

You will also need to set up direct deposit. Choose your personal checking account to receive payments from the business. If you select "check," you will need to manually write yourself a check each month.

Confirming Completion

Once you have entered all required information and added your employees, you will confirm completion of the employee list. You may need to set up a pay schedule, which is typically done automatically to run monthly on the last day of the month.

Final Steps

After completing these steps, you may be prompted to sign additional documents. Click on the underlined titles of the documents to virtually sign them. Once everything is completed, you will see a highlighted "next" button to schedule your training call.

Conclusion

By following this guide, you should now have successfully completed the Gusto Embedded Payroll setup on your Collective dashboard. If you have any questions during the process, don't hesitate to reach out for assistance.