As a small-business owner, you know the demands of payroll. Filing paperwork on time is a daunting responsibility, and then you worry about whether it's accurate. Employee payroll is necessary for your growing business to function, but you don't need to do it independently. Our accounting firm offers fast and efficient payroll services. There are many aspects of making sure your employees get paid, and all the taxes and fees are deducted correctly. As a small-business owner, you know the pressures of payroll. Filing paperwork on time is a daunting task, and then you worry about whether it's accurate.
Payroll is the sum of all compensation paid to each employee for their time worked, the two most common ways are by hourly or salary. A company's payroll can be done in different periods, weekly, biweekly, monthly, etc. Any option can work, but it is essential to be consistent. Payroll can differ from one pay period because of overtime, sick pay, vacation, or other variables. The payroll process includes tracking hours, calculating employees' pay, distribution of payments, and making sure that all taxes and fees are being deducted correctly.
Payroll services are vital for the overall growth and success of a business. While it can be tempting to do your payroll, you may get lost in the details or miscalculate something, costing you time and money. It would be best to have a payroll expert who understands the various payroll components and how these elements work together. Accounting & Tax Group handles employee benefits, records deductions, calculates wages, prints or direct deposit paychecks, and provides tax reports. If you consider setting up your payroll department for your small business, carefully consider all the factors involved in performing this function yourself. Contact us for a consultation on your best payroll options.
The payroll process is not just about calculating the amount of pay a worker should receive. It is an intricate business process that also involves creating and maintaining employment records, making deductions, filing taxes, and generating reports. These are some reasons why businesses need payroll service providers like Accounting & Tax Group. Our comprehensive payroll services will help small to large companies save time and money in managing their employees' compensation.
You may have heard of some businesses outsourcing their payroll services to professional firms, but what about you? Do you need to hire a payroll service, or can you do it yourself?
Payroll taxes are used to fund Social Security, Medicare, and unemployment benefits. There are two central payroll taxes withheld from employee paychecks in the United States: the employee's portion of Social Security tax and the employer's portion of Social Security tax. The Social Security tax is 6.2 percent for the employee's pay and 6.2 percent for the employer, which adds 12.4 percent. The Medicare portion of the payroll tax is 1.45 percent for both the employee and the employer, adding up to 2.9 percent. In addition to these two significant payroll taxes, employers pay a federal unemployment tax (FUTA) based on how many employees they have.
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