A payroll service will collect wage and information of the hours attended from the employer and calculate gross wages, subtract all relevant withholdings and deductions, make direct deposits and prepare all employment tax filings.
Services provided by the Taxolawgy to the clients:
- Payroll tax returns
- Payroll reports
- Calculation of payroll taxes
- Check processing and delivery
- Quarterly and yearly tax reports
- Monitoring time and attendance system
- Reporting and filing W2 and W4
- Employee insurance deductions
- Direct deposit payments with “paperless” payroll options
Our experts will Simplify Your Organization’s Payroll Process:
- Will be Setting a Clear Payroll Policy
Review your payroll policy followed to ensure it’s clear and concise. Your payroll policy should outline the salary paid, as well as commission, bonus, sick days, and other criteria.
- Creation a Budget
Creation of the payroll budget will help you to plan for future growth and avoid uncertainties. You should also plan ahead for expenses like taxes and benefits, and make sure your budget is consistent.
- Classification of Your Workers
Correctly Classifying of your employees as full-time, part-time, or temporary employees, or contractors is decisive. Failing in the classification can seriously harm your business.
- Establish a Consistent Payment Schedule
- Provide Payroll Information Online
- Use Direct Deposit
- Consolidate All the Payroll Information
Keep all your payroll records and documents in one centralized location. Where you consolidate all your information and can access it easily.
- Automate Time Tracking
We will be keeping the automatic time tracking software which will save clients ample time and reduce errors.
- Set up Reminders
You simply can’t be forgetful when processing payroll. There are several important dates you need to remember, and keeping a record of them all can be overwhelming. For example, you need to send payroll tax reports to the appropriate jurisdictions, send quarterly and annual income tax withholding reports, and more. Forget to submit these reports and you’ll face costly penalties.
Setting up reminders in a payroll system or in your own calendar will ensure you keep these important dates in the schedule. It can take the pressure off your memory.