Payroll services involve more than making sure the employees are paid on time. The deductions must be calculated to be sure that the Federal, FICA, and state taxes are deducted. Equally important, the quarterly payroll tax filing with the IRS must be made on time, or the IRS will assess fines and penalties which can be substantial. Small businesses pay 80% of all IRS fines and penalties relating to payroll taxes. Of course, there are other deductions that must be taken from the employees’ checks, and these also must be paid on time.
Calculating the earnings to be paid is also a task that must be done accurately. With a payroll system setup for Payroll Services in Brooklyn you will not have to worry about any of these issues. Payroll services should be handled by a company offering comprehensive services, such as multiple reports provided to you on a weekly, monthly, or yearly frequency. These reports can be tailored to include detailed reports on your employee’s vacation, sick days, and personal days usage and the remaining balances. Payroll checks can be printed on your own computer from stored data files. These types of systems can provide direct deposit to multiple accounts.
A payroll services company can prepare the following reports from your payroll records:
* Worker’s Compensation Audits
* Unemployment Claims
* Social Security Audits
* Child Support Audits
Additionally, a payroll system can prepare the W2s, W3s, 1099s and the 1096s for the appropriate employees or other paid workers. All of the data contained in these reports can be summarized for you in monthly, quarterly, or annual reports. These reports can contain sick, personal and vacation days taken. A comprehensive payroll service takes care of ever aspect of payroll processing. You will not have to worry about timely processing or keeping up with the changes in the laws that impact employee payment. The state-of-the-art system allows your staff to enter employee hours from your database directly to a payroll system. The company can create a system completely compatible with your system. Your payroll checks should be laser printed on “blank” check stock, meeting the micro-encoding requirements which have been established by the Federal Reserve System.
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