Did you know that the best way to prevent in house payroll fraud is to outsource your small business payroll to an employee payroll services firm? You can also call on payroll services to show you how to do payroll the easiest way if you do decide to go ahead and do this time consuming task in house. There are plenty of payroll companies that you can use where they provide various kinds of payroll solutions.
Payroll taxes fall into two different categories. One is the Employee Withholding Tax, the other is the Employer payroll tax. The payroll tax is a very big area of concern for both the employee and the employer. The employer is supposed to deduct the tax from their pay each pay period. The employer pays the tax on behalf of their employee with the money that is deducted. The employer payroll tax is something else. These taxes are the responsibility of the employer and not deducted from the employee’s pay check. Payroll tax filling solutions are provided by third party vendor’s. they will do the tax reporting for your business and file quarterly, and annual payroll taxes. These services also handle W 2s and other services regarding the payroll tax.
When you outsource and use a third party vendor they will make sure of your company’s payroll tax accuracy. Payroll services save time and provide security. Using payroll software is recommended because you can streamline record keeping with an integrated process that integrates the transmission and collection of data. Since you are outsourcing to a third party vendor it also gives the ability to control your employee costs. A part of employee costs is thus saved in terms of time and labor management.
It is imperative to look for a payroll service provider that provides reliable, and accurate services as well as one that is compliant with withholding regulations. Since the laws seem to be ever changing in regards to tax filing laws it can become difficult to stay updated with compliance regulations. A professional payroll service firm should always be current on the tax law regulations. More research here.