The top resources to outsource payroll

Written by Channel 12 Richmond on April 4, 2013. Posted in Payroll accounting, Payroll services

Payroll tax

Professional payroll processing companies are not all the same,. The one that is capable of handling the HR, benefits and payroll accounting needs of well over 500,000 small businesses should be at the top of every business owners list. Typical payroll processing in house by a business owner includes totaling hours, gross to net calculations for every employee, calculating and then depositing taxes and filing tax returns on time with exquisite accuracy. By outsourcing these duties to a professional payroll processing company, small business owners could ensure compliance while also saving time and money.

Payroll taxes involve both employee withholding taxes and employer payroll taxes. While the latter are not withheld from the employee, although the employer is responsible for paying them. The former however, are deducted from the workers total compensation, and are paid on behalf of the employee by the employer. Payroll processing experts could take care of this workload with easy, freeing up their clients to focus on their actual business.

Payroll services experts could also help their clients with COBRA health continuation coverage, which businesses of 20 or more employees are required to offer following loss of hours, termination or other qualifying events. The best payroll processing firm could also provide assistance with things like garnishments, social security, tax agency requirements, child support, third party sick pay and other fringe benefits. Read more articles like this: www.paychex.com