If you’re an entrepreneur, busy business person, or senior manager, payroll tax services can change your life. Payroll tax services provide a lot of benefits for business owners and managers beyond compliance and payments. The peace of mind and security of eliminating the possibility of missing deadlines or making manual calculation errors reduces stress and frees up time. From employee self-service onboarding that includes W4 information entry to automatic calculation of taxes each payroll, you get a big part of complicated payroll processing under efficient control when you use online payroll services.
Here are more ways payroll tax services that come with online payroll services will change your life.
Employee On-boarding Self-Service
Many payroll service providers offer self-service employee on-boarding online, eliminating some of the paper chase when new employees are hired. Form W-4 tax withholding information is captured online and stored and administered digitally. Imagine your employee file cabinet replaced by a secure and easily accessible digital file that is not subject to loss by flood, fire, or misplaced documents.
Automatic Calculation of Payroll Taxes
Local, state, and Federal income tax withholding from each employee must be timely and accurate. When you switch from manual in-house payroll processing to online payroll services, your payroll becomes an easier, automated process that includes automatic calculation of payroll taxes. Top payroll services have methods of applying the correct taxes, all the way down to local and school district taxes, simply based on zip code and city. Compliance changes from a worrisome looming issue to a secure and automated task handled by intuitive software and expert support.
Payroll Tax Filings
Your payroll provider can help you understand payroll taxes and filing requirements as well as make your payroll tax payments for you. They’ll also keep you up-to-date on any changes to payroll tax requirements. Whether you are required to pay monthly, semi-weekly, or quarterly, your payroll tax filings will be expertly handled to keep you in compliance without relying on internal staff or a busy supervisor.
With payroll tax services from top payroll companies, you don’t have a long drawn-out process at the end of the year to compile and verify W-2 information from payroll records. W-2 information is calculated on an ongoing basis and recorded with the year-to-date payroll data. This includes the ACA requirement to report the cost of health insurance on the W-2. Accurate and easy-to-access files are available for review by employees at any time through self-service capabilities, and the requests for reprints are almost completely eliminated.
Payroll tax services have become more sophisticated than ever and can improve your processes for the better, saving time and money through efficiency.
PAYDAY Workforce Solutions provides a single database SAAS solution for Human Capital Management (HCM) including payroll, human resources, time management, benefits administration and onboarding to companies of all sizes and in various industries.
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