Anytime you have employees, a whole new set of rules and taxes comes into play. To avoid paying hefty fines and penalties if you do not understand or fail to submit all the different reports and taxes that are due, use a company that provides payroll services Tampa is sure to have a few offerings. Having someone else handle it can keep you free to run your business.
Doing the payroll for a company takes much more than figuring out how much the employees earned in a given pay period. Federal and state income taxes need to be withheld. The money you keep from wages also needs to be reported to the different governments and deposited in an account. You can make the deposits weekly for the federal government and usually pay the state taxes quarterly. This money needs to be kept separate and ready to go at the appropriate time.
Another withholding that must be done is for social security and medicare. When you figure how much you have to take from all your employees, you must also match this amount for the deposit. Withholding taxes but not paying them to the government will get you in big trouble.
If any employee has some type of garnishment from his or her wages, it must be taken out and sent to the proper authority. Keeping track of this type of thing is not hard, but it is also easy to forget about. Sometimes you withhold from each check but only pay the amount monthly or even quarterly. It is not ad with only one or two workers but can be confusing if you have many that need monies withheld.
The last things you will need to worry about paying are unemployment and worker's compensation insurances. These amounts are often different even if you paid out the same amount to your employees for the quarter. You need to make sure all the paperwork and the payments are done and sent before they are due. Usually, the money and report is due the month following the end of a quarter.
Paying the taxes and insurance is not all there is to figuring payroll either. Sick days, vacation time and holiday pay must all be figured too. Any benefit offered to the employees will need to be taken into consideration when calculating pay. You do not want to be paying or cheating people out of a day's wages because no one was sure if he or she had any paid time off coming.
Part of the work done by a service company can be to keep you informed of when someone is due for a review or a raise. You need to be sure to compensate good workers to keep them in your employ. Even with only a few employees, raises can be overlooked.
Payroll services Tampa will make sure all your employee benefits, taxes and wages are taken care of so you can concentrate on the day to day running of the business. All you have to do is give them the information on your workers so they can get a database set up and then tell them how much each person worked for that pay period. They will do all the figuring, send you a report and the checks to be signed.
Doing the payroll for a company takes much more than figuring out how much the employees earned in a given pay period. Federal and state income taxes need to be withheld. The money you keep from wages also needs to be reported to the different governments and deposited in an account. You can make the deposits weekly for the federal government and usually pay the state taxes quarterly. This money needs to be kept separate and ready to go at the appropriate time.
Another withholding that must be done is for social security and medicare. When you figure how much you have to take from all your employees, you must also match this amount for the deposit. Withholding taxes but not paying them to the government will get you in big trouble.
If any employee has some type of garnishment from his or her wages, it must be taken out and sent to the proper authority. Keeping track of this type of thing is not hard, but it is also easy to forget about. Sometimes you withhold from each check but only pay the amount monthly or even quarterly. It is not ad with only one or two workers but can be confusing if you have many that need monies withheld.
The last things you will need to worry about paying are unemployment and worker's compensation insurances. These amounts are often different even if you paid out the same amount to your employees for the quarter. You need to make sure all the paperwork and the payments are done and sent before they are due. Usually, the money and report is due the month following the end of a quarter.
Paying the taxes and insurance is not all there is to figuring payroll either. Sick days, vacation time and holiday pay must all be figured too. Any benefit offered to the employees will need to be taken into consideration when calculating pay. You do not want to be paying or cheating people out of a day's wages because no one was sure if he or she had any paid time off coming.
Part of the work done by a service company can be to keep you informed of when someone is due for a review or a raise. You need to be sure to compensate good workers to keep them in your employ. Even with only a few employees, raises can be overlooked.
Payroll services Tampa will make sure all your employee benefits, taxes and wages are taken care of so you can concentrate on the day to day running of the business. All you have to do is give them the information on your workers so they can get a database set up and then tell them how much each person worked for that pay period. They will do all the figuring, send you a report and the checks to be signed.
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