What Is a Payroll Tax?
As a business grows, it must hire more employees, which can result in increased payroll administration. We can assist you in implementing the controls necessary to ensure a reliable, efficient, and effective payroll system. Our firm can also help you develop a payroll system and prepare all necessary payroll tax returns promptly.
We can relieve you of your energy and effort taking and boring numerous perform such as monitoring time cards/sheets, leave forms, attendance records, deadlines, reports, year-to-date wages, taxation, modification, tax obligations and deposits, Salary Accreditations, personnel verifications, Reunite medical insurance expenses and make payroll discount rates when required, etc.
Outsourcing Your Payroll Is More Affordable Than You Think
When you outsource your payroll responsibilities to us you get a dedicated payroll specialist who works with you throughout the entire payroll process. There’s no need for you to hire an in-house specialist or maintain a payroll system. We also stay on top of legislation affecting payroll compliance, so you don’t need to.
Payroll Taxes vs. Income Taxes
There is a distinction between a payroll tax and an income tax, although both are deducted from paychecks. Payroll taxes are used to fund specific programs. Income taxes go into the general funds at the U.S. Treasury.
Everyone pays a flat payroll tax rate, up to a yearly cap. Income taxes, however, are progressive. Rates vary based on an individual’s earnings.
State income tax, if any, goes into the state’s treasury.
- Payroll taxes are withheld from every employee’s salary and remitted to the federal government.
- In the U.S., payroll taxes are used to fund Social Security and Medicare.
- Payroll taxes are used for specific programs. Income taxes go into the government’s general fund.
- An executive order issued by President Trump in August 2020 deferred payroll taxes from Sept. 1 through Dec. 31, 2020, for Americans earning less than $100,000 per year. The taxes will have to be paid next year.
Here’s what TaxAccountPro do for you
1. Direct Deposit and Electronic Fund Transfer (EFT)
2. Payroll tax compliance, e-filing, tax payments
3. Payroll reporting by employee or department
4. Cost advantage to the beat of 40-50%.
5. Timely and Precise Payments
6. No chance of charges or dues on records of faults or delays
7. Complete conformity of regulations
8. No Employment specifications, no selecting, selecting, or training required.
9. More time to pay attention to primary competencies
10.Present personnel is free in taking more obligations.
Solutions Provided in Pay-roll Outsourcing
1.Withholding tax compliance by the employer
2.Preparation of career contracts
3.Withholding tax compliance by the employer
4.Fringe Advantage Tax (FBT) compliance
5.Employee Settlement Structuring
6.Provident Finance, ESI, and Gratuity relevant lawful compliance
7.Preparation of Settlement and Advantages Manual
8.Advisory Solutions in regards to the payroll.
Why do you need TaxAccountPro Services?
Time Benefit – Allows to plan round the clock operations.
Cost Benefit – Lower cost of operations by 40%.
Staff Benefit – Right Level staff for different requirements.
Business Benefit – Save on Infrastructure and Technology for outsourced staff.
If you need a fast, accurate tax professional to prepare your tax return this year give us a call today or fill out the contact form below.