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Payroll Compliance Guide - Taxes, Laws, and More
Payroll Compliance Guide - Taxes, Laws, and More
Payroll Compliance Guide - Taxes, Laws, and More
Payroll Compliance Guide - Taxes, Laws, and More
Payroll Compliance Guide - Taxes, Laws, and More
Payroll Compliance Guide - Taxes, Laws, and More
Payroll Compliance Guide - Taxes, Laws, and More
Payroll Compliance Guide - Taxes, Laws, and More
Payroll Compliance Guide - Taxes, Laws, and More
Payroll Compliance Guide - Taxes, Laws, and More
Payroll Compliance Guide - Taxes, Laws, and More
Payroll Compliance Guide - Taxes, Laws, and More
Payroll Compliance Guide - Taxes, Laws, and More
Payroll Compliance Guide - Taxes, Laws, and More
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Payroll Compliance Guide - Taxes, Laws, and More

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Payroll Compliance Guide ...Taxes, Laws, & More. 10 Tips To Save You Time & Money

Payroll Compliance Guide ...Taxes, Laws, & More. 10 Tips To Save You Time & Money

Published in: Economy & Finance, Business
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  • 1. PayrollServicesQuotePayrollServicesQuote.com to Choosing the Right Payroll Service Provider The Definitive Guide The Definitive Guide to Choosing the Right Payroll Service Provider Payroll Compliance Guide Taxes, Laws, & More 10 Tips To Save You Time & Money
  • 2. PayrollServicesQuote.com The Definitive Guide to Choosing the Right Payroll Service Provider In This Guide You Will Learn  How to Avoid Costly Fines  Who Needs an EIN  A Common Unknown About Long-Term Disability  Why it’s Important to Correctly Classify Workers  What Single Misstep Can Initiate a Full Federal Audit Receive a FREE No Obligation Payroll Quote Now!
  • 3. PayrollServicesQuote.com The Definitive Guide to Choosing the Right Payroll Service Provider Tax Agency RequirementsTip No. 1 • Every business MUST have an ID. • Sending returns without ID can result in substantial delays. • To obtain more information or start the process of obtaining an ID visit http://www.irs.gov/businesses/small/article/0,,id =98350,00.html • States require a unique ID number for the same reasons. For state information visit http://www.irs.gov/businesses/small/article/0,,id =99021,00.html Receive a FREE No Obligation Payroll Quote Now!
  • 4. PayrollServicesQuote.com The Definitive Guide to Choosing the Right Payroll Service Provider Social SecurityTip No. 2 • Responsibility for paying SS tax is split 50/50 between employer & employee. • In 2010, tax rate was 12.4%, in 2011 only, the employee share will be reduced to 4.2%. • Employers must include accurate & complete employee names & SS no. on W-2 forms to avoid rejection & potential penalties. Receive a FREE No Obligation Payroll Quote Now!
  • 5. PayrollServicesQuote.com The Definitive Guide to Choosing the Right Payroll Service Provider Garnishment & Child SupportTip No. 3 • Title III of the Consumer Credit Protection Act prohibits and employer from discharging employees because their earnings have been subject to garnishment. • Employers must always include the employee case no. with garnishment payments. • Employers must be mindful of federal & state new-hire requirements. Receive a FREE No Obligation Payroll Quote Now!
  • 6. PayrollServicesQuote.com The Definitive Guide to Choosing the Right Payroll Service Provider Third-Party Sick PayTip No. 4 • Even though an employee on long- term disability is receiving salary payments from a 3rd party insurance provider employers must still fulfill tax- filing requirements on the employee’s wages. • More info can be found in IRS publication 15-A, Employers Supplemental Tax Guide. Receive a FREE No Obligation Payroll Quote Now!
  • 7. PayrollServicesQuote.com The Definitive Guide to Choosing the Right Payroll Service Provider Fringe BenefitsTip No. 5 • Employers must identify & report fringe benefits correctly although they are easily disregarded as incidental events. • The IRS looks closely at how employers interpret this type of compensation. • See IRS publication 15-B (2011), Employer’s Tax Guide to Fringe Benefits. Receive a FREE No Obligation Payroll Quote Now!
  • 8. PayrollServicesQuote.com The Definitive Guide to Choosing the Right Payroll Service Provider Employee vs. 1099 ContractorTip No. 6 • Proper classification may save a company money & benefits, such as pension, group health, and workers’ comp insurance, as well as social security & unemployment insurance taxes. • In most cases, the only tax form employers need to complete is a 1099 at end of year for contractors. • Classifying workers as employees requires the co. to withhold federal, state, and local income taxes, pay ½ the tax mandated under FICA for SS & Medicare, pay the full tax under the FUCA & any state unemployment insurance tax laws; pay for workers comp, file a no. of returns during the year & provide W-2s by Jan 31. • For more info visit www.irs.gov/businesses/small/article/0,,id=99921,00.html Receive a FREE No Obligation Payroll Quote Now!
  • 9. PayrollServicesQuote.com The Definitive Guide to Choosing the Right Payroll Service Provider Exempt vs. Non-ExemptTip No. 7 • Employees with exempt status are exempt from some of the provisions of the federal wage & hour law. • Disclosure of a single classification issue can often trigger a full wage & hours audit that can lead to an unplanned financial burden. • Employers must be careful to not stretch the rules of classification. Receive a FREE No Obligation Payroll Quote Now!
  • 10. PayrollServicesQuote.com The Definitive Guide to Choosing the Right Payroll Service Provider Over-Time RulesTip No. 8 • An employer that requires or permits a non-exempt employee to work over-time is required to compensate the employee with the appropriate premium pay. • Employees covered by the FLSA must receive overtime pay for hours worked in excess of 40 hrs in a work week of at least 1 ½ times their regular pay rate. • Premium pay for working weekends or nights is a matter of agreement between the employer & employee. • A single misstep can initiate a full federal audit Receive a FREE No Obligation Payroll Quote Now!
  • 11. PayrollServicesQuote.com The Definitive Guide to Choosing the Right Payroll Service Provider Group Term Life InsuranceTip No. 9 • The cost of the 1st $50,000 of group term life insurance premiums is tax free to employees & deductible for employers. • Employers should not waste time at year end dealing with last minute GTL computations. • Best strategy is to calculate & withhold throughout the year rather than waiting until the calendar deadline. Receive a FREE No Obligation Payroll Quote Now!
  • 12. PayrollServicesQuote.com The Definitive Guide to Choosing the Right Payroll Service Provider Tax DepositsTip No. 10 • Warning – Penalties can add up when the IRS finds missed payments in the look-back period. • Simple Solution – Pay your tax liability on time! Receive a FREE No Obligation Payroll Quote Now!
  • 13. PayrollServicesQuote.com The Definitive Guide to Choosing the Right Payroll Service Provider Summary • Employers owe it to themselves to be well versed in payroll tax, employment, and benefit guidelines. • Complying with state & federal statutes is the 1st step in avoiding costly penalties. • A squeaky clean record reinforces your reputation! Receive a FREE No Obligation Payroll Quote Now!
  • 14. PayrollServicesQuote.com The Definitive Guide to Choosing the Right Payroll Service Provider Free No Obligation Payroll Quote Simple, Easy, Quick… Step 1 Visit www.PayrollServicesQuote.com Step 2 Call or fill out a form Step 3 In a matter of minutes get your quote!

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