PayrollServicesQuotePayrollServicesQuote.com to Choosing the Right Payroll Service Provider                The Definitive ...
PayrollServicesQuote.com                                  The Definitive Guide to Choosing the Right                      ...
PayrollServicesQuote.com                                    The Definitive Guide to Choosing the Right                    ...
PayrollServicesQuote.com                                   The Definitive Guide to Choosing the Right                     ...
PayrollServicesQuote.com                                    The Definitive Guide to Choosing the Right                    ...
PayrollServicesQuote.com                                    The Definitive Guide to Choosing the Right                    ...
PayrollServicesQuote.com                                   The Definitive Guide to Choosing the Right                     ...
PayrollServicesQuote.com                                                The Definitive Guide to Choosing the Right        ...
PayrollServicesQuote.com                                   The Definitive Guide to Choosing the Right                     ...
PayrollServicesQuote.com                                        The Definitive Guide to Choosing the Right                ...
PayrollServicesQuote.com                                    The Definitive Guide to Choosing the Right                    ...
PayrollServicesQuote.com                                    The Definitive Guide to Choosing the Right                    ...
PayrollServicesQuote.com                                  The Definitive Guide to Choosing the Right                      ...
PayrollServicesQuote.com                                    The Definitive Guide to Choosing the Right                    ...
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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

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Payroll Compliance Guide - Taxes, Laws, and More

  1. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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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