Owning a business means hiring employees. With employees comes workers compensation and tax filing responsibilities. Payroll tax compliance is a huge burden on the average business owner. Employers do not have the experience to develop an efficient system for the administrative tasks associated with payroll functions.
An accountant is the best option for your payroll tax services. Using an accountant ensures that you are depositing, reporting and filing, your payroll taxes on time and accurately. Failure to do so results in tax penalties and audits. Tax deposit errors are an absolute nightmare to correct. This is why accountants have the knowledge to pay your payroll taxes electronically, in a timely manner. This will eliminate tax penalties and headaches.
An accountant will calculate the required withholding and employer contributions each payroll period, which include:
• Federal Insurance Contributions (FICA) – 2 parts
• Federal withholding
• State income tax withholding
• Local, county, city withholding and taxes
• Unemployment and Disability Taxes