How A Payroll Professional Can Help Your Business

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How A Payroll Professional Can Help Your Business
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• As your business grows, you will doubtless need
  to expand your workforce either through
  independent contractors or regular employees
  and the costs associated with this can become
  complicated and are strictly regulated by both
  state and federal revenue agencies. Payroll can
  take up a lot of your time as a business owner,
  whether you run it yourself or have a software
  system in place, and so it can be both wise and
  cost effective to hire a payroll professional to
  manage it for you.
• What should a payroll professional be able to do
  for your company?

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• They should be able to offer you support in many
  different areas of payroll, but there are some
  functions that they specialize in and which can
  take a lot of the weight from your shoulders,
  while ensuring that you and your company remain
  tax and payroll law compliant, and here are a few
  examples
• Employer Identification Numbers (EINs)
• With regular employees, comes the responsibility
  of filing with the IRS to get their
  identification numbers, and these are essential
  for filing W-2 wage information and reporting and
  depositing employee wage withholdings.

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• You are also required to make quarterly federal
  and state unemployment tax deposits, and a
  payroll professional can help ensure that you
  file all the necessary tax forms. Your fiscal
  year will then be established, and this will go
  on to determine your schedule of withholding.
• Classifying employees
• Independent contractors and regular employees
  must be classified correctly to stay compliant
  with IRS rules and regulations. It may be that
  some of your contracted workers are hired on a
  regular basis, leading the IRS to ask that you
  classify them as regular employees, meaning that
  they are then subject to

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• Medicare and Social Security withholdings. A
  payroll professional will help you ensure that
  all workers are classified correctly.
• Payroll tax withholdings and deposits
• A W-4 income tax withholding form must be
  completed by every employee the IRS requires
  that Medicare and Social Security taxes are
  withheld, and an established rate of federal
  income tax. Unemployment taxes both state and
  federal, are also required to be withheld and
  then matched for regular deposits. Quarterly
  filing and deposits can be the sole
  responsibility of your payroll processing
  professional, the schedule for which is
  determined by your fiscal year.

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• There are several other factors that can affect
  payroll withholdings, and since they can be
  complex and confusing, it really is sensible to
  let your payroll professional handle things.
• Paychecks
• State and federal laws must be strictly adhered
  to when paying regular employees, and there are
  rules surrounding payment schedules and wage
  amounts, too. Employees must receive an itemized
  payroll statement with certain information and
  details on it, and it goes without saying that
  these should be issued in a timely manner to
  achieve a contented workforce.

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• Not complying with any of the regulations can
  land you in deep water and result in costly
  fines, so seeking professional help with this is
  a no brainer.
• Record keeping
• With advanced software at their fingertips and a
  head for figures, a payroll professional can
  easily ensure that your records are kept updated
  and in order, and this can come in especially
  useful in the case of an IRS audit.
• Payroll is made that much simpler when you use
  the services of a payroll professional, and you
  can rest assured that not only will you always be
  tax law

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• compliant, but that your employees will always
  receive the correct wages, at the correct time.
• Koza Consulting Group, headquartered in San
  Diego, California, is a premier provider of
  strategic HR, IT, Bookkeeping and Payroll
  solutions specifically developed for small and
  mid-tier companies. If you are looking for hr
  consulting in san diego or bookkeeping services
  in san diego, Visit us at https//www.kozaconsulti
  nggroup.com