One of the most significant stresses of most business owners is completing payroll, and making sure that employees are paid on time and that the company’s responsibilities are handled correctly. Rather than dealing with the anxiety themselves, more entrepreneurs choose to hire a company to address any Payroll Accounting in Palm Springs CA. Here is a quick look at the benefits to hiring a knowledgeable professional, and how it can give a business owner the ability to focus on the things that matter most.
Federal and State Tax Filings
Failing to pay the required taxes on an employee’s wages can have detrimental consequences, including steep fines and the possibility of jail time depending on the amount of back taxes that are owed. A payroll firm will be able to calculate tax amounts accurately and can set up the accounts and payment systems needed to ensure that all state and federal organizations get their payments promptly.
Wage Garnishments
Both state and federal levels of the government can garnish a person’s wages. The most common reasons for a wage garnishment include child support payments, past due tax liabilities, and student loans that are in default. Most garnishment notices will state the percentage that must be removed from an employee’s final wages, and the employer will be responsible for sending in payment for these garnishments.
End of Year Accounting
One of the biggest blunders employers make is inaccurately figuring end of year salary information and sending out any required tax documents late. A company that provides Payroll Accounting in Palm Springs CA will assist with these responsibilities and make sure that any end of year documents are delivered to employees by the required deadline. This can streamline the end of year process and prevent a company from being assessed any fines or fees for not following through with their responsibilities.
Processing payroll for a company can be a confusing and convoluted process. The team at Miller and Mehr offers customized services that will make payroll processing easy for businesses large and small. Be sure to contact them and let one of their professional tax experts make sense of a company’s payroll needs.
