4.5 billion reasons for an online payroll service
DESCRIPTION
Small business have a lot to worry about. Last year, businesses incurred $4.5 billion in payroll tax penalties according to the IRS. When it comes to payroll taxes or employment taxes (Social Security and Medicare; Federal Unemployment Tax, Federal Income Tax), there are too many complications. Here's a look at why you need to consider an online payroll service.TRANSCRIPT
4.5 Billion
Reasons for an
Online Payroll
Service
Businesses Incurred $4.5
Billion in Payroll Tax
Penalties Last Year
Of the $4.5 billion in payroll tax penalties, it’s likely that small
businesses are feeling some pain.
Bloomberg’s small business blog, The New Entrepreneur, put it succinctly:
“Every month, employers across the U.S. send money to the IRS to cover payroll taxes—levies drawn from employee pay to cover Social Security,
Medicare, and unemployment insurance. Many botch the process.”
Payroll Taxes can Get Complicated:
• Social Security
• Medicare
• Federal Income Tax
• Federal Unemployment Tax
With payroll you also need to keep up
with the changing tax code.
Why is Payroll So Hard?
It’s labor intensive.
Compensation Changes,
Compensation Changes,
Bonuses Change
Compensation Changes,
Bonuses Change
Overtime Needs to be
Calculated
Compensation Changes,
Bonuses Change
Overtime Needs to be
Calculated
There’s Also Sick
and Vacation Time
to Consider
Compensation Changes,
Bonuses Change
Overtime Needs to be
Calculated
There’s Also Sick
and Vacation Time
to Consider
These All Lead to Errors
And
Payroll tax laws are complicated.
There are federal, state and local payroll taxes.
Every state and town is different.
Integrating payroll yourself with your business is not easy.
However, a payroll service can automate payroll with your accountant and even your time clock system.
Online Payroll Services are an Affordable Alternative to Doing It Yourself.
• Get payroll taxes done for you.
• Complete the process in a few minutes.
• Receive basics like direct deposit, W-2 and 1099 preparation.
But, how do you choosea payroll service?
Look for: • Payroll taxes automatically handled
• Customer service
• Direct deposit
• Mobile apps
And these:
• Payroll taxes automatically handled
• Customer service
• Direct deposit
• Mobile apps
• Accounting integration
• Security
• Great value
Easy. Online. SurePayroll.
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For more small business tips, visit
The Payroll Blog.
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