Services

Payroll & Source Deductions

Payroll Processing:

Payroll processing involves the calculation and distribution of employee salaries or wages. This includes gathering employee time and attendance data, calculating gross wages, factoring in any bonuses or commissions, and deducting taxes and other withholdings. Payroll processing also includes handling various payment methods such as direct deposit or physical checks, as well as ensuring compliance with labor laws and regulations regarding minimum wage, overtime, and other relevant factors.

Paystubs:

Paystubs, also known as pay slips or earnings statements, are documents provided to employees with each paycheck. They detail the employee’s earnings for the pay period, including gross pay, deductions for taxes, benefits, and any other withholdings. Paystubs also typically include year-to-date totals for earnings and deductions, providing employees with a clear breakdown of their compensation.

Payroll Tax Filing:

Payroll tax filing involves the submission of various tax forms and payments to government agencies on behalf of the employer. This includes withholding and remitting federal income tax, Social Security tax, Medicare tax, and state income tax from employee paychecks. Employers are also responsible for paying their share of Social Security and Medicare taxes, as well as federal and state unemployment taxes. Payroll tax filings are typically done on a regular schedule, such as monthly, quarterly, or annually, depending on the requirements of the taxing authorities.

Source Deductions:

Source deductions refer to the amounts withheld from employee paychecks to cover various taxes and other obligations. This includes federal and state income tax withholding, Social Security and Medicare taxes (FICA), and any additional withholdings for items such as retirement contributions, health insurance premiums, or wage garnishments. Employers are responsible for accurately calculating and withholding these amounts from employee pay and remitting them to the appropriate government agencies or other recipients on time.

These services are crucial for businesses to ensure accurate and compliant payroll management, as well as to provide employees with transparent and timely compensation information. Outsourcing payroll and source deductions tasks to a professional service provider can help streamline operations, reduce errors, and ensure compliance with tax laws and regulations.

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