Payroll services in Queens- Helping your company to growby Harry CPA Accountant Payroll is the list of employees maintained by a company/firm. However, the term is often used to denote the total amount of remuneration a company pays to its employees. It also refers to the department or section of a company that manages and keeps track of wages, bonuses and taxes of all employees.
Given the necessity of maintaining an immaculate payroll system and the corresponding complexities involved, many companies are outsourcing the payroll activities to specialist agencies or using payroll system software. A well-coordinated payroll process helps conform to legal and tax requirements, and simplifies the payment procedures. Systematic payroll services in Queens is crucial in maintaining and boosting the morale of employees. Accurate and timely payment of wages, and properly calculated tax deductions give employees the peace of mind, thereby contributing to increased levels of productivity.
Calculation of payroll is based on factors such as total duration of work, hourly wages/salaries, and vacations/holidays taken during the pay period. Taxes/Deductions are calculated and subtracted from gross pay. A payroll system processes tax information and helps comply with tax obligations. Such a system, based on the status of withholding provided on an employee’s IRS W-4 form, calculates the net pay, and generates a W-2 form at the end of the fiscal year. It also aids in labour management, by providing ready information on statistics such as time-sheets, headcount, vacation balances, and performance records of employees.
Payroll and payroll taxes are subject to laws and regulations of the land. In the United States, they are subject to the three tiers of governance: Federal, State, and local. Here, ‘payroll taxes’ are separate from income taxes, and are utilised to fund schemes such as Social Security and Medicare. They include the following:
- Federal income tax withholding
- Social Security tax withholding: 6.2 percent of salary; if one is self-employed, one has to pay the combined employee and employer amount of 12.4 percent.
- Medicare tax: 1.45 percent of salary; in case of self-employment the amount rises to 2.9 percent.
- State income tax withholding: Includes city taxes, county taxes, school taxes, state disability, and unemployment insurance.
Queens is the easternmost and largest of the five boroughs of New York City. It has numerous established financial bureaus run by certified Public Accountants providing payroll services in Queens. The primary payroll services in Queens of such companies are listed below:
- Printing and handling of pay checks, including direct deposit into employee bank accounts
- Calculation and withholding of Federal, State, and local taxes, and financial taxes to be paid by employers
- Filing of quarterly and annual finance reports
- Depositing of withheld amounts with tax authorities
- Filing of year-end employee tax documents such as W-2 and W-3 forms
- Management of retirement and savings plans, and health benefits
- Producing export files containing finance/general ledger data to be imported into a client's accounting software
- Human Resources (HR) tracking/reporting
Some well-known payroll companies from Queens offer these services. Call 347-434-5000 for more information.
Read More:- The core benefits of accountant role in business
Created on May 13th 2017 01:55. Viewed 100 times.
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