PAYROLL PROCESSING
Payroll is the task of paying your workers or employees. Payroll is also the set of different type of reports to give information to the management and employees. Some reports have more details and others are summaries. It depends on the user of the report.
Processing Payroll is a very simple task. Requires pen, ledger, calculator, tax table and the most importantly a “BIG ERASER”. To come up with the net pay, you take the working hour, multiply it by pay rate and then subtract the taxes and other deductions you come up with to the net pay. But it is not that simple, there is more to it than you think. One small error may cost you a huge penalty and interest.
Meanings of payroll are as follows:
- The sum of all financial records of salaries (a form of payment on a periodic basis instead of an hourly rate);
- Earnings and wages for an employee, (a form of payment based on an hourly rate),
- Bonuses and deductions (payment’s taxable amount).
In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time. The primary mission of the payroll department is to ensure all employees are paid accurately and timely with the correct withholdings and deductions and to ensure the withholdings and deductions are remitted to the government agencies in a timely manner.
Payroll expenses play a major role in a company for several reasons:
- It may affect the cost of goods/merchandise sold.
- It increases or decreases the net profit.
- It is subject to laws and regulations of federal, state and sometimes cities.
Payroll laws change constantly, and for you as a business owner it would be most beneficial to outsource this important task to a professional. Payroll processing companies like www.Green60.com. Their job is to process the payroll all day for their clients.
- We know the laws and regulations.
- We have more than thirty-two years experience in this field.
- We have seen different types of earnings, either taxable or nontaxable.
- We have seen and processed all different types of deductions, such as wage garnishment, 401(k), employee advances, vacation and sick time accruals.
COVID-19 helped us get to the point of trusting the experienced, professional companies who have been in business for a long time. Let us take care of this important job for you. Our charges are very nominal and cost effective. We will take care of the following:
- Paying your payroll taxes on time guaranteed
- Filing your new-hire employee requirements
- File your quarterly and annual reports.
- Print W2s for your employees or 1099s for your outside professionals.
- Respond to the Government notices
- Help with Workers Compensation Audit
As a business owner, you would like to spend your valuable time doing what you love, or spending time with your family. Keep www.Green60.com in your mind for this important job of payroll processing, because we are professional, knowledgeable and affordable. We also provide free archiving, accessibility, easy to use, and more beneficial features.