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PAYROLL PROCESSING

Payroll Processing

 

With employees come payroll, there is no doubt about that. However, employee payroll processing is a tedious and time-consuming task that allows little time for mistakes and is usually well outside most companies’ area of expertise. Payroll processing is one HR administrative burden that most companies are quick to outsource without knowing that when you outsource with some payroll service providers, you spend just as much time and effort preparing reports as you would administering payroll itself.
 
As an integrated HR service provider, SG Inc. C.P.A can bundle payroll services with our exclusive time and labor tracking system. The two compatible systems limit errors and speed up the payroll process by eliminating the need to input several pages of data.
 
We pair a team of highly-trained payroll specialists with best-in-class systems to expertly manage the entire payroll process from start to finish. Employees get their pay checks in a reasonable time while you get to focus on your people and the success of your business. Happy employees equals better business, make sure pay checks are always on time!

  • Automated payroll system connected on to time tracking system to boost payroll timeliness and accurateness
  • Option of paper pay checks, direct deposit or pay cards
  • Manager and employee self-service application
  • Ability to devote dollars by department, project or job
  • Monitor and manage paid-time-off (PTO)
  • Process garnishments
  • Assume responsibility and liability for remitting taxes & tax returns
  • Prepare W2 & W3 reconciliation
  • Generate and submit certified payroll
 
What is W2 Form?
The Internal Revenue Service (IRS) requires employers to report wage and salary information for employees on a W-2 Form at the end of the year. This form also reports the amount of federal, state, and other taxes withheld from the employee's paycheck. As an employee, this form is very important when preparing for your tax return.
What is W9 Form?
A W-9 form, also known as a Request for Taxpayer Identification Number and Certification form, is used to confirm a person’s taxpayer identification number (TIN). This confirmation can be requested for either an individual defined as a U.S. citizen or an individual outlined as a resident alien.
What is Form 1099-Misc
Form 1099-Misc could be a Tax form that reports the year-end outline of all non-employee compensation. The 1099-Misc form covers rent, royalties, self-employment and self-supporting contractor revenue, crop insurance profits, and a number of other forms of miscellaneous earnings.

Special Features

 
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IRS tax payments: Form 941

The 941 reports pay your company has remunerated and federal tax withheld. It as well as lists Social Security and health care taxes withheld, and your company’s share of these Social Security and Medicare taxes. Certainly, your quarterly tax payments are required with the form.

A new Form 941 is filed each quarter. The form, and any payments due, must be filed by the last day of the month after the end of the quarter. For example, the 941 Form for the third quarter (July/August/September) must be filed by October 31. If the expected date falls on a Saturday, Sunday or a holiday, the filing date becomes the next business day.

If you’re thinking about wherever to mail Form 941 with or without payment, check IRS agency locations here, as a result of businesses in different states file 941 four times a year to different IRS locations. You can also file form 941 online.
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941 Payroll Tax Penalties

As you would possibly have guessed, 941 payroll tax penalties for not filing on a timely basis and for not creating the payments due are often severe.

- Failing to File. If you file late, your company can be penalized by the IRS agency. The fines begin at 5% of the tax due, however will intensify to 25%.

- Failing to Pay. You can even be penalized for late payments, at a rate of 0.05% per month, however this fine may increase to 25% of the tax due.

In addition to the 941 payroll tax penalties – and this will be wherever the harm to your company can really add up – the IRS can impose interest charges on the taxes payable. The interest is calculated at the federal short-term interest rate, 3 percentage points, and also the interest is combined daily. The meter starts running the day the taxes are owed, so you’re more happy or better off paying the debt as presently as you'll be able to. 

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Penalty calculator: find out the value of not paying up!

  • Your payment is 1 to 5 days late: 2% of the amount owed
  • Your payment is 6 to 15 days late: 5% of the amount owed
  • Your payment is 16 or more days late: 10% of the amount owed
  • If you're notified of your wrongdoing and you are paying within 10 days: 15% of the amount owed

We can help you processing your payroll

Join us and have your payrolls more organized and on time.
Avoid Tax penalties, Pay on time.
 
 

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