What are the benefits of using a payroll solution?

Companies that use a payroll solution can automate payroll processes, including disbursing salaries and wages and calculating and deducting employer and employee taxes. A payroll solution can also help businesses comply with local labor laws. They can also help eliminate time-consuming tasks, enhance data security, and increase employee satisfaction.  

How can payroll solutions help with compliance?

Automated payroll solutions are regularly updated to keep up with changing laws, new regulations, and filing deadlines. Additionally, payroll solutions automatically calculate federal, state, and local taxes based on the most up-to-date tax rates and local regulations. This helps companies mitigate the risk of incorrect withholdings and filings, stay up to date on current labor laws, and reduce the risk of fees or penalties.

How can payroll solutions help with tax filings?

Many payroll solutions offer the ability to automatically file tax returns, such as IRS Form 941 (also known as Employer's Quarterly Federal Tax Return). They can also automatically generate year-end tax forms, including Form W-2 for employees and Form 1099-NEC for contractors. This helps companies file taxes on time while staying compliant.