When you begin your business, there’s this euphoria you bask in. You expect great things to happen in no distant time. However, if you fail to pay attention to local, state, or federal government laws concerning your business, or your dreams might never see the light of day.
Amongst several laws you must abide by, payroll tax filing comes amongst the top items on the list. As complicated as the tax laws are, failure to sort them accurately and timely can incur several sanctions that may slow down your business. That is why it is important to hire reliable payroll tax filing services from renowned providers.
So what is payroll tax?
Payroll tax is the money withheld from your workers’ wages. The Medicare and social security taxes, federal and state government withholding tax and unemployment taxes are all examples of payroll taxes. These funds are put together and made good use of by the government.
As an employer, this portion of taxes must be withheld from your employees’ wages, filed, and paid on time to the relevant body. You also have to pay your share of the payroll tax as an employer. You’d have to fill several forms and make the actual deposits. It all makes the process daunting especially if you’re a business owner with much on your to-do list.
Here is a little something. If you are aware of the payroll tax filing deadline, payment deadline, the several kinds of payroll taxes and who pays which, then the whole process becomes easier.
Types of payroll taxes
From the federal level, there are three types of payroll taxes that an employer must withhold from his employees’ wages. These include FUTA (Federal Unemployment Tax Act), FICA (Federal Insurance Contribution Act), and the federal income tax withholding.
On the state and local level, you have to withhold the state income tax and the State Unemployment Tax Act (SUTA). Local taxes are not fixed but vary depending on where your business is located.
For most payroll taxes, the IRS maintains a system that ensures you make and file your deposits annually.
Most small businesses subscribe to software or hire a real payroll tax expert to do all the work for them.
Whichever choice you make, E-pay is here for you.
E-pay is a tax consultant firm with several decades of experience in handling small and large business tax services. The firm boasts a team of some of the finest tax experts who have dedicated their careers to seeing small businesses grow.
The licensed tax experts at E-pay will ensure that the process of payroll tax filing is done accurately and promptly so that your business doesn’t get flagged for sanctions by the IRS. Whether your forms are to be filled and filed annually or quarterly, E-pay has got you covered.
You should have it in mind that if your provider makes any mistake while preparing your payroll tax, the weight of the IRS is going to fall on you as the business owner. To be on the safe side of the law, get accurate payroll tax filing services even with a small budget at Epay payroll before 2019 tax day.