Payroll Withholding – Do you have the right tax calculated?

Categories: Business, Payroll, Compensation, Laws, Processing, tax, Health

Are you prepared with the right payroll and income taxes? What is the difference between each tax and who will actually end up paying the tax? Employers pay most of an employee’s payroll taxes while just the employee pays the income taxes. It’s coming up on the end of the year are you prepared with record keeping, compliance and the right tax calculations? Compliance forms such as the W-4 (both federal and state), W-2 (must be reported annually), and the I-9 eligibility form and kept on file for 3 years from hire date or 1 year after termination.

Depending on your industry, state, and local laws, there may be several additional tax regulations regarding employee’s and employer’s taxes. Generally, payroll taxes are taxes that employers and employees pay to the federal government and depending on location, taxes to the state and local governments. The amount or percentage of these taxes paid will come from the salary that employers pay to their staff. Federal level, do you have the right social security, Medicare and FICA percentages calculated? Local and State levels, do you have the right workers comp, unemployment, and disability insurances calculated?

Before hiring an employer should develop a protocol and be ready with their accounting practices for having employees on the payroll. Red River Payroll customizes and prepares any organization with personal one on one service. This analysis and plan will to get the organization ready for taxes, deductions and exemptions for each employee and the employer. Take the worry and stress from your shoulders, Red River Payroll has a certified CPP on an all-star team for your customized payroll solution. We will also file your taxes to the right agency. Red River Payroll your source for organization, record keeping, and continued compliance. Contact us today because #payrollispersonal.