One of the most tedious tasks of running a business is ensuring that payroll information is submitted promptly and that all state and federal laws are followed. Rather than taking the time to comprehend payroll based regulations, more and more business owners are trusting a firm that specializes in Accounting in Merritt Island FL to manage it for them. Not only is it one less thing for a manager to worry with, but an accounting agency provides a plethora of benefits.
Reporting and Garnishments
Any time a business hires a new employee they must report it to the state, so there is a record of the person’s employment on file. An accountant will submit this information and handle any state-based garnishments that may be assessed on a person’s income. Failing to follow through with either of these two responsibilities may lead to fines that are often more than $200 per day.
Tax Withholding
An employer is required to withhold state and federal income taxes on the wages that an employee earns. Calculating the amounts due on the salaries earned is often complicated, as the number of deductions plays a role in determining the amount withheld. A firm that provides accounting in Merritt Island FL will ensure deduction amounts are accurate and make the required quarterly payments on behalf of an organization.
Direct Deposit Transmission
The days of paper checks are over, and 45 of the 50 states have laws that require an employee to agree to direct deposit of their wages into a valid checking account or a payroll based debit card. After the total amount of a person’s pay is calculated, an accountant will initiate a direct deposit transfer so that wages are deposited on time. Doing this manually is not only time consuming, but most banks charge a fee for sending an EFT to an outside account.
Don’t let processing payroll become a dreaded task. The team at Ken Harris & Associates offers customized payroll services at an affordable price. Schedule an appointment with one of their payroll professionals today and see how much time and money hiring an outside firm will save.
