Payroll Services
Payroll is one of the biggest expenses of a small business, it can also be one of the most complicated aspects business owners have to navigate. As an employer, you have legal obligations when it comes to paying employees on time, accurately, and withholding the correct amount for taxes. Falling out of balance during just one payment cycle could result in a labor investigation. Payroll doesn’t have complicated, let Net Profit Bookkeeping implement a system that works for your employment environment.
Net Profit Bookkeeping’s comprehensive payroll service includes:
Salary and wage calculation
Determine gross pay based on hourly rates for salaries. Calculate overtime pay, bonuses, and other variable compensation.
Employee information management
Maintain accurate records of employee details, including tax withholding preferences.
Update employee records for changes in status
Payroll processing
Generate payroll runs on a regular schedule (weekly, bi-weekly, or monthly)
Deductions and withholdings
Deduct federal, state, and local income taxes based on withholding allowances.
Deduct Social Security and Medicare taxes (FICA)
Compliance with tax regulations
Ensure accurate and timely filing of payroll taxes.
Stay informed about changes in tax laws and regulations.
Payroll reporting
Generate payroll reports for internal and external use.
Provide employees with pay stubs detailing earnings, deductions, and net pay.
Year-end reporting
Generate and distribute W-2 and 1099 forms to employees and contractors.
Prepare and submit required reports to tax authorities.