▻ Prepare and file 941 quarterlies with the IRS
▻ Prepare state unemployment tax returns and file with the appropriate state agencies
▻ Allow clients to track all federal deposits made on your behalf
▻ Deposit Federal unemployment tax payments electronically
▻ Prepare and file state and local withholding tax returns
▻ Prepare and file 940 Federal Unemployment Tax returns with the IRS
▻ Provide and file 1099 forms (employee and employer copies)
▻ Prepare all W-2s and file with the Social Security Administration
▻ Prepare and file state and local annual tax reconciliation
▻ Generate quarter and year-end reports
See how TimeWorksPlus can benefit managers, labor supervisors and employees. With intelligent clocks and integrated services, everyone wins!
Every business owner knows that workers’ compensation premium payments can be a headache. Constant changes in staff, extra employees for peak seasons, trying to find replacement workers – all contribute to the fact that you don’t have time to manually update your premium estimates.
At It’s PayDay, we understand the pressures of your business. That’s why we’ve come up with a solution – XactPAY® – the perfect way to take the hassle out of workers’ compensation premium payments.
XactPAY® has been designed to increase your cash flow while helping to minimize large, unexpected payments following a premium audit. When you purchase a Hartford workers’ compensation policy, you can enjoy these benefits from XactPAY®:
▻ Eliminate large down payment at the beginning of the policy year
▻ Achieve better cash flow management
▻ Freedom from writing checks
▻ Freedom from finance and billing fees
▻ Helps minimize audit adjustments at the end of the policy year
Our preferred partnership with The Hartford allows you to pay your workers’ compensation premiums based on your actual payroll – one payroll period at a time. This eliminates the need for large estimated down payments, and helps to minimize the likelihood of a large audit payment due at the end of the policy year. The process is seamlessly integrated with the payroll services you already enjoy. When you purchase a workers’ compensation policy from The Hartford, XactPAY® automatically calculates your workers’ compensation costs and premium payments – no guesswork!
To learn more about the benefits of XactPAY® and to get started call 410.879.5200 and speak with a It’s PayDay representative today! It’s one of the easiest ways to improve your company’s cash flow.
It’s PayDay offers full service background searches through our partnership with National Crime Search (NCS). NCS is a nationwide provider of background checks for employers, senior care providers, non-profit organizations, and property management companies.
Background checks can help you protect your business and help reduce fines and penalties. Through our partnership with National Crime Search (NCS), It’s PayDay offers instant and affordable background checks. Our partnership provides you with secure and instant access to a web-based national criminal and sex offender directory. This directory includes over 507 million criminal records covering all 50 states plus the District of Columbia.
NCS is committed to providing a high quality, low cost, complete solution tailored to meet your criminal background check needs. The system is fast and easy to use allowing for immediate results.
▻ Instant National Criminal Searches
▻ Multi-State Sex & Violent Offenders Search
▻ County Criminal History
▻ Motor Vehicle Records
▻ Employment Credit Reports
▻ Social Security Verification & Address Tracker
▻ Healthcare Industry Search Services
▻ Tenant Screening
▻ Volunteer Screening
EIN stands for Employer Identification Number. The IRS assigns you an EIN so you can identify your business on different tax documents. Like a Social Security number, an EIN is a taxpayer identification number. When you become an employer, you need to apply for an EIN. You can obtain an EIN by applying online or faxing/mailing Form SS-4 to the IRS.
There are many terms associated with running payroll. Here are a few payroll terms you should familiarize yourself with:
Direct deposit is one type of payment you can offer employees. It is used by 82% of workers, making it the most popular payment method. Many business owners like direct deposit because it is convenient. You can pay employees without having to hand them a physical check, which also makes it a safe payment option. You don’t need to worry about employees losing paychecks with sensitive business information. Some states let employers implement mandatory direct deposit.
Supplemental wages are dollars you give employees in addition to regular wages. A few examples of supplemental wages are bonus payments, commissions, and severance pay. Because supplemental pay is not part of an employee’s regular wages, you withhold taxes differently from them. You can choose between the percentage and aggregate methods. With the percentage method, you must withhold a flat rate of 25% on the employee’s supplemental wages. With the aggregate method, you must add the employee’s supplemental wages to their regular wages and withhold tax from the updated tax bracket.
As an employer, you are not off the hook when it comes to taxes. But, how you pay taxes depends on your business structure. If you are incorporated and receive a salary, payroll and income taxes are deducted from your gross wages. If you are self-employed, you do not receive a salary, but you still need to pay taxes on your income. Instead of FICA tax, you must pay self-employment tax. With self-employment tax, you pay the entire 15.3% for Social Security and Medicare taxes. And, you need to pay income tax. Self-employed individuals pay estimated taxes, which includes both self-employment and income taxes.
FSAs (flexible spending accounts) and HSAs (health savings accounts) are great benefits you can offer employees. While both are healthcare plans that reduce an employee’s income tax liability, you need to understand the difference between FSA vs. HSA. Employees can contribute up to $2,650 per year to their FSAs and $3,450 for self-only coverage / $6,900 for family coverage to their HSAs in 2018. There are other differences, including ownership, eligibility to contribute, access to money, rollover rules, and more.
All employees are required to fill out Form W-4, Employee’s Withholding Allowance Certificate, and Form I-9, Employment Eligibility Verification, before they can start working at a business. Use Form W-4 to determine how much to withhold from an employee’s wages for federal income tax. Use Form I-9 to verify that an employee is legally allowed to work in the United States. Employees might also need to fill out state tax withholding forms, benefits forms, and more.
Filing forms needs to become second nature when you run a business. The most common forms you should keep track of include:
Hanging onto records is also part of being a small business employer. You need to keep all payroll records for at least three years, according to the FLSA. And, you must keep all records of employment taxes for at least four years after filing the fourth quarter of the year, according to the IRS. Basically, your payroll record retention should last for a long, long time.