If you have a small business and you now have a handful of employees, it may be time to talk with the professional payroll experts about getting help. You want to know they you are paying all of your employees the right amount based on their wage, and that everything is correct with the taxes being withheld. Here are a few of the reasons why getting a tax professional may be one of the smartest things that you can do for your business.
There is a Lot to Know About Taxes
There are a lot of things that you need to know when it comes to paying your employees and taking out their taxes. The different taxes each employee has to pay into could potentially include the following:
- Federal taxes
- State, city, and township or village
- School district
- Garnished wage fees
You want to make sure that you have each employee paying the right taxes for where your business is located, where they live, and for any other factors that may come into play.
Tax Problems are a Headache
There are many problems that can stem from payroll and improperly taking out taxes. Not only may you get audited, but your employees may have problems if you aren't on the same page with what is being taken out. Either one of you could end up owing at the end of the year.
A Payroll Expert Does the Work
All you have to do is send the payroll professional the hours and they will do all the work for you. They will make sure that everyone has the right amount on their paycheck, and can help you with setting up the direct deposit as needed or with printing the checks. It is also helpful to have a payroll statement from an expert when it comes time to file your taxes.
There may be a lot of things with your business that you can do on your own, but managing the payroll details isn't one of them if you don't have the proper accounting background and training. You don't want to spend any of your time trying to figure out the taxes and the process, as you could end up paying the price because there are errors and problems. Talk with the local service providers, like Watson & Company Inc., and look at online service options to get a fair rate on the small business payroll services you need.