What Is a Payroll Service Company?
A payroll service company is an accounting business that will prepare for your company’s payroll. A payroll service company is expected to do the following for you:
• Calculate the payroll of all your employees
• Calculate the local, federal and state taxes that needs to be withheld and deposited to the proper tax authorities
• Print the pay checks of your employees on time for their payday
• If your employees chose direct deposit than pay checks, the payroll service company will deposit their pay directly to their bank accounts
• Calculate the payroll taxes that you need to pay (Medicare and Social Security)
• File the annual and quarterly reports regarding payroll
• Print and file your employees’ year-end tax documents
Payroll Service Company- What Else Can It Do For You?
Other than doing the basic tasks needed in preparing for your company’s payroll, a payroll service company may also do the following for you:
• Manage the savings and retirement plans of all your employees
• Do the timekeeping task for you
• Manage the health benefits of your employees
• Do the tracking and reporting of Human Resources (HR) for you
What Should You Ask a Payroll Service Company?
When looking for and choosing a payroll service company, you must ask them these necessary questions:
• What basic services do you provide?
• If ever there was a mistake, how fast can you fix the payroll?
• How much does your service cost for one year?
Those are just some of the important things that you must know about a payroll service company. All of these will help you look for a payroll service company that will surely give your money’s worth.
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