You may think that just because you only have a handful of employees, you don’t need to hire help for your small business payroll processing. You may be surprised to learn that is simply not true. Here are some of the reasons you definitely need professional payroll assistance no matter what the size of your business is, or how many employees are on your payroll.
Payroll Taxes for Small Business is Tricky
The trouble you can end up in with the Internal Revenue Service due to botched payroll taxes is not worth the risk. The intricate details of all the rules and regulations concerning payroll taxes for small businesses can be so complicated, they require the consultation of an expert who is trained and seasoned in the field. The money you’ll save by not getting slapped with fines for doing your payroll taxes incorrectly will most likely cover the cost of a small business payroll processing professional and you’ll probably even have some funds left over.
When you assign a regular employee in your company to tend to payroll taxes and other jobs that are not within their expertise, you are asking for trouble. Those who are not specifically trained in the tax field are likely to become very stressed with such a tall order. They realize they can get the company in big trouble if they make a mistake. They are also liable to cost you more in the long run because they are not quick and efficient like a small business payroll processing is. Be fair to yourself and your employees and hire a reliable professional.
Payroll taxes are highly specialized. If you have business in multiple locations, especially different states, you certainly need the service of a small business payroll processing specialist who knows the laws in all applicable places you are dealing with.
An experienced payroll tax professional will:
- Figure state withholding for the states that require state income taxes to be paid and will do so going by a State W-4 form.
- Determine the federal withholding in the same manner as above.
- Configure FICA taxes on those whose wages are at 7.65% to be sure their withholding on Social Security is capped.
- Determine additional Medicare tax when necessary.
- Keep track of important tax requirements and deadlines.
Even if you are not aware of tax laws and deadlines, you are still responsible, as a business owner, to uphold them. Ignorance is no excuse. It can land you in a world of trouble. You can be fined, your fines can be penalized with interest. You can even go to jail.
If you are searching to hire a payroll service provider near me in Sarasota, look no further than Complete Small Business Solutions. The professional experts at Complete CPA are willing and able to help you with your small business payroll processing and any other payroll tax service you require. Call today and get help from one of the leading payroll outsourcing companies in Sarasota, Florida.