• Understanding Payroll Tax Payment and Filing Requirements

    Employers are required to make federal payroll tax payments to the government, as well as filing the proper reporting and informational returns. Employers must also provide employees and contractors with W-2 and 1099 reports explaining the compensation paid and withholding amounts. There may be state requirements as well. The rules can be complex and penalties for noncompliance severe, which is why the administration of payroll tax responsibilities is often outsourced by small businesses.

    Properly handling payroll tax responsibilities involves making sure that:

    • your federal and state taxes are paid and reported to the appropriate tax agencies
    • you properly report income, amounts withheld, and amounts paid on behalf of employees and contractors
    • you maintain the required federal and state records

    Accurate and timely compliance is the key to avoiding payroll tax penalties!

    Watkins Tax and Consulting, LLC’s payroll services can help you reduce the time spent on administration and ultimately increase your bottom line.

    We offer a variety of payroll services. We can provide a turnkey, worry-free way to deal with the demanding and time consuming aspects of payroll.

    Whether all or a part, we can handle or assist you with:

    • Payroll preparation, including processing and cutting paychecks
    • 401(k) or Simple tracking & payments
    • Tracking & payments for deductions (child support, court orders, etc)
    • Time off or accrual or tracking of vacation/sick time
    • Quarterly payroll filing requirements
    • FICA tip credit reporting
    • Form 8027 (for tipped employees)
    • Compliance for required paperwork for employee: W-4; MW506(MD); Department of Homeland Security I-9; New Hire Reporting
    • Year-end payroll reporting requirements
    • Direct deposit of paychecks
    • Electronic filing requirements of payroll taxes

    With expertise to handle all of your payroll needs, you will be free to devote more time and resources to making your business more profitable.

    Contact us today to learn more.