There are currently more than 500,000 small businesses that make use of Paychex payroll accounting, payroll management, payroll processing, payroll direct deposit and other payroll services. These are human resources and employee benefit products that simplify business ownership, as taking time to total up employee hours, perform gross to net calculations for individual employees, calculating payroll taxes, depositing payroll taxes, preparing state income tax returns, preparing employer tax returns, preparing federal income tax returns and more are all services that can be outsourced. Outsourcing these services simplifies each process, while providing business owners with the opportunity to save a lot of money and time while remaining compliant with tax law.
There are restaurants that have tipped employees that may be eligible for a FICA tax credit. This is a credit which allows restaurant employers to lower the income tax they are responsible for paying at the end of the fiscal year. Paychex has a FICA Tip Credit Report, which contains information that employers will require if they would like to determine whether or not they qualify. Since integrated payroll systems speed up vendor management, payroll outsourcing is quite popular. Through payroll outsourcing, it is possible to manage garnishments, third party sick pay, fringe benefits and more. If you are a small business owner and you would like to improve how you manage payroll, contact a payroll outsourcing agency with experience in your industry to ensure that you are as efficient of a company as you can be.