Rather, Payroll Tax is the funds that an employer withholds and pays on behalf of their employees, and because you don’t see it in the first place, you generally don’t miss it. And you certainly don’t pay a lot of attention to it – until tax time!
The amount of the tax collected from each employee is based on the salary and wages of person employed. The more you earn; the more tax you pay. And these taxes are used to fund government programs and entitlements such as health care, Social Security, compensation for unemployment and workers comp. About 70% of the revenue that is collected by the IRS comes from Payroll Taxes.
In New Jersey, our state collects Payroll Tax for unemployment insurance, disability insurance, Family Leave insurance and workforce development. And for those of you who are working in New Jersey, you’re currently paying 7.5% of your gross income to the government.
Although running a business is full of challenges, payroll tax filings can actually be simple and clear. As a manager, owner or employer, it can be difficult to make sense of tax codes that constantly change and it can be challenging to know exactly how to handle certain employee tax situations and problems. But you can combat this. A strong tax professional in your corner can lift the burden in terms of payroll tax filings, leaving you (and your team) free to focus on growing your business.
So what are some of the payroll tax issues you might face, and how can Two Rivers help?
Whether this is the only service you need from us, or if this is part of the process, Payroll Tax filing is actually relatively quick and painless when you take advantage of our tax experience and knowledge. We’ve been doing this for years and our clients trust us for Payroll Tax filing that’s swift and accurate. That means you can leave your tax information with us and rest assured in the knowledge that you’ll be provided with the best results. Leaving us to do this will allow you more time to spend on other aspects of the business.
The simple fact is: if you fail to pay your Payroll Tax on time, you will face harsh penalties from the government.
We realize it’s easy for business owners to forget – we know you might not have the timing down; or the dates straight; and you might miss important dates due to minor mistakes. You may not have budgeted for the taxes or you could simply just be unorganized. The problem is, the government doesn’t care WHY you miss deadline to make payments. They only care that you HAVE missed deadline to make payments and any fines you received are actually based on how many days late your payments are.
So what can you do? You can hire us.
We can help to create and organize any business plan properly so that you will avoid heavy penalties and fines now, and into the future. It doesn’t have to be a struggle! In addition, the IRS will waive penalties in some cases if you have a good reason – and finding that good reason is something we specialize in being able to do (if it exists). Partial payments may not eliminate the amount of penalties you will pay, but they can certainly decrease it. The best way to avoid all these unnecessary costs is to simply get under control with an organized plan ahead of time and to do that, Two Rivers Tax Services is here to help!
Payroll and taxes are constantly affected by new and changing legislation, at both State and Federal levels. The requirements placed upon employers are always changing and it’s often hard to keep track of, particularly when you are busy trying to run a business. Not only can we keep you on top of these changes, we can help you utilize them to strengthen your business.
In a changing and complex employment landscape, businesses can be at risk of Payroll Tax compliance issues. To help you combat this, we’ll set strategies in place to mitigate risk, tip the scales in your favor, and enhance your understanding of payroll issues that may affect your business in the future.
Regardless of if you have 1 employee or 50, there are processes in place that must be followed, but first – we get to know your business ourselves. Our process is not to simply apply a set of established rules or “tricks” to your payroll situation; because we understand that we can only develop the best payroll tax solutions if we truly get to know your business and your payroll situation. In doing so, we seek to better strategize your taxes and finances in every possible way.
But our mission is to simplify things. Whether your payroll is large or small, and whether it includes a handful of people or several thousand, we’ll provide concise answers to your questions and useful solutions to your payroll challenges.
Give us a call today or send us an email and we’ll be able to give you the right advice for moving forward. We’ll help ensure you never have problems with your Payroll Tax filings ever again.