Common Payroll Mistakes
Fri, 06/28/2013 - 2:13pm — AMS
One of the most important factors in payroll processing is staying compliant with the IRS and keeping your client's business running both smoothly and organized.
Common payroll tax mistakes can cost your clients large penalties. The good news is, they can be avoided. There is no room for error when processing payroll so paying attention to details will help reduce the risk of the following common errors.
1. Incorrect Payroll Tax Return Filings
There are a multitude of Federal and State returns that must be filed for payroll taxes. These may include withholding, unemployment, local and school district taxes. Furthermore, there are many different reporting requirements. If proper procedures are not followed and filings not submitted by the deadlines, costly penalties and interest can be assessed.
2. Be On Time In Making Your Deposits
As an employer, you withhold taxes from the employee and have employer contributions to make. The important thing to know is when these deposits are due and how they must be paid. Federal and State levels determine compliance on when and how payments are to be paid. If your payments are late, stiff penalties and interest can be assessed.
Visit www.irs.gov for deadlines and methods of payment for deposits.
3. State Unemployment Insurance (SUI) Rates Not Updated To Current Year
State Unemployment Insurance Rates are updated annually by most states. These new rates should be updated in your payroll processing software to ensure your taxes are properly paid. If you underpay these SUI taxes, penalties and interest are going to be assessed.
Visit www.1099-etc.com for more information on how our software processes payroll and assists you further with being compliant and organized.
I am so happy today because God has done it for me after going through hard times with other loan lenders and nothing works out, I was about to lose my faith and hope but I still have to stand strong and pursue what I am looking for. I am happy today because God has directed me to the best Loan Company and I didn't regret anything after contacting them and my heart desire was granted and I was given the said amount I requested for (300,000.00 USD), the money was paid into my account after two weeks of talking with the company and they didn't stress me or give me any headache in getting this loan from them, others of my family members and friends I directed to them all got their loan too, I would love you to contact pedroloanss@gmail.com / whatsapp +1-8632310632 . and get your loan quickly and this is safe and fast, you that have loose hope, faith and everything you have all just in the name of getting a loan and nothing work out, bet me if you try this man called Pedro Jerome , you will never regret anything and your loan request will be approve and it will be paid directly into your bank account, so hurry now and contact quick response on WhatsApp +1-8632310632. ask for any type of Loan, and it will be granted to you. I wish you the best
ReplyDelete