Getting Paid! The process of accruing and/or paying salaries, wages, and reporting and paying the respective taxes.
Paying wages and salaries can be time-consuming, riddled with compliance requirements, proper classifications of payees, timeliness of payments, and a host of other needs. Employers often time prefer to streamline this process by outsourcing this service to free up valuable time that could be focused on the continued organic growth of their business, while staying compliant with the ever-changing laws.
Quarterly Federal Tax Returns
Payment of wages and salaries triggers employers' requirements to report income taxes, social security taxes, or medicare taxes withheld from employees' paychecks, and pay the employer's respective portion of tax.
Annual Federal Tax Returns
Payment of wages and salaries also triggers and annual federal tax return requirement to report taxes, such as social security taxes or medicare taxes withheld.