Payroll services are always pertinent.
Payroll services are always pertinent. No one works for free, and your employees are your most valuable asset. Employees are the ones that help your business grow, interact with customers, take care of daily tasks, and help to bring in entirely new customers. It’s essential that they properly get paid for their time and effort. The payroll process involves more than just cutting a few checks, and we can help to make this process more manageable for you. Here are some payroll essentials that you should know about without a doubt.
Payroll Matters a Lot When New Hires are On Board
When you hire a new employee, you have to report this to a state agency shortly after they join your team. The agency verifies that your employees can legally work in the country and provide them with tax forms that they need to complete. A W-4 is necessary for federal tax income withholding. Without this, there is no way to withhold your employees’ taxes accurately.
Payroll Services Are Essential for Identifying Your Employees
Pay and wage differentiation matter within the workplace. For example, some employees are salary vs. hourly, contractual vs. non-contractual, full-time versus part-time, and some employees are eligible for overtime hours while other employees aren’t. If you improperly classify your employees, then you could cause employees to miss out on the overtime pay that they deserve. Typically, salaried employees are exempt, while hourly employees are not.
Another faux pas that can come from misidentifying employees is causing employees to miss out on benefits. An independent contractor has no entitlement to benefits while an employee is.
Record Keeping is an Essential Part of Payroll Services
The Fair Labor Standards Act (FLSA) requirement states that you need to maintain specific records for both exempt and non-exempt employees. The FLSA identifies how long you should keep these records and where you should maintain them. These documents include clock in/out times, deductions, and additions to wages.
Payroll Taxes are Tricky, But We Can Help!
As a business owner, you are responsible for withholding along with paying state, local, and federal employment taxes in combination with your portion. You also need to report your taxes with the respective state agency. If you don’t comply with tax regulations, civil and criminal penalties could apply.
If your payroll services aren’t on point, then give us a call!
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.