Much like our individual taxes, there are payroll taxes that are equally as important to be set up and paid on time. As one person, it’s hard to stay on top of all of the moving pieces of payroll, including the taxes.
Thankfully, payroll services help to alleviate some of the stresses that come with payroll taxes and streamline your business. Primary Payroll is currently offering your 1st month free when you sign up for payroll service.
But, before you sign up, make sure you have a good understanding of the importance of your payroll taxes being set up correctly.
What Are Payroll Taxes?
Employers withhold taxes from employee paychecks to pay to the IRS. These taxes are known as payroll taxes. As an employer, it is your responsibility to know the amount you should be withholding from your employees’ paychecks.
In addition to your employees’ taxes, you are also responsible for paying additional taxes as an employer. One primary example of this would be with Social Security taxes. These taxes are paid for in half by the employee and the other half by you, the employer.
What Understanding Payroll Taxes Is Important
The IRS can charge Employment Taxes in addition to the Trust Fund Recovery Penalty (TFRP) in efforts to persuade employers to withhold taxes correctly and pay them promptly. Employers who neglect to make the proper tax payments on time may be liable to paying up to a 15% fee.
Other collections actions may also take place from the IRS if you do not file, deposit, or pay your payroll taxes the way you are supposed to.
As you can see, understanding payroll taxes is a crucial element of any business owner. While it can be difficult to stay on top of funds withheld, payment dates, etc. associated with payroll taxes, many employers opt to payroll services to lend them a hand.
Choose Primary Payroll Services for 1 Free Month!
Primary Payroll services is a smaller company, which means we have the luxury of dedicating ourselves wholly to our clientele rather than getting lost in the shuffle with the more giant corporations. At Primary Payroll services, you will always receive our highest levels of customer service.
With Primary Payroll, you can enjoy your 1st month free when you sign up for payroll services today! Call us at 562-595-0066 or request a free quote online.