Managed payroll support that saves you time and money

Paying your people the right way, at the right time is critical. It’s also a chore. We help farm and small business owners manage payroll so they can focus on bigger things, like their own success.

Payroll management is a serious challenge and a time-consuming aspect for small-sized and medium-sized businesses. Every year, numerous small commercial organizations in Canada are reprimanded for their faulty payroll calculations and deductions. Hiring in-house payroll experts on full-time basis is an expensive affair for such companies while if this aspect of their business is not meaningfully addressed and managed, the probability of employees leaving faster will be quite high. And, not to forget that missing out on mandatory compliances as required by labor laws of the land, can make things worse for the organization.

Efficient payroll solutions: save time, cut costs, and ensure worry-free compliance

Cost Effective: Use your staff more efficiently by letting us handle payroll and the associated legal details. Reduce overhead by removing the need to hire specialized employees.

Time Saver: Our payroll service eliminates the burden of customizing, updating and maintaining your own payroll system – no more data entry, no more researching updates or new laws, no more worries.

Worry Free Payroll Tax Filing: Eliminate the risks of calculating and filing your own payroll taxes by having a professional payroll accountant do it for you. Federal, state and local payroll tax laws are frequently changing and becoming more complex. How much time do you want to spend learning all the rules and keeping your information up to date?

How we take care of you and your business

You can’t afford to waste time guessing at payroll deductions or learning payroll software. Our payroll experts will manage your payroll and reduce your business risk by making sure you stay compliant.

1. Connect

Your Payroll Specialist reaches out to learn about your business and how to best meet your needs. Easier and faster!

2. Set-up

We set your employees up and ensure all deductions are calculated properly. You only track employee working hours.

3. Support

From onboarding and exiting employees to generating W-2s, our payroll support is comprehensive, year-round, and unlimited.

Comprehensive Payroll Accounting Reports

You get a wide variety of user-friendly and accurate payroll reports. For a nominal fee, we will include union reports, certified payroll, workers’ compensation reports and much more.

Accreditations and Certifications

We uphold the highest standards of integrity to our customers can benefit from an accredited accounting.

What are my income tax responsibilities as a USA employer?

As an employer in the United States, you must deduct (withhold) the appropriate federal income tax amount from every paycheck you issue to your employees. Additionally, depending on the state in which your employees work, you may also need to withhold state income tax. When you engage with independent contractors, they are responsible for managing their own income tax obligations.

In the United States, it is important to understand that funds withheld from employees’ wages for taxes must be handled with care and remitted regularly to the relevant tax authorities. Unlike a short-term loan, these funds should not be withheld or used for other purposes.

Typically, withheld funds must be sent to the Internal Revenue Service or the state tax authority according to a regular schedule, which may be monthly or quarterly. The deadline for sending these payments, known as the withholding schedule, is crucial and usually requires remittances by the 15th of each month or quarter.

If you are managing payroll manually, without the aid of software, it is your responsibility to accurately calculate the amounts to be withheld and ensure they are sent within the specified timeframe. However, by adopting self-service payroll software, such as the M7 Group, you can automate much of this process, including calculating withheld amounts and sending payments efficiently and in compliance with US labor and tax regulations.

You are responsible for withholding federal income tax from your employees’ wages based on the information provided in their Form W-4.

You must withhold Social Security and Medicare taxes (FICA) from your employees’ wages and also contribute a matching amount.

You need to report employee wages and taxes withheld on Form W-2, which must be provided to each employee and submitted to the Social Security Administration (SSA) by the end of January each year.

Besides withholding employee taxes, you must also contribute your share of FICA taxes, along with federal and state unemployment taxes.

You are required to file quarterly or annual employment tax returns, such as Form 941 for reporting federal income tax, Social Security, and Medicare taxes, and Form 940 for federal unemployment tax.

In addition to federal taxes, you must also comply with state and local income tax withholding requirements, which can vary depending on the location of your business.

You should have an Employer Identification Number (EIN), which is used for tax reporting purposes and for opening a business bank account.

It’s essential to stay updated with federal, state, and local tax laws and regulations to ensure compliance and avoid penalties. Consult us to help you ensure that you fulfill all your income tax responsibilities as a US employer.

 

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