With over 400 tax updates in any given year, it’s important not to overlook changes to employer taxes. Accurate paychecks address only half of the employer’s responsibility. You must also accurately calculate employer-only taxes, such as federal and state unemployment.
Payroll withholdings such as federal and state income taxes, Social Security and Medicare can change at any time. Without reliable tax rate updates, you risk calculating taxes incorrectly and getting penalized by the IRS. In fact, a majority of small business employers regularly experience payroll tax penalties. According to IRS statistics, there were over 6.3 million payroll tax penalties assessed in 2004 – with a $388 average penalty.
We guarantee you that using our payroll system will save you hassle and a lot of time! You should focusing on growing your business instead of doing papework!