The purpose of payroll accounting is to keep track of employee compensation and related payroll costs. Recording these costs can give small business owners an accurate picture of their expenses. So, hiring shegalu to record these transactions can help you spend more time working on your business.
Shegalu Accounting and Tax Services LLC helps you to keep track of essential payroll-related costs and obligations of the following payroll related costs and obligations
- Employee compensation: Salaries, wages, paid time off (PTO), and other taxable income reported on a Form W-2 at the end of the year.
- Taxes withheld from employee paychecks: Federal income taxes and Social Security, Medicare, and applicable state or local income taxes.
- Required employer taxes: Employer matching for Social Security and Medicare taxes, as well as federal and state unemployment taxes.
- Paycheck deductions for benefits: Often made for all or part of the cost of employee benefits, including health, dental, vision, and supplemental insurance. Employees may defer a portion of their compensation into an employer-provided retirement plan.
- Other government-mandated deductions: Garnishments for child or spousal support and outstanding tax liabilities
It might feel like there are a hundred kinds of payroll taxes. From Social Security and Medicare to state and federal unemployment taxes, the list goes on and on. As a business owner, it’s your job to pay your share of the taxes and manage tax withholdings from employee paychecks. And until all those taxes are deposited to their final destinations, they’re payroll liabilities.
Shegalu Accounting and Tax Services LLC work with QuickBooks Payroll provider supplemental services that go hand-in-hand to manage multiple services.
- ‣ Payroll Processing
- ‣ Payroll Tax Compliance
- ‣ Time & Attendance Systems
- ‣ 940 & 941s
- ‣ W2 & W4 Reporting
- ‣ Quarterly & Annual Tax