Payroll Services
In today’s society, the only thing constant is change.
Federal and state labor laws are no exception. When it comes to your company’s payroll, it is crucial to keep up-to-date and accurate payroll and tax records. Payroll not only includes the rate of pay but the accounting of sick pay, vacation, tax withholdings, deductions, and other compensation. Creating an effective payroll system can be a complicated and time consuming task.
At Total Employee Leasing, our Payroll department includes professional account managers that are focused on providing accurate and detailed accounting records to meet your unique needs. To accomplish this, TEL has invested in an integrated software package that allows us to process payrolls efficiently, prevent accounting mistakes, and provide you with customized reports.
Generating payroll checks is a trivial task that includes complex variables. Taxes, deductions, and withholdings must be considered every payday and each employee is unique. Insurance, child support, vacation, and number of dependents are merely a few items that can differ between employees. Our payroll account managers focus on providing your employees with accurate payroll checks.
Our software package is based upon a reliable database that ensures each payroll is reconciled and correct before paychecks are printed. You provide us with your employees’ timesheets and we handle the rest. Instead of printing multiple payroll checks, you simply print one check that covers the payroll and administration fees.
Calculating withholdings and deductions is required for each payroll you produce. Calculations can be complex because every employee is different. There are many items that can be deducted from an employee’s paycheck. These items may include:
- Taxes
- Insurance
- Child Support
- Wage garnishments
Our payroll department will calculate all withholdings and deductions for your business. Our sophisticated software package makes certain that payrolls are generated accurately and delivered efficiently for your employees. Generating annual W-2s for your employees is required by the federal government. Each year, employers must send a copy of the Wage and Tax Statement (W-2) to the Social Security Administration (SSA) to report the wages and taxes of your employees for the previous calendar year. In addition, you must give a W-2 to each employee by January 31. W-2s are sent to SSA along with a Transmittal of Income and Tax Statements (W-3). The IRS estimates that it takes 30-minutes to complete each W-2 and W-3. Total Employee Leasing relieves this burden from your business by generating all W-2s for your employees and W-3 for your business. These tax forms are built-in to our software package to ensure seamless information during tax season.
Filing quarterly tax returns for your business is another requirement of businesses by the federal government. Each quarter, employers must send a copy of the Employer’s QUARTERLY Federal Tax Return (Form 941) to the United States Treasury. This form is used to report an employer’s payroll and tax deposits for each quarter. The IRS estimates that it can take up to 15 hours to complete Form 941 each quarter. Our payroll department takes care of completing and filing this form for your business each quarter. The information required on Form 941 is directly related to payroll records that we keep in our database. This tax form is also built-in to our software package to automatically complete this form for you.
With Total Employee leasing, we fulfill all your payroll needs from generating paychecks to customized reports and everything in between. Empowering you to get back to business.
