Frequently Asked Question
Confirm payroll tax liabilities for the year FAQS
1. What is payroll tax liability?
When starting a new business and hiring employees, one very important aspect to consider is payroll tax liability. A business' payroll tax liability consists of not only the taxes required to be withheld from employees' wages (Social Security tax, Medicare tax and federal income tax) but also the employer's matching share of Social Security and Medicare taxes. The business' liability is reported quarterly on Form 941 or annually on Form 944 but payroll tax deposits must be made according to deposit schedules.
2. What can a payroll system do?
Exactly, a payroll system can benefit you address:
- Payroll processing
- Time and attendance tracking
- Govt. Statutory Report as well as customized reports
- Tax forms and filing