Services
Payroll Services
Payroll is a crucial aspect of any business but managing it in-house can be cumbersome and prone to error. Parr & Ibarra’s payroll services provide timely, accurate, and compliant payroll processing for businesses of all sizes. We take the burden off your shoulders by handling employee salaries, deductions, benefits, and tax withholdings. Our team ensures that your payroll is processed correctly every time, minimizing the risk of errors and penalties. From direct deposit to tax filing, we make sure your employees are paid accurately and on time while ensuring compliance with federal, state, and local regulations.
Managing payroll in-house can be a complex and time-consuming task. Parr & Ibarra’s payroll services relieve businesses of this burden by handling all aspects of payroll processing, ensuring that employees are paid accurately and on time while maintaining compliance with ever-evolving regulations.
Our payroll services include:
- Accurate Payroll Processing: Calculating salaries, wages, commissions, bonuses, and other employee compensation, ensuring everything is processed correctly.
- Tax Withholdings & Filings: Handling tax withholdings for federal, state, and local taxes, as well as preparing and filing payroll tax returns to ensure full compliance.
- Employee Benefits Management: Administering benefits such as health insurance, retirement contributions, and other deductions, ensuring they are correctly processed.
- Payroll Reporting: Providing comprehensive payroll reports that allow business owners to track labor costs, employee hours, and deductions.
- Compliance & Regulatory Updates: Staying up-to-date with changes in labor laws, tax regulations, and benefits rules to ensure that your business remains fully compliant at all times.
With Parr & Ibarra’s payroll services, you can focus on running your business while we manage the complexities of payroll, compliance, and reporting, saving you time and reducing the risk of costly mistakes.
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Frequently Asked Questions
What is an EIN, and why do I need one?
An EIN (Employer Identification Number) is a unique identifier assigned by the IRS that is required for reporting taxes and other documents.
What forms must new employees complete?
New employees should complete Form W-4 for tax withholding and Form I-9 to verify employment eligibility.
How do I determine the correct amount of payroll taxes to withhold?
Payroll taxes include federal income tax, Social Security, and Medicare. The amount withheld depends on the employee’s W-4 and current tax tables.
When are W-2 and 1099 forms due?
Employers must provide these forms to employees and the IRS by January 31 each year.
How is overtime calculated?
Overtime is typically paid at 1.5 times your regular rate for hours worked over 40 in a week.
What is the typical payroll schedule?
It varies by employer. Common schedules include weekly, biweekly, semimonthly, and monthly pay periods.
What should a payroll policy include?
A comprehensive policy covers pay periods, overtime, deductions, and procedures for payroll errors.
Are there penalties for late tax payments?
Late payments can result in penalties and interest charges.
How can I improve payroll accuracy?
Utilize payroll software, maintain accurate records, and stay updated on tax laws to ensure compliance.
Should I outsource payroll processing?
Outsourcing can save time and reduce errors, especially for complex payroll needs.
More FAQs here.
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