According to the National Small Business Association’s 2018 Taxation Survey, payroll and income taxes are the top two most burdensome taxes for small business owners. This video offers a solution to the payroll problem – payroll companies.
Complying with all the laws regarding payroll is no easy task. Payroll is subject to many federal and state laws.
A few examples include the Fair Labor Standards Act (FSLA), the Federal Insurance Contributions Act (FICA), and the Equal Pay Act (EPA). Payroll companies help small businesses navigate these laws safely to meet all legal and tax requirements.
There is also the question of time spent managing payroll – calculating pay, signing and distributing paychecks, filing end-of-year tax forms, etc. Payroll companies give business owners more time to deal with other important matters and relieve the stress of handling payroll procedures. Employees will be paid reliably and accurately, so they don’t have to worry about missing pay. The other great thing about payroll companies is that they are scalable and able to provide excellent service as a business grows or goes multi-state, all while payroll costs decline. They genuinely are an indispensable service to many small businesses.