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Payroll Services

Payroll Services

 

Morgan, Daggett and Wotman, Home of Tax Champions is a full-service accounting firm that specializes in the overall financial well-being of our big and small business clients. Contact us today to learn more about our trusted payroll services.

Business owners certainly have their hands full. Sometimes, mundane tasks can get in the way of properly devoting your energy to your passions. At Tax Champions, accounting services are our passion, above all! Likewise, it’s our pleasure to offer payroll services that are right for you and your big or small business.

 

While your case may be simple, payroll is notorious for throwing a wrench into the process. Even small businesses may have a mix of hourly and salaried employees. Sometimes, employees have garnishments for tax payments, child support, judgements and more. For that reason, any person doing payroll must have an eye for details. Small mistakes can certainly be expensive and also create a hassle for both you and your employee.

Payroll Services You Can Trust

Dave Roos, of the popular blog How Stuff Works, describes the kind of service you should certainly expect from a reputable provider as a rule. “[Basic payroll services] will collect wage and hour information from the employer and use that information to calculate gross wages, subtract all pertinent withholdings and deductions, print checks, make direct deposits and prepare all employment tax filings.” He continues, “The service will also mail out W-2 and 1099 forms and resolve any inquiries from the IRS or other government agency.”

Tax Champions is prepared to offer these services to our clients. We regularly extend our expertise in tax relief services, as well. Thus, we provide adept negotiation and representation in the following tax areas:

  • Tax Levy
  • Penalty Abatement
  • Tax Penalties
  • Tax Settlement
  • Innocent Spouse
  • Audit Services
  • Unpaid Payroll Taxes/Trust Fund Recovery
  • Wage Garnishment
  • Estimated Taxes

Furthermore, we’re delighted to offer other business services, such as bookkeeping, contract and tax estimations, and tax planning for corporations, partnerships, and LLCs. Above all, we navigate the critical financial path of your business with the following goals:

  • Personal wealth growth
  • The ability to easily overcome “bumps in the road” that are often inevitable in business
  • Establish a comfortable retirement
  • Estate preservation for heirs

As a result, we take pride in our unique ability to structure an excellent system specifically tailored to the varying needs of each client.

Consequently, as an established firm that offers a well-rounded variety of financial services, we’re able to call on our expertise in a collection of areas. Our all-inclusive experience informs the work we do for each of our clients, as well as our advice to them when applicable. Payroll services certainly benefit from this proficiency, too, as a client’s “big picture” is routinely considered.

Payroll Services: Withholdings and Deductions

Maybe the most daunting and certainly one of the most important aspects of payroll are withholdings and deductions. These commonly include the following:

  • Federal income tax – These withholdings are chosen by the employee. The employee determines what percentage of their income is withheld by the employer and sent to the IRS on their behalf. These withholdings are directly related to the amount of refund owed by the IRS or the balance the employee owes when a tax return is filed.

 

  • State income tax – Similar to federal income tax withholdings, the employee decides how much is withheld from their paychecks. The amount of taxes withheld by the employer and sent to their state of residence determines the refund or balance that results from filing their tax return.

 

 

  • Social Security and Medicare (FICA) – By law, employees must contribute a portion of their income to social security and Medicare. The IRS explains, “The current tax rate for social security is 6.2 percent for the employer and 6.2 percent for the employee, or 12.4 percent total.” This is for earnings up to $132,900. Therefore, any income earned above this amount is not subject to FICA withholdings.

 

  • Insurance premiums – Some employers offer health, dental and/or vision insurance to their employees. Payroll services include these premiums in their withholdings, as well. Many times, the employee must pay a monthly premium for these types of health coverage. Moreover, employees may contribute to a health savings account for their medical expenses through their withholdings. This is also a tax deduction.

 

 

  • Retirement – Similar to health savings accounts, contributions to retirement plans can be withheld by employers. These contributions are in the complete control of the employee, who can have as much deducted as they choose.

 

  • Additional withholdings as mentioned above, which may include child support, judgements, and more.

Payroll Services You Can Rely On

Forbes discusses five things to consider when looking for payroll services. The first point they explore is customer service. “It’s also worth looking for a company that provides Single-Point-of-Contact Support. Save yourself time and hassle with dedicated support who knows your story rather than starting from the beginning with someone new every time you reach out.”

Again, you can count on Tax Champions to take it one step further. We assign a small team of financial professionals to your account. This duo is certainly familiar with your account and also the nuances that come with it. Likewise, we employ this strategy to help ensure that you can always reach someone acquainted with your account in a timely manner.

Do You Need Payroll Services?

Some companies may not benefit from payroll services. In fact, some experts advise business-owners to keep their payroll tasks in-house if they’re routinely consistent. For example, if all employees are hourly, have no additional deductions, don’t work overtime and all live in the same state, don’t hire a payroll service. However, a mix of employees may make the task complex.

A payroll service would certainly be appropriate for most businesses with a mix of employees. Entrepreneur notes, “If your company has employees working varying amounts of hours each week or has a significant turnover rate, a payroll service can be a time-saving and cost-effective alternative to internal processing.” They continue, “Using a payroll service can also be helpful if you have to pay payroll taxes for multiple states.”

According to Ibis World, “The [payroll services] industry has experienced steady growth over the [last] five years to 2018 as clients increasingly subcontracted back-office administrative activities to take advantage of strengthening economic conditions, enabling them to focus efforts on core business functions.”

As more businesses turn to Certified Public Accountants for payroll services, personalized customer service can be hard to find. The art of personal service is still alive and well at Tax Champions. That's because we tailor our services to your unique needs with the future of your business in mind.

 

We’re a one-stop shop for all your accounting and tax needs.

Tax Champions has been offering payroll services for over 35 years. We understand and accommodate that business styles vary. We strive to meet and also exceed the expectations of our clients every time. Furthermore, our reputation is reflected in our A+ rating at the Better Business Bureau with no customer complaints. We’re pleased to also share that you’ll find no complaints at the Board of Accountancy nor the IRS.

To get started, submit your contact information to us in the blue box on the right side of this page. We’ll reach out to you to discuss your needs and how we can help your business save time and increase profits. We look forward to hearing from you.

Sources

[1] Industry Market Research, Reports, and Statistics. (2018, December). Retrieved from //www.ibisworld.com/industry-trends/market-research-reports/professional-scientific-technical-services/professional-scientific-technical-services/payroll-bookkeeping-services.html

[2] Lee, M. Y. (2001, December 17). Outsource Your Payroll. Retrieved from //www.entrepreneur.com/article/47340

[3] Newtek - Your Business Solutions Company. (2018, March 04). Looking for Payroll Services? Here are 5 Things to Consider. Retrieved from //www.forbes.com/sites/thesba/2018/03/04/looking-for-payroll-services-here-are-5-things-to-consider/#6918a8b653cd

[4] Roos, D. (2009, January 12). How Payroll Systems Work. Retrieved from //money.howstuffworks.com/payroll-system2.htm

[5] Topic No. 751 Social Security and Medicare Withholding Rates. (2019, July 20). Retrieved from //www.irs.gov/taxtopics/tc751

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Unpaid Payroll Taxes

Walter Wotman, CPA

Founder & Managing Partner

Walter Wotman, CPA is the author of "Tax Champions Guide to Tax Resolution." Amazon #1 Best Seller in the Personal Finance category. He is one of America's most experienced tax negotiators with over 35 years of experience helping thousands of clients settle difficult back tax issues.

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