Many companies find payroll to be monotonous and taxing. This is so because of the many government authorities– federal, state and local– who tax payrolls in America, plus the numerous unions, banks and credit unions, and health insurance plans that people can barely keep up with. Online payroll services help eliminate the stress and confusion related to payroll processing. One of the best benefits of submitting payroll online is the speed, precision and safety of the process.
Submitting payroll was never made easier or, in some instances, even fun. Welcome to the world of online accounting!
Completing your payroll online is quick and economical. Checks, previews and reports can be printed from anybody’s desktop. The company on the other side of this online payroll interface will provide the customer with hard copies or reports and paychecks, which if asked for can be personally delivered. The final payroll reports will be sent to the company via email within two hours or less of entering the relevant data.
Online payroll processing resolves the issue surrounding storage space and paper wastage. Besides, a password-protected website will assure the customer of total professional confidentiality. These online payroll services also include 401(K) administration.
What exactly is a 401(K)? It is a type of retirement plan offered by the employer. The idea is to let the employee decide what amount from the paycheck should be deducted and sent towards the plan before federal taxes are cut. Some employers offer what is known as the “company match”, which essentially means money towards your retirement from the company in addition to the individual’s own contribution. Each employee can then choose the mode of investment for these contributions, depending on the choices available in the 401(K) plan.
On retirement, the employee winds up with all the money initially put in and the additional earning on investments, with tax deductions. What this online payroll services then does is automatically withhold, on request, funds from paychecks, and proceed to compute the employer’s share of matching funds.
These 401(K) funds will be transferred in any way that the customer wants, even if it means payment to a third-party dealer via ACH transfer or wire transfer. To make it still easier, the online payroll service provides the customer with a thorough breakdown of how money from each check is distributed into their employees’ 401(K) accounts.
Payroll Services provides detailed information on Payroll Services, Online Payroll Services, Payroll Processing Services, Full Payroll Services and more. Payroll Services is affiliated with Payroll Outsourcing Services.
Article Source: http://EzineArticles.com/?expert=Jennifer_Bailey