subject: Outsourcing Payroll and Tax Administration [print this page] Outsourcing payroll and tax administration is a capital idea for companies, large or small, looking to cut costs and improve workforce management and relationships as well as ensuring regulatory compliance.
Payroll Solutions with Multiple Benefits
Payroll and tax administration solutions are part of the wide range of HR management services offered by a PEO (Professional Employer Organization). Thanks to solutions that are cost-effective and flexible according to the unique needs of individual client companies, PEO solutions can help companies manage their employees better (training them effectively, motivating them through efficient payroll administration and a comprehensive benefits package, making them perform better) leading to greater performance, while keeping operating costs in check leading to more profitable running for the business.
Comprehensive Payroll Services
Outsourcing payroll and tax administration is possible thanks to some of the solutions offered by a PEO that include:
Delivery of paychecks and stubs, with checks drawn on the PEO's account
Direct deposit to multiple bank accounts
Section 125 pre-tax administration
Payroll deductions, garnishments and levies
Flexible spending accounts
Federal and State payroll tax deposits and returns
FICA, FIT & SIT tax withholdings
Customized reports such as job cost accounting and cost allocation reports
Filing of FICA, FUTA, SUTA quarterly reports
New hire reporting
Federal payroll summaries
Production and delivery of W-2s
Wage/hour law compliance
Paid leave program management
Vacation & sick time accruals
Department summary
Catering to multiple worksites
By outsourcing payroll and tax administration, companies can ensure efficient distribution of salary and prompt accounting and tax calculation to satisfy Federal and state legal obligations.
