Efficient Bronx Payroll Services

business team in modern officePayroll is a crucial component of every business, regardless of your industry. When you take advantage of our comprehensive payroll services, you won't need to worry about missed paychecks, incorrect payroll taxes, or skipped quarterly reporting. We support you throughout the entire payroll process, freeing up valuable time for you to invest in your product, employees, and personal pursuits.

Our team of accounting and tax experts founded ASR Accounting & Tax LLC in 2005 to help business owners navigate the complicated financial landscape. By taking the time to understand your unique situation and offering pertinent and tailored services, we provide the accounting support you need to succeed. We are responsive, efficient, and dedicated to providing you with the quality assistance you deserve. Contact ASR Accounting & Tax LLC in the the Bronx today for your free initial consultation!

Call Us: (718) 653-4518 Book a Consultation

What's Payroll and Why is it Essential to My Business?

close up of finance documents and calculatorWhen we refer to payroll, we are talking about the process of paying your company's employees. More specifically, the term payroll can include your company's financial records of employees, annual employee wages, tax withholdings, and paycheck distribution.

Thanks to technological advances, it's possible to manage your business's payroll online with modern accounting systems. When effectively managed, your payroll system allows you to compensate your team with on-time, correct paychecks. There are few things more frustrating than receiving a late paycheck or being paid the incorrect salary. With our team's attention to detail and thorough oversight, your employees and their paychecks are in good hands throughout the full calendar year.

Our Payroll Services

Our firm provides in-house payroll services designed to meet your business's specific needs. Whether you're looking for assistance with payroll taxes or require an accounting firm to manage your system, we can help. Our payroll services include:

  • Setting Up Direct Deposit Accounts: Direct deposit accounts are incredibly convenient, as they allow you to efficiently pay your employees on payday without needing to print off a stack of paper checks. We can open direct deposit accounts and ensure that your employees receive their paychecks electronically.
  • Managing Withholdings: As an employer, you must withhold payroll taxes from the wages, salaries, and bonuses of your employees. Our team calculates the correct amount to pay your employees on payday while managing the proper tax withholdings and exemptions for each.
  • Filing Quarterly or Monthly Reports: Our team figures out which forms you must file to report payroll taxes. We can file reports on the taxes your company contributes, the taxes you withhold from employee paychecks, and your federal and state payroll taxes.
  • Mailing or Picking Up Written Checks: We can handle the processing of your business's physical checks. Our team can take care of the entire physical check process or ensure they are mailed out or distributed through your office. Whatever your approach, we are happy to adjust to your needs.

Maintaining Compliance with Payroll Taxes

It can be tricky to account for all the different withholdings that come out of an employee's payroll taxes. Withholdings from your employee's gross pay can include state income tax, federal income tax, court-ordered withholdings, the employee percentage of Social Security taxes, the employee percentage of Medicare taxes, and more.

Our team provides careful oversight to ensure that the proper amount is deducted from your team's gross pay to keep you in compliance with IRS regulations. With our experience and attention to detail, you avoid costly fines and penalties for not withholding the proper proportion of taxes.

Payroll FAQ

Payroll can be a complex topic, so we've compiled a list of some frequently asked questions for your benefit.

How long should I keep payroll records?

The Department of Labor states that you should keep payroll records for a minimum of three years. Doing so will prove enormously beneficial should any unexpected tax issues arise. Additionally, the IRS states that you must maintain all employment tax records for four years or longer after filing for the fourth quarter of the year.

You are required to pay non-exempt employees both the federal minimum wage and overtime wages. The Fair Labor Standards Act provides these financial guidelines to distinguish between the protected rights of employees under different circumstances. An exempt employee must meet the following three requirements:

  1. They must meet a minimum annual salary threshold.
  2. The employee must be paid a salary.
  3. They must have a role that falls into the exempt category, including professionals, administrators, and executives.

Depending on your personal preferences, it can be beneficial to use either direct deposit accounts or paper checks to pay your employees. If you elect to set up direct deposit accounts, you don't need to worry about employees potentially misplacing their physical checks. It's easy to detect and correct improper payments, and you won't need to distribute a stack of checks every pay cycle.

On the other hand, personally filling out a paper check allows you to check with your own eyes that your employee's salary is correct. Your employees may also prefer to keep their bank information private and not tie a personal bank account to an external payroll system.

Supporting You with Reliable Payroll Services

When it comes to payroll, it's essential to get all the details right so your employees receive their paychecks on time, the correct amount of payroll taxes are deducted, and the proper forms are filed. Our dedicated team handles the payroll process for you, so you can trust that your employees are taken care of and your obligations to the IRS are fulfilled. Get in touch with ASR Accounting & Tax LLC in Bronx so we can get your payroll set up and running smoothly!

Call Us: (718) 653-4518 Book a Consultation

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