Did you know that as an employer you’re supposed to make sure your employee fills out certain forms? One of those is a W-4. Part of being an employer is making sure your workplace is in compliance with the rules and regulations of the IRS.
The purpose of the W-4 is to withhold taxes from an employee’s paycheck each pay period. The amount withheld is determined by the number of withholdings the employee claims. This number takes into account the number of dependents they are supporting. The IRS also takes into account whether or not the employee is filing single or jointly as well as other supporting factors. Employers withhold taxes to help prevent employees from having a large tax bill come tax season.
Who Completes the W-4?
Employees must fill out the W-4 themselves, and employer cannot fill it out for them. If an employee needs assistance filling one out, an employer can direct the employee to the withholding calculator on the IRS’s website.
How often is a W-4 Submitted?
A W-4 is submitted each time an employee starts a new job, or when a financial situation has changed. Examples of a change in financial situation include a change in marital status, or a change in the number of dependent children. Updating a W-4 in these situations ensures that the proper amount of taxes is being withheld.
As an employer, if an employee is having too many taxes withheld, you cannot reimburse the employee, but you can have them submit a new W-4 to have the proper amount withheld.
Locate the W-4
To download the most recent copy of the IRS Form W-4, find it here.
Howard Employee Services is a full service PEO, meaning we do this work for you. When you hire a new employee we will provide you with the necessary paperwork to be in workplace compliance with the IRS for your employees. We pass the paperwork to you; you pass it to your employee and send it back to us for filing! Let us do the work for you, contact us today to see how we can help!
Payroll Processing and So Much More
When a new employee is hired, one of their most important concerns is that they will be paid correctly and on time, so that should be one of your most important goals as an employer. Howard Employee Services takes that worry out of your hands, as well as the other administrative tasks that that it takes to run a business. Our payroll processing team of experts are working for you to make sure that all of your employees are paid correctly, on time, each and every time.
We offer much more than just payroll processing.
- We make payroll payments via check, direct deposit, or debit MasterCard’s
- We keep track of vacation, holiday and sick pay
- We manage payroll taxes and government reports
- We process tax withholding in accordance with W4’s per both federal and state rules
- We garnish wages for IRS levies and child support
- We provide accurate calculations and tax treatments for the employees portion of insurance and health insurance
When it comes to taxes, we provide W2’s as well as annual printing, distribution and electronic submission to the government. We also offer tax filing and payment. We are here to do the work for you so you can do use the time to grow your business.
There are so many reasons to outsource your PEO, and payroll processing is just one. We also offer employee benefits, we can take care of your employee relations, and we even offer accounting. There’s nothing better than having both payroll and accounting in the same place, all your questions can be answered in house! We’re here to make sure you make the right decisions for your business. If you’re ready to start saving, and start spending more time on your business, give us a call at 941-922-0202 or fill out our form and let us get started today!
What Is A PEO, Can it Help Your Small Business?
A PEO is a Professional Employer Organization. A PEO can help your small business by doing various functions such as payroll, benefits, employer related administrative functions such as 401k and health benefits. This allows the employer to focus more on the employee and the daily business needs. These are some of the things that a PEO can do for your small business.
PEO’s can offer better benefits packages when they pool together with their partnered employees, allowing better rates for dental, health and vision. They also allow you to offer your employees better life insurance options, flexible spending accounts, and 401k plans.
Keeping up with tax codes can be a full time job itself. When you hire a PEO, they do all the tax work for you! Not only that, but when tax season comes around they take care of that paperwork as well.
Would you know how to file a workers compensation claim? Or what to do if you had to file discrimination claim? When you have a PEO working for you, all of your employee’s concerns and injures are addressed timely and lawfully.
Recruitment and Hiring
PEO’s can even recruit new hires for your company. You can decide just how much of the responsibility you want them to take on. They can run the ad, they can run the interview, it’s all up to you.
PEO’s don’t take over the running of your business, that’s still up to you. They do take many of the responsibilities regarding the paperwork and filing of it. It is still up to the business owners to run the business and the day to day operations.
Hiring a PEO might be the best thing for your business, giving business owners more time to run their business. Now that you know more about them and what they do, if you think it’s for you, give Howard Employee Services a call at 941-922-0202
4 Reasons to Outsource Your Human Resources
Your employees are your most valuable asset, so managing them and keeping them happy, especially in today’s society should be a top priority. This makes outsourcing various human resource functions a great decision for many businesses, especially smaller ones. When you have more time to spend on your employees, and someone else to take care of your business needs, you have time to keep your employees happy, and grow your business while saving money!
Some benefits of outsourcing include:
Maintaining a fully functioning HR department in house is very expensive. Especially if your business is small. When HR is outsourced, costs are reduced, and HR functions can fluctuate easier with the needs of the business.
Employment laws are changing constantly. When HR is outsourced, that is one less thing that a business owner has to worry about. The HR Company will keep you in compliance which can help to avoid costly lawsuits.
As the job force gets more competitive, employers are looking for better ways to entice more qualified employees. An all in one employer service provider can offer access to a comprehensive employee benefits package, which allows you to be more competitive in the labor market.
Outsourcing HR functions help to create greater efficiency within your business. Managers and employers have more time with employees, and the regular day to day operations, rather than spending much of their day doing paperwork, thus improving overall workplace effectiveness.
Why do it yourself when you can have a team of professionals standing behind you to assist you with all of your business needs? Let Howard Employee Services provide you with the relief from the burden of business administration with a wide range of employee service solutions. Give us a call at 941-922-0202, sign up today and start saving!
Why You Too Should Outsource Payroll
Small to medium sized business owners are all too familiar with the headaches associated with payroll management. In fact, one of the first things business consultants always recommend is to outsource payroll and other non-core functions. A non-core function is anything you can’t charge clients for or use to differentiate yourself from your competitors.
Let’s explore the outsourcing payroll a bit more with a focus on the advantages as well as disadvantages that may be associated with this decision. In a closed perfect business environment outsourcing should have three main benefits:
Frees up Time and Resources
Payroll is a critical function of business operations. However it does not directly contribute to increased sales. Instead it represents a risk as it may increase costs if done incorrectly. This makes payroll an area with a huge con vs. pro margin when it comes to profit margins.
Besides costs payroll represents a huge risk when it comes to legal requirements. Businesses have to conform to various laws from federal to state and local tax laws. These ordinances are forever changing representing a huge amount of time investment to stay in compliance for a business owner.
Historical Data Analysis
Employee salary is often times the biggest expense small to medium business enterprises have to deal with on a yearly basis. One of the ways to mitigate the negative effects of reoccurring costs is to track its historical costs in order to make better financial decisions based on past decisions.
For example, if a certain position has proved to be an issue cost vs. benefit wise you can more accurately catch this with a managed payroll system that provides with graphical data as well as personnel assistance. Without this assistance businesses often risk falling into the trap of repeated mistakes leading to eventual financial ruin.
Payroll management services have built in risk management features that a business may not be able to afford on its own. This includes services such as helping a business owner navigate legal issues, requirements, and even guidance when it comes to sensitive employee relation issues. A good payroll service will have an employee relations management department to ensure smooth communication between employer and employee.
Give Howard Employee Services a call today at 941-922-0202 or send us an email for more information on how we can you payroll services to your company too!