Payroll Tax Management
At Strategic Contracting Services (SCS), we understand the headaches that come with managing payroll taxes.
As an Employer of Record, we shoulder the responsibility of payroll tax management and compliance, providing business owners with peace of mind and freedom from worry.
What is Payroll Tax and how can we help?
Payroll tax is the tax withheld from employees' wages by employers and paid to the government. It includes federal income tax, Social Security tax, and Medicare tax, funding programs like Social Security and Medicare. Additionally each state, county and city may have specific payroll taxes for income tax, disability tax, paid family leave tax, workers compensation tax and unemployment taxes.
An Employer of Record (EOR) assists businesses with payroll tax management, by assuming the responsibility of being the official employer for tax purposes. An EOR like Strategic Contracting Services (SCS) takes on the complex task of calculating, withholding, and remitting payroll taxes on behalf of client companies.
Why hire an EOR to handle Payroll Tax Management?
Employer of records have the expertise and resources to navigate the complexities of payroll tax regulations, ensuring that companies remain compliant with federal, state, and local tax laws. By outsourcing payroll tax management to an EOR, companies can mitigate the risk of costly penalties, fines, and legal liabilities associated with payroll tax errors or non-compliance.
Additionally, EORs handle all aspects of payroll tax administration, from calculating and withholding taxes to filing returns and remitting payments to tax authorities. This relieves companies of the administrative burden and time-consuming tasks associated with payroll tax processing, allowing them to focus on strategic initiatives and core business activities.
EORs also leverage technology and automation to streamline payroll tax processes, improving accuracy, reducing errors, and enhancing overall payroll efficiency.
Payroll Tax Management and Small Business Owners
Many business owners are surprised to learn that they might be liable for penalties and interest charges if the payroll taxes are not filed on time, with the correct amount and in the right way. Even if the company hires an external accountant to manage payroll taxes, a business owner can still be held liable facing civil sanctions if not properly filed.
When it comes to payroll tax management, the goal of Strategic Contracting Services is to decrease your responsibilities and liabilities for your payroll and taxes. We will handle the details, from filing the necessary paperwork to ongoing maintenance of tax records.
Most importantly, we will keep you in compliance with the both the Internal Revenue Service and your local state taxing agency.
When you don’t have to sweat taxes, it’s so much easier to do your job. When your company can focus on what it does best, success is the most likely outcome.
Employees and Payroll Tax Management
Beyond payroll tax management for your company, Strategic Contracting Services also manages payroll taxes for your employees. We give both employers and employees the power to access payroll tax data and tax information specific to them.
Through our employee portal, payroll tax data is available anytime, and anywhere there is an internet connection. After all, continual access is important for both employers and employees.
Moreover, we understand that such data is no longer accessed only on computers. Given the personal device revolution, we make sure that the payroll tax employee portal is optimized for mobile access as well.
The Primary Employer Accepts Liability and Responsibility
When it comes to payroll tax management, an employer of record becomes the primary employer of your company’s employees regarding payroll processing and payroll tax management. For tax purposes from the perspective of the IRS and the state taxing agencies, we become responsible for the tax liability.
Through payroll tax management, the weight of payroll processing and payroll taxes, including official liability, is shifted to us.
If you're interested in our services use our Get Started Today page to arrange a consultation.