When you choose Charlotte Payroll for your payroll needs you also take care of your payroll tax requirements. This is extremely important for small to medium-sized business, since failure to pay payroll taxes, paying late, or paying incorrectly can trigger major IRS repercussions.
Since your remittance of payroll tax stems from employee withholdings, the IRS considers it indistinguishable from theft since you hold this money in trust for employees. Consequently, the penalties are severe.
First, you’ll pay 10% as a late payment penalty. Next, you’ll pay an additional 5% per month, up to 25%, for failure to file the report when due. And did we mention that the IRS is a very aggressive collector. Why risk it?
Charlotte Payroll provides payroll tax filing services as part of our standard payroll service. Here are the tax functions Charlotte Payroll provides as part of our payroll service:
Guaranteed Timely Filing
Rest assured your business stays in compliance. We prepare and file your payroll taxes when due via the Electronic Federal Tax Payment System. We ensure local, state, and federal authorities receive their due each quarter. In the unlikely event we fail to do so, we pay the penalty.
Quarterly Federal Unemployment Tax (Form 940)
Charlotte Payroll automatically prepares and files 940 taxes when your FUTA tax is more than $500 for the calendar year so you’ll always be in compliance.
Employer’s Quarterly Federal Tax Return (Form 941)
We automatically report and submit the number of employees paid, wages, federal income tax withheld and Social Security and Medicare taxes your business tax withheld from employee’s paychecks.
Annual Tax Returns
Charlotte Payroll automatically prepares all annual tax returns and files them with the appropriate local, state, and federal authorities.
We process and deliver a W-2 form for each employee you paid wages to and withheld taxes. Each form includes employee taxable wages for federal income tax, Medicare tax, Social Security tax and applicable state and local taxes.
Charlotte Payroll also processes and delivers 1099 forms for payments made to contractors and independent service providers.
Focus on Your Business
Tax and payroll requirements are complicated and time-consuming. Consequently, it can be very difficult for a small to medium-sized business to comply with legislation and meet deadlines.
Business owners have enough on their plate already trying to run their company, without facing audits, penalties, and business interruptions. Use your company resources more wisely and let us handle mundane backend functions automatically.
You’re not an accountant or a payroll professional, so rely on us. Charlotte Payroll is your local expert and we can help you streamline your operations, reduce risk, and improve efficiency.
Charlotte Payroll caters to small to medium-sized businesses in the Greater Charlotte, North Carolina area. We offer tax preparation, payroll, Time & Labor Management and Human Resources solutions as well as business insurance through our partner, Charlotte Insurance.
Bundle, save, and manage your business needs effortlessly through a local, provider. We offer a free 30-minute consultation. Let’s meet and discuss your needs. It could be the best half an hour you’ve ever spent on your business.