In the majority of cases, it is the responsibility of business owners to properly calculate the taxes that are withheld from an employee. Additionally, the employer is responsible for paying their share of payroll taxes. This can be time-consuming and complicated. This is why many businesses look for assistance with payroll tax in North Fort Myers.
The IRS is strongly motivated to pursue businesses that do not accurately handle their payroll taxes. Payroll taxes that are withheld from employers are up to 72% of the government’s tax revenue. Therefore, it is in the IRS’s best interest to identify people who either intentionally or accidentally are in tax noncompliance. They have no qualms about heavily fining individuals and businesses that do not pay their accurate share of taxes. This is a great reason for businesses to seek out payroll solutions that can help automate payroll tax in North Fort Myers.
Part of staying in tax compliance is managing changes to employee information and employees’ tax situations. If an employee moves to a different tax jurisdiction and their address is not promptly updated, an employer might find themselves calculating tax withholding incorrectly. An outsourced payroll solution makes it easy for employees to update their information, removing the burden from a company’s accounting staff.
Learn more about staying in tax compliance as a business owner, and see how the team at Business Name is helping businesses with human resources, workers’ compensation, payroll duties, and other tax services when you visit the following website Website URL.
