Proper management of employee compensation and related expenses are critical to business as well as for legal and regulatory compliance purposes. We help to ensure the smooth processing of compensation and work in collaboration of with client’s HR department or external payroll agent.
What is Payroll Processing?
Payroll processing involves all internal activities of company related to payroll, before turning over final amounts to internal or external payroll companies that cut the actual checks and transfer funds between bank accounts. The services we offer in this regard vary depending upon the jurisdiction and other factors which often have an element of compliance. They generally include:
- Calculating and cross-checking employee pay per period
- Computing and managing of withholding taxes such as FICA, Social Security, etc.
- Additional withholding management for categories such as employee benefits, 401(k), disability, insurance, etc.
- Management of employee payroll and employment file records
- File and trigger or request payment to relevant authorities for all required taxes relating to payroll and employee compensation
- Managing tax records and filing information for the company and employees with all relevant jurisdictions