Payroll Tax

Payroll Taxes

As an employer, you must Federal Employer Identification Number (EIN) in order to properly file your payroll tax, which may include Federal, State or local taxes. You also need to withhold certain taxes from your employees, including Federal income tax, Social Security & Medicare, and FUTA (Federal Unemployment Tax Act).

Depending on the size of your business, the IRS will let you know whether you need to submit your payroll taxes semi-weekly or monthly or quarterly. The only circumstance under which you only need to submit payroll tax quarterly is if your total payroll is less than $2500 for that quarter.

Payroll tax accounting can be done by the average small-business owner�but it does take time and effort. You may use a payroll software program, but if you plan to expand your business, and the number employees, it might be a better idea to outsource your tax accounting duties.

To learn more about tax accounting, call Murphy & Co. today at 508-238-5357.

Outsource Payroll

To save money, many businesses are deciding to outsource payroll activities. Outsourcing payroll to a large company that basically processes checks doesn’t provide the level of customer service you may need. Call Murphy & Company to discuss the value of outsourcing payroll functions. If you’re outsourcing HR, you may need to outsource payroll as well. If you own a restaurant or law firm, our experience in all aspects of restaurant accounting and law firm accounting offers considerable value. Why risk your business to inexperienced and non-specialized accounting firms? Boston Accountant Murphy & Co. offers payroll services to help you make your business more profitable and run more smoothly.

Choose a qualified tax accountant to help organize your payroll services and take care of your business accounting details. Murphy & Co. Boston Accounting Firm serving the South Boston and South Shore regions of Massachusetts.