Payroll & Employment
Tax Services
Complying with payroll and employment tax regulations can be a complex process.
Complying with payroll and employment tax regulations can be a complex process. It involves following specific rules that vary depending on the state where the business is operating and employees are located. For instance, each state may have its own unique payroll tax regulations, such as income tax withholding rates, unemployment insurance contributions, and disability insurance requirements. This means that companies operating in multiple states must navigate these variations to ensure compliance.
Given the variations in procedures and requirements across different states, it can be difficult for companies to adhere to regulatory laws.
With these challenges, it is advantageous for companies to get help from a firm that can deliver efficient payroll processing services while ensuring local and federal tax compliance for them to focus on what matters — growing their business.
Why engage with payroll professionals?
Payroll Tax
Compliance
To comply with regulations, companies must accurately calculate, withhold, and remit payroll taxes, which include federal and state income tax, Social Security tax, and Medicare tax for their employees.
Employment Classification
Properly classifying workers as employees or independent contractors is crucial to meet employment tax obligations. Misclassification can result in penalties and legal consequences.
Reporting & Filing Requirements
Employers have the responsibility of submitting various payroll tax reports and filings to federal, state, and local authorities. These include quarterly and annual payroll tax filings.
Fringe Benefits & Employee Deductions
Managing employee benefits such as health insurance, retirement plans, and other fringe benefits requires understanding the tax implications and ensuring proper deductions are made.
Payroll Data Management
Maintaining accurate payroll records is essential for compliance with various tax laws, audits, legal disputes and notices.
KBF is here to help address these concerns and ensure that companies meet their payroll and employment tax obligations. Our multidisciplinary team of tax and payroll professionals can guide you through the complex multi-jurisdictional business environment
Our payroll and employment tax compliance services include:
Payroll
Management
Compensation Reporting Consulting
Benefits Reporting and Taxation Consulting
Multistate Employment Tax Consulting
State Registration Services for Payroll Tax Accounts
Informational Reporting
(W-2 and W-3, 1099 and 1096, 1042 and 1042-S, 3921 and 3922)