Payroll tax generally refers to two kinds of taxes: employee and employer payroll taxes.
Employee payroll taxes are taxes which employers are required to withhold from employees’ pay, also known as withholding tax. These withholdings contribute to the payment of an employee’s personal income tax obligation; if the payments exceed this obligation, the employee may be eligible for a tax refund or carry forward to future periods.
Employer payroll taxes are paid from the employer’s own funds, either as a fixed charge per employee or as a percentage of each employee’s pay. Payroll taxes often cover government social insurance programs, such as social security, health care, unemployment, and disability. These payments do not count toward the income taxes of employees and employers, but are normally deductible by the employer as a business expense.
The accounting professionals at Ashcroft & Associates makes payroll quick and easy. By tailoring our service to your business’s needs we develop a schedule that works for you. We offer complete payroll services which include:
So whether you need payroll as part of the bookkeeping service or as a stand-alone service, we are here to help you.
Contact us today for a free consultation to discuss how Ashcroft & Associates can help you with your business’s payroll.