What is Payroll? Payroll it is the amount you (Business Owner) pay employees, that amount could be Wages or Salary and at the same time the payroll taxes (Medicare & Social Security) that has to be paid in favor of your employee as well as state unemployment taxes (SUTA) and federal unemployment taxes (FUTA) for the unemployment Insurance benefit program, that is funded by payroll taxes.
Now, on the employee side, every employee’s check will be withheld a specific percentage of payroll taxes to save for his retirement’s accounts, Medicare (1.45 %) and Social Security (6.2 %).
For those self-employed and/or business owners that may be unaware of the benefits and advantages of using payroll as the preferred way to pay themselves or pay their employees rest on the main fact that all expenses involved here are business expenses, salary/wages, payroll taxes & Payroll administration are 100% deductible.
On the other hand, people working for an employer that will withdraw payroll taxes from the future paychecks will be the best bet for them since these future employees of these business owners will only pay 50% towards their Medicare and Social Security individual retirements accounts; the other 50% will come from the employer.
So, business owners for most information about this topic and the substantial advantages of paying yourselves and employees with payroll, easily outweighs the apparent disadvantage of higher cost, Here at our office Advising & More can help you get the facts and the important information about how this cost of business it is worth the try.
Do not hesitate on calling us at our office numbers 904-647-7622 & 7632 or say Hello ! call or text at 904-437-1886. We can help you in Jacksonville and add knowledge to your arsenal and see for yourself the kind of business move that represents the use of payroll for yourself and your company.
We are interested on giving you a piece of advice for you to be well informed concerning your Business and the benefit of adding payroll and the strategic meaning of having it, Advising & More mission’s is to offer immigrants high quality service, Our office located in Jacksonville will be ready to help you with your Business challenges along the way.
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