Best Payroll and Timekeeping Services in Brandon, FL

Payroll taxes typically include federal income tax, Social Security tax, Medicare tax, and possibly state income tax. You can calculate these taxes by using the IRS guidelines and relevant state tax laws, or by using payroll software that automates the process.

Yes, there are various tax credits and incentives available to small businesses related to payroll, such as the Work Opportunity Tax Credit (WOTC) for hiring certain targeted groups of individuals, the Employee Retention Credit (ERC), and credits for employer-paid family and medical leave. It's essential to research and take advantage of these opportunities to minimize your tax liability.

A Professional Employer Organization (PEO) is a company that partners with businesses to handle various HR functions, such as payroll processing, benefits administration, compliance, risk management, and employee relations. PEOs enter into a co-employment relationship, becoming the employer of record for HR-related matters, while the client organization retains control over day-to-day operations and strategic decisions.

Some assume that PEOs are only for small businesses that lack the resources to handle their own HR functions. However, PEOs can be beneficial for companies of all sizes, including medium and large organizations. As companies grow, so do the complexities of their administrative and compliance needs. In many cases, companies find that the expertise required and the associated expense are better outsourced than kept in-house.

Legal requirements for time and attendance tracking vary by jurisdiction but generally include accurately recording all hours worked, providing employees with breaks as required by law, and maintaining records for a specified period. It's essential to comply with both federal and state labor laws.