Payroll and Tax Administration
Signum employs a full staff of experienced payroll professionals that can take care of all of your payroll and tax administration needs. With various payroll and tax regulations that must be followed, it is often times difficult for small and mid-sized business owners to know exactly what the laws are and how to maintain compliance with them. Enlisting the assistance of Signum can help you navigate the ins and outs of payroll processing and tax requirements, allowing you more time to focus on running and growing your business.
We understand the extreme importance for your employees to get paid correctly and on time. By partnering with Signum, you can expect comprehensive payroll processing, which includes:
- Calculating the gross pay for each employee based on an hourly rate, salary, commission, piece-rate, and/or some other basis (these calculations often include overtime, incentive pay, bonuses, holiday pay, sick, vacation, and other pay)
- Calculating appropriate deductions, including Federal, State and local taxes, FICA (social security and Medicare), health insurance, life insurance, disability and other voluntary insurances, 401K and retirement plans, and wage garnishments (child support, tax and IRS levies, etc.)
- Certified payrolls and job costing
- Direct deposit, bank cards, and live checks
- Cancelling checks and/or deposits and issuing new ones when necessary
- Tracking all employee earnings
- Filing quarterly and year-end reports to the IRS, State, and local agencies
- Filing unemployment reports
- W-2, W-3, 1099, 940, 941 submission and reporting
The Fair Labor Standards Act (FLSA) establishes minimum wage, overtime pay, recordkeeping, and child labor standards affecting full-time and part-time workers in the private sector and in Federal, State, and local governments. The Wage and Hour Division (WHD) of the U.S. Department of Labor (DOL) administers and enforces the FLSA with respect to private employment, as well as State and local government employment.
The Internal Revenue Service (IRS) is a bureau of the Department of the Treasury and is organized to carry out the responsibilities of the secretary of the Treasury under provisions of the Internal Revenue Code. In the United States, Congress passes tax laws and requires taxpayers to comply. The role of the IRS is to help the compliant taxpayers understand and properly follow the tax laws, while ensuring that those who are unwilling to comply pay their fair share.
Maintaining compliance with the FLSA, DOL, IRS, and other related government agencies, laws, and regulations can be extremely time-consuming and overwhelming. Signum will help ensure that your company is compliant, while making sure that your payroll policies, practices, and procedures are current and consistently followed. This may include but is not limited to the following standards:
- Employees are paid at least the established minimum wage
- Overtime hours are calculated and paid properly
- Deductions from pay for exempt employees are handled appropriately
- Work hours are tracked correctly
- Payroll records, time cards, and other required documents are retained properly
- Paid and unpaid leave (i.e. vacation, bereavement leave, medical leave, etc.) is handled according to your company policy and in compliance with Federal and State laws
If you are a small to mid-sized business owner in South Carolina, North Carolina, Georgia, or the Southeast region and would like to learn more about how Signum can help you achieve greater business success through payroll processing, tax administration, and other HR services, contact us today!