Are you finding the process of filing payroll taxes daunting? Our team is committed to delivering precise, trustworthy, and quick payroll tax solutions.
The two main types of payroll taxes are:
Federal Income Tax: This is withheld from an employee’s wages based on their earnings and the information they provide on their W-4 form (Employee’s Withholding Certificate). The amount withheld depends on the employee’s income, marital status, and any additional withholding they request.
FICA (Federal Insurance Contributions Act) Taxes: These are composed of two parts:
- Social Security Tax: This tax funds the Social Security program, which provides retirement, disability, and survivor benefits. Employers and employees each pay 6.2% of the employee’s wages up to the first $147,000 they earn, and when an employee makes more than that amount in a calendar year, there won’t be any Social Security taxes withheld once they hit that wage base limit.
- Medicare Tax: This tax funds the Medicare program, a federal health insurance program for people 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease. The payroll tax for Medicare is 1.45% on the first $200,000 of an employee’s and Employer’s wages. If they make over $200,000, they will also pay a 0.9% Additional Medicare Tax on top of the 1.45%. The standard rate for Medicare tax is 1.45% for both the Employer and employee. For higher-income employees, an additional Medicare tax may apply.
Initial Consultation
Our expert team begins with a detailed consultation call. Here, we aim to understand the nuances of your business operations, payroll structure, and employee profiles. This initial step is crucial to tailoring our services to your payroll tax needs.
Employee Data Review
We meticulously review the Employee's Withholding Certificate forms to ensure accurate federal income tax withholding. This involves considering each employee's income, marital status, and extra tax to withhold from each paycheck or making adjustments for multiple jobs or income sources.
Payroll Tax Calculation
Our team of experts calculates the correct amount of payroll taxes to be withheld. We pay special attention to the applicable wage limits and additional Medicare taxes for higher-income employees.
Regular Compliance Checks
We continuously monitor changes in payroll tax regulations to ensure your business remains compliant. This proactive approach safeguards against potential errors and penalties.
Timely Tax Remittance
Nashville Tax Solutions takes charge of remitting the calculated taxes to the IRS on your behalf, adhering to the required semi-weekly or monthly schedules. We handle the entire process, from withholding to remittance, ensuring timeliness
& accuracy.
Detailed Reporting
Regular payroll tax reports are prepared and filed with the IRS, detailing the amounts withheld and paid. These comprehensive reports are key to maintaining transparent and accessible records for your business.
Accuracy and Precision
We pride ourselves on the carefulness of our work. Every calculation is double-checked, ensuring accuracy in every withholding and submission. This precision minimizes the risk of errors and the possibility of penalties or audits.
Timely Delivery
Deadlines matter, especially for employees. Our commitment to convenient service means you'll never have to worry about missing a payroll tax deadline. We manage the timeline so you can focus on driving your business.
Data Security
Your financial data is sensitive, and we treat it with confidentiality and security. Our systems are designed to protect your information from unauthorized access, giving you peace of mind regarding the privacy of your business's financial details.
Unmatched Expertise
Our team comprises professionals with in-depth knowledge of payroll tax regulations. We stay updated on the latest IRS guidelines, ensuring that your business remains compliant and ahead of legislative changes.
Customized Solutions
We understand that every business is unique. For this reason, we customize our services to meet your requirements. The strategy is adaptable and made to meet the needs of your employees, regardless of how big or small your company is.
Proactive Communication
We believe in keeping our clients informed and involved. You'll receive regular updates on the status of your payroll taxes, and we're always available to answer your questions and address your concerns.
Comprehensive Support
Beyond tax filing, we offer ongoing support and advice to optimize payroll processes and tax strategies. We aim to meet and exceed your expectations in every aspect of our service