Key Elements of Payroll Massachusetts

Every aspect of small business management has a lexicon of terms. Payroll is no exception. Regardless of the payroll solution you choose, it is important to understand these terms so you can manage your provider effectively.

Local Companies

MyPayrollHR
866-697-2947
10 Cordage Park Circle
Plymouth, MA
MyPayrollHR
866-697-2947
10 Cordage Park Circle
Plymouth, MA
BookWorks LLC
413-594-5935
53 Blanan Drive
Chicopee, MA
BookWorks LLC
413-594-5935
53 Blanan Drive
Chicopee, MA
Advantage Payroll Services
(978)3189990
747 Main Street, #222
Concord, MA
MKG Accounting & Bookkeeping Services
781-856-7713
9 Van Norden Road
Reading, MA
International Mgt and Research Assoc Inc
(617) 965-0203
19 Berkshire Rd
Newton, MA
Professional Management Consultants Inc
(617) 723-2690
101 Union Wharf
Boston, MA
Merritt Suzanne
(617) 574-0066
539 Tremont St
Boston, MA
J S I
(978) 443-5385
490B Boston Post Rd
Sudbury, MA



Every aspect of small business management has a lexicon of terms. Payroll is no exception. Regardless of the payroll solution you choose, it is important to understand these terms so you can manage your provider effectively.

Payroll Taxes

Employers are required to pay taxes on the services that are offered to and provided by their employees. The bulk of these taxes are commonly referred to as "payroll taxes" and consist of:
  • Income tax: The Federal government, most states, and some local governments require employers to withhold income tax from their employees' pay.

  • Social Security and Medicare: Sometimes referred to as FICA (Federal Insurance Contributions Act). Employers are required to withhold and deposit these taxes from employees' paychecks, and also make matching contributions.

  • Unemployment tax: Employers pay Federal Unemployment Tax (FUTA) to the unemployment insurance system. The amount owed is based on the business' total employee wages. Many states also have their own unemployment taxes.
Tax Deposit Accounts

Employers are required to deposit income tax and FICA withholdings to an authorized financial institution or Federal Reserve Bank. Most businesses are required to make monthly deposits, although some contribute on a semi-weekly basis. Your contributions are deposited through electronic deposits or through Federal Tax Deposit (FTD) coupons. Check with the IRS to determine which payment schedule and deposit method is required of your business.



Cafeteria Plans

Cafeteria plans, also called "flexible benefit" plans, allow employees to set aside pre-tax dollars to pay for certain benefits such as medical and dependent care assistance. These plans can be beneficial for both employers and employees: employers who carry such plans will pay less FICA and FUTA taxes, and employees will pay less FICA taxes because their amount of taxable income is reduced. Additional benefits that may be offered as part of a cafeteria plan include group life insurance and disability insurance.



Additional Items

Depending on the benefits you offer employees, your company may also need to track the following items as part of payroll management:

  • Insurance and other benefits: Health coverage, dental insurance, life insurance and other benefits to which employees may contribute.

  • Profit-sharing plans: Stock option or equity plans offered to employees.

  • 401(k) programs: Pre-tax dollars set aside by employees and employers for retirement purposes.

  • Education benefits: Company-sponsored training and/or degree advancement.

Featured Local Company

MyPayrollHR

Web-based Payroll and HR solution for companies looking for more functionality and service from a payroll company.

866-697-2947
10 Cordage Park Circle
Plymouth, MA
www.mypayrollhr.com

MyPayrollHR combines a powerful yet intuitive on-demand human resource and payroll software solution with the convenience of payroll services. Our internet payroll solution is designed for companies 10 employees and larger that have outgrown their small business payroll service.

With MyPayrollHR, companies have the flexibility and control of a full featured HR system, and retain the benefits of outsourcing payroll, such as tax and direct deposit processing.

~ Immediate access to payroll reports
~ Access to live HR professionals
~ Fixed pricing with no extra fees
~ Custom report writer
~ Paid time off accrual
~ Employee Event Reminders

www.mypayrollhr.com

Regional Articles
- Key Elements of Payroll Acton MA
- Key Elements of Payroll Agawam MA
- Key Elements of Payroll Allston MA
- Key Elements of Payroll Amesbury MA
- Key Elements of Payroll Amherst MA
- Key Elements of Payroll Andover MA
- Key Elements of Payroll Arlington MA
- Key Elements of Payroll Attleboro MA
- Key Elements of Payroll Beverly MA
- Key Elements of Payroll Billerica MA
- Key Elements of Payroll Boston MA
- Key Elements of Payroll Braintree MA
- Key Elements of Payroll Bridgewater MA
- Key Elements of Payroll Brighton MA
- Key Elements of Payroll Brockton MA
- Key Elements of Payroll Brookline MA
- Key Elements of Payroll Buzzards Bay MA
- Key Elements of Payroll Cambridge MA
- Key Elements of Payroll Charlestown MA
- Key Elements of Payroll Chelmsford MA
- Key Elements of Payroll Chelsea MA
- Key Elements of Payroll Chicopee MA
- Key Elements of Payroll Danvers MA
- Key Elements of Payroll Dedham MA
- Key Elements of Payroll Dracut MA
- Key Elements of Payroll East Falmouth MA
- Key Elements of Payroll East Weymouth MA
- Key Elements of Payroll Easthampton MA
- Key Elements of Payroll Everett MA
- Key Elements of Payroll Fairhaven MA
- Key Elements of Payroll Fall River MA
- Key Elements of Payroll Fitchburg MA
- Key Elements of Payroll Foxboro MA
- Key Elements of Payroll Framingham MA
- Key Elements of Payroll Franklin MA
- Key Elements of Payroll Gardner MA
- Key Elements of Payroll Gloucester MA
- Key Elements of Payroll Haverhill MA
- Key Elements of Payroll Hingham MA
- Key Elements of Payroll Holyoke MA
- Key Elements of Payroll Hyannis MA
- Key Elements of Payroll Hyde Park MA
- Key Elements of Payroll Jamaica Plain MA
- Key Elements of Payroll Lawrence MA
- Key Elements of Payroll Leominster MA
- Key Elements of Payroll Lexington MA
- Key Elements of Payroll Longmeadow MA
- Key Elements of Payroll Lowell MA
- Key Elements of Payroll Ludlow MA
- Key Elements of Payroll Lynn MA
- Key Elements of Payroll Malden MA
- Key Elements of Payroll Marblehead MA
- Key Elements of Payroll Marlborough MA
- Key Elements of Payroll Mattapan MA
- Key Elements of Payroll Medford MA
- Key Elements of Payroll Melrose MA
- Key Elements of Payroll Methuen MA
- Key Elements of Payroll Middleboro MA
- Key Elements of Payroll Milford MA
- Key Elements of Payroll Milton MA
- Key Elements of Payroll Natick MA
- Key Elements of Payroll Needham MA
- Key Elements of Payroll New Bedford MA
- Key Elements of Payroll Newburyport MA
- Key Elements of Payroll Newton Center MA
- Key Elements of Payroll North Adams MA
- Key Elements of Payroll North Andover MA
- Key Elements of Payroll North Attleboro MA
- Key Elements of Payroll North Dartmouth MA
- Key Elements of Payroll Northampton MA
- Key Elements of Payroll Norton MA
- Key Elements of Payroll Norwood MA
- Key Elements of Payroll Peabody MA
- Key Elements of Payroll Pittsfield MA
- Key Elements of Payroll Plymouth MA
- Key Elements of Payroll Quincy MA
- Key Elements of Payroll Randolph MA
- Key Elements of Payroll Revere MA
- Key Elements of Payroll Roslindale MA
- Key Elements of Payroll Salem MA
- Key Elements of Payroll Saugus MA
- Key Elements of Payroll Scituate MA
- Key Elements of Payroll Shrewsbury MA
- Key Elements of Payroll Somerville MA
- Key Elements of Payroll South Hadley MA
- Key Elements of Payroll South Weymouth MA
- Key Elements of Payroll Southbridge MA
- Key Elements of Payroll Springfield MA
- Key Elements of Payroll Stoneham MA
- Key Elements of Payroll Stoughton MA
- Key Elements of Payroll Swampscott MA
- Key Elements of Payroll Taunton MA
- Key Elements of Payroll Tewksbury MA
- Key Elements of Payroll Walpole MA
- Key Elements of Payroll Waltham MA
- Key Elements of Payroll Watertown MA
- Key Elements of Payroll West Roxbury MA
- Key Elements of Payroll West Springfield MA
- Key Elements of Payroll Westborough MA
- Key Elements of Payroll Westfield MA
- Key Elements of Payroll Westford MA
- Key Elements of Payroll Weymouth MA
- Key Elements of Payroll Winthrop MA
- Key Elements of Payroll Woburn MA
- Key Elements of Payroll Worcester MA

Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin

Topics:
Advertising Family Home Services Real Estate Resources
Business Services Fashion Industrial Goods & Services Retail & Consumer Services
Career Financial Services Insurance Software
Cars Food & Beverage Internet Technology
Computer Hardware Franchise Legal Telecommunications
Construction Health Miscellaneous Trade Shows
Education Holidays Nightlife Travel
Entertainment Home Appliances Online Database Weddings
Environmental Home Electronics Pets World History