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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
Read more about Key Elements of Payroll

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