Bookkeeping

Prospect Licensing can help you with employees payroll:

1. Employee Payroll Processing:

• Calculating wages or salaries based on hours worked, fixed rates, or other agreed-upon terms.
• Deducting taxes, social security contributions, and other withholdings from employees’s pay.

2. Tax Filing and Compliance:

• Ensuring accurate calculation and timely submission of payroll taxes to government authorities.
• Staying updated on tax laws and regulations to ensure compliance.

3. Direct Deposit and Payroll Distribution:

• Facilitating direct deposit of employees’s paychecks into their bank accounts.
• Preparing and distributing physical paychecks if required.

4. Recordkeeping:

• Maintaining detailed records of employee earnings, deductions, and other payroll-related information.
• Generating pay stubs and providing employees with records of their earnings.

5. Compliance Reporting:

• Preparing and filing reports required by government agencies, such as W-2 forms and other year-end statements.

6. Time and Attendance Tracking:

• Recording and tracking employee working hours, overtime, and absences.

By outsourcing payroll services, businesses can focus on their core activities while leaving the complexities of payroll management to experts. This can save time, reduce the risk of errors, and help maintain compliance with ever-changing tax and labor laws.