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Politics : Formerly About Advanced Micro Devices
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To: i-node who wrote (222357)3/6/2005 1:21:05 PM
From: Elroy  Read Replies (1) of 1577112
 
You underestimate the work it takes, however. With 20 employees, every time your employer makes payroll, he has to determine his tax liability and make a transfer of funds to cover it. Depending on the amount, that transfer must occur within a day, or within 3 days of the payroll. At the end of each quarter, he has to file form 941 reconciling every period's tax liability with the payments that were made. Depending on the state, he likely files a similar form for the state. In addition, he files some sort of reconcililation form with payment for your state unemployment tax. And if the accrued federal unemployment tax exceeds a certain amount (I believe it is now $500) he has to transfer those funds each quarter. Similarly, a quarterly state withholding report is usually required.

Don't companies like PAYX and ADP do this for a very reasonable fee?
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