We offer payroll services for business entities, including officers only. This comprises of processing payroll (direct deposit included), filing the quarterly reports and the annual reports, and also the year-end filings, including W2s/1099s. We can also help with additional services like workers compensation, 401k, health and benefits, HR, annuities, and so much more.
Payroll is the compensation a business must pay to its employees for a set period or on a given date. Running payroll consists of calculating employee earnings and calculating federal, state, and local taxes.
An annuity is a contract between you and an insurance company in which you make a lump-sum payment or series of payments and, in return, receive regular disbursements, beginning either immediately or at some point in the future.
W2 is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them. This form is needed to file your federal and state tax returns.
Workers’ compensation is a government-mandated system that pays monetary benefits to workers who become injured or disabled in the course of their employment. Workers’ compensation is a type of insurance that offers employees compensation for injuries or disabilities sustained as a result of their employment.
Quarterly Filings is the process that reports the amount of federal income tax and Social Security and Medicare taxes that the employer withheld from employee checks, as well as the state filings, the employer’s portion of Social Security, and Medicare taxes. (Form 941).
A 401(k) plan is a retirement savings plan offered by many American employers that has tax advantages to the saver. It is named after a section of the U.S. Internal Revenue Code.
The employee who signs up for a 401(k) agrees to have a percentage of each paycheck paid directly into an investment account. The employer may match part or all of that contribution. The employee gets to choose among a number of investment options, usually mutual funds. With a Roth IRA, you contribute after-tax dollars, your money grows tax-free, and you can generally make tax- and penalty-free withdrawals after age 59½. With a Traditional IRA, you contribute pre- or after-tax dollars, your money grows tax-deferred, and withdrawals are taxed as current income after age 59½.
End of Year Report is the process that reports your annual Federal Unemployment Tax Act (FUTA) tax. Together with state unemployment tax systems, the FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs. Most employers pay both a federal and a state unemployment tax.
Starting a business can be stressful. At National Insurance & Tax Service, we provide a stress-free solution to create your business. We can help you choose the best structure that fits your need.
A sole proprietorship is easy to form and gives you complete control of your business. You’re automatically considered to be a sole proprietorship if you do business activities but don’t register as any other kind of business.
Partnerships are the simplest structure for two or more people to own a business together. There are two common kinds of partnerships: Limited Partnerships (LP) and Limited Liability Partnerships (LLP).
An LLC lets you take advantage of the benefits of both the corporation and partnership business structures. LLCs protect you from personal liability in most instances, your personal assets – like your vehicle, house, and savings accounts – won’t be at risk in case your LLC faces bankruptcy or lawsuits.
An S corporation, sometimes called an S Corp, is a special kind of corporation that’s designed to avoid the double taxation drawback of regular C corps. S corps allow profits, and some losses, to be passed through directly to owners’ personal income without ever being subject to corporate tax rates.
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