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.
Legal Plan + Home Business Supplement
We’re dedicated to creating a world where everyone can access and afford legal protection. Expected and unexpected legal matters arise every day, and with LegalShield on your side, you’ll have direct access to a dedicated law firm 24/7 for covered emergencies. From court representation for a speeding ticket, to real estate matters, to family legal matters such as adoption and name changes. To estate planning needs such as Will preparation and beyond, we’re here to help you with your personal legal matters-no matter how traumatic or trivial they may seem.
Hiring a lawyer for your business can be expensive. And with DIY legal websites, you may not know the best actions to take or have access to consultation with a lawyer when you need it. LegalShield’s Home Business Supplement provides access to a provider law firm for a wide variety of business legal matters. You might be an independent contractor, entrepreneur or consultant, but you’re not on your own. Get legal assistance that’s specific to your unique needs and allows you to do what you do best-running your business.
24/7/365 emergency legal access for covered emergencies. 1
Residential Leasing. Do you lease up to 10 residential rental income units? LegalShield’s Home Business Supplement helps alleviate guesswork and headaches that stem form landlord-tenant issues. Third party property owners are not eligible for coverage. Leases for commercial property (high-rise, offices, retail/restaurant, multi-family complexes etc.) are not eligible.
Eligibility for Home Business Supplement: Must have a Family Legal plan & lawful income-producing business activity which is wholly owned and operated by the Member.
This is a general overview of the Home Business Supplement (“HBS”) available from Pre-Paid Legal Services, Inc. (“PPLS”) for illustration purposes. LegalShield is a product of PPLSI.
LegalShield provides access to legal services offered by a network of provider law firms to LegalShield members through membership-based participation. Neither LegalShield nor its officers, employees or sales associates directly or indirectly provide legal services, representation, or advice. The Home Business Supplement and certain benefits are not available in all states. See Home Business Supplement for a specific state for complete terms, coverage, amounts and conditions. See a plan contract for specific state of residence for complete terms, coverage, amounts and conditions. Trial defense is not available in all state.
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