PAYROLL SETUP & MANAGEMENT

Escrow Consulting Group offers payroll and accounting services as well. This area deals with the administration of the financial record of employees, salaries, wages, bonus, net pay and deductions. With the provision of accounting help for small business, we aim to make a difference in the industry, allowing you to reach your desired benchmarks. Cloud bookkeeping services help in efficient management of data, and help you access it as well. Not only it remains private and confidential given the nature of payroll, it is highly secured too.

Our online accountants offer you bookkeeper services through cloud bookkeeping. Although we are your outsourced accountants, our virtual bookkeeping services help us stay connected through an established network. Online accounting services were never so easy to obtain, and neither were payroll accounting services.

For legal reasons, you must maintain all records pertaining to payroll taxes (income tax, withholding, social security and federal unemployment tax) for at least four years after the tax becomes due or is paid, whichever is later. Although 20 different kinds of employment records must be kept just to satisfy federal requirements.

Income Tax Withholding Records

  1. Name, address, and Social Security number of each employee
  2. Amount and date of each payment for compensation
  3. Amount of wages subject to withholding in each payment
  4. Amount of withholding tax collected from each payment
  5. Reason that the taxable amount is less than the total payment
  6. Statements relating to employees nonresident alien status
  7. Market value and date of noncash compensation
  8. Information about payments made under sick-pay plans
  9. Withholding exemption certificates
  10. Agreements regarding the voluntary withholding of extra cash
  11. Dates and payments to employees for non-business services
  12. Statements of tips received by employees
  13. Request for different computation of withholding taxes

Social Security (FICA) Tax Records:
1. Amount of each payment subject to FICA tax
2. Amount and date of FICA tax collected from each payment
3. Explanation for any difference