Payroll Basics
Name a payroll provider with an office at the Auburn Mall in Auburn, Maine.
Payroll Management Inc.
What tax must Maine employers withhold from employee paychecks besides federal income tax?
Maine State Income Tax.
What Auburn payroll provider offers a mobile app for both employers and employees to access payroll info?
Payroll Management utilizes a program called PayEntry and TimeWorks Plus
What’s one common consequence of payroll mismanagement?
Employee dissatisfaction or legal penalties.
How many years have they been in business?
37 (founded in 1989) by Gary Hemenway
Employers in Maine must submit payroll tax filings to which two main government levels?
State of Maine and the Federal Government.
What type of payroll solution offers flexibility and scalability via the internet?
Cloud-based payroll system
What should businesses in Auburn do before switching payroll services mid-year?
Ensure all tax information and year-to-date payroll data are accurately transferred.
Which federal agency oversees payroll tax compliance in the United States?
The IRS (Internal Revenue Service)
How often are these report due?
Quarterly 4 (times per year in April, July, October, and January)
Why is scalability an important factor when choosing a payroll system
To accommodate business growth and changing payroll complexity
What is the main purpose of a payroll system?
To calculate and distribute employee wages and manage deductions and taxes.
What is the term for agreements that determine if employees working in multiple states pay taxes to their home or work state?
Reciprocal State Income Tax Agreements.
What is the term for the total pay before deductions like taxes or benefits?
Gross Pay