At Blank Ink, we provide a wide variety of payroll services that can be tailored to fit your firm’s needs. Below are the details of our payroll processing services:
Payroll Calculations and Distribution
Our core focus is on wages, deductions, and benefits. Here’s how we handle these aspects:
Salary Calculations
- We process salaries based on employees’ hourly rates, bonuses, commissions, overtime, and other compensations (if any).
Deductions
- We handle both mandatory and voluntary deductions, including:
- State, federal, and local taxes
- Social security
- Retirement contributions
- Medicare
- Health benefits
Payroll Distribution
- We ensure employees receive their pay through checks, direct deposits, or other company-specific methods.
Payroll Tax Management
Tax compliance is the most vital aspect of payroll processing. Our payroll services incorporate all tax-related services, including:
Federal and State Tax Withholding
- We process accurate federal, state, and local income tax withholdings based on employees’ W-4 forms and applicable tax laws. This also includes Social Security and Medicare withholdings.
Unemployment Insurance
- We assist with compliance by processing required contributions for both federal and state unemployment insurance.
Further Tax Deductions
- Additional tax obligations (e.g., local income tax, workers compensation tax, state-specific taxes) are also managed to ensure full compliance with tax codes.
Quarterly Payroll Tax Returns
Filing quarterly payroll tax returns is essential for staying compliant. At Black Ink, we ensure that you remain compliant by:
Formulating and Filing Form 941
- We prepare and file Form 941, which details the quarterly payroll taxes withheld from employees, including Social Security, Medicare, and income taxes.
Filing State Tax Returns
- We provide filing for state-specific payroll tax returns, which may include unemployment insurance returns and state income tax returns.
Conforming Unemployment Tax Forms
- We handle the filing of unemployment tax forms such as Form 940 for federal unemployment taxes, and also manage state unemployment tax reporting.
Maintaining Accuracy and Punctuality
- We file all quarterly returns on time to avoid penalties and provide you with a copy of the filed returns for your records, ensuring organization and preparedness for audits.
Annual Payroll Reporting
Each year, we provide a precise and diligently filed annual report that includes:
W-2 Filing and Preparation
- We prepare and file W-2 forms for employees, reporting total wages paid and taxes withheld throughout the year. We also provide employees with duplicates for tax filing purposes.
Annual Payroll Tax Reconciliation
- We ensure that all payroll taxes are accurately calculated and disbursed annually. Any necessary adjustments are handled efficiently.
Contractor Form 1099
- For businesses working with independent contractors, we prepare and file Form 1099-NEC to report payments made to non-employee laborers.
Pay Plan Setup and Personalization
We collaborate with your business to create a personalized pay schedule that suits both your employees and your organization. Whether your company utilizes weekly, monthly, or semi-monthly payroll, we ensure a smooth and efficient pay cycle.
Employee Dashboard-Portal
To enhance the experience for both employers and employees, we offer a self-service portal where employees can:
- Track their salaries and daily earnings
- Edit their personal information
- Monitor their benefits
This reduces administrative tasks and gives employees control over their payroll information.
Payroll Managing and Analytics
We produce comprehensive payroll data and reports to help you understand key payroll metrics, including costs, financial data, and tax liabilities. This includes:
Payroll Information
- A summary of total payroll costs, including wages, benefits, and taxes.
Tax Compliance Reports
- A report summarizing payroll taxes withheld, as well as amounts due.
Employee Salary Reports
- A detailed analysis of each employee’s salary, earnings, deductions, and tax withholdings.
Benefits of Outsourcing Payroll to Black Ink
By outsourcing your payroll management to Black Ink, you gain the following advantages:
Efficiency
- Payroll processing can be time-consuming and error-prone. Outsourcing saves you valuable time that can be better spent on other important tasks like risk management.
Cost Reduction
- Outsourcing reduces costs associated with managing an in-house payroll team, including payroll staff, accounting software, staff training, and administrative burden.
Preciseness and Compliance
- Avoid payroll mismanagement and errors that could hurt employee morale and lead to fines. Our professional team ensures payroll is handled accurately and in compliance with tax and employment laws.
Expansion
- As your business grows, so does the complexity of payroll. Our expanding payroll services can help you manage new challenges like adding employees or opening new locations.
Less Risk
- With constantly changing tax laws and labor regulations, payroll can become a burden. Outsourcing payroll reduces the risk of errors and ensures compliance.
Better Employee Satisfaction
- Timely, accurate payments improve employee satisfaction and retention, fostering a positive company image and encouraging word-of-mouth referrals.
