Generally, employees are paid at a set rate, either on an hourly or salary basis. In the United States, employers are obligated to pay Social Security, Medicare, workman’s compensation, state, federal, and often local taxes for each employee. An employer also must deduct a portion of these taxes and other fees from the employees’ paycheck, and all of these transactions must be recorded for auditing and tax purposes.
PTH Financial & Insurance will handle all of these functions independently, freeing up company time for more important matters. Once an account is established, the business simply provides us with a list of all employees, the hours they worked, and any variances. This data is then processed and the funds are transferred from the company’s account to their employees via direct deposit or paper check.
PTH Financial & Insurance handles all required tax filings and provides the business with a report of their payroll and tax filings. At the end of the calendar year PTH Financial & Insurance also handles all of your year end reporting, providing IRS W-2 or 1099 forms to all employees or contractors you have paid using our service.