What’s the Best Way to Calculate, Pay and Report Payroll Taxes?

What’s the Best Way to Calculate, Pay and Report Payroll Taxes?

Juan Thomas May 30, 2020

It doesn’t matter if you have a competent payroll service or are handling things alone, payroll taxes are one of the most important financial responsibilities business owners have. When you have even one employee you have a certain amount of responsibility and it’s very important to get these taxes sorted out and fairly quickly also. So, what is the best way to calculate, pay and report payroll taxes today? Read on to find out more in detail.

Register as an Employer

First and foremost, you will need to register your business with the local authorities so that you can be registered as an employer. When you get registered, you will receive an employer ID number. This is truly one of the most important aspects when it comes to being an employer because, without this number, you will not be able to report any payroll taxes owed. Even if you have payroll services Australia on your books, you still need to register with the local authorities to receive this number or ID.

Get Organized

One of the most important aspects as to calculate what payroll taxes are owed is to use a payroll tax calculator which can be a useful tool to help you out. However, there are lots of ways to do so and being organised will help you immensely. Do you know what deductions have to be made from the employees pay check? You need to withhold income taxes from the employee’s overall earnings for that time period whether a week or a month; and you need to take a portion for social security and medical insurance, as well as workman’s compensation and unemployment. You will also need to match those amounts. Having a payroll service can help you deal with these things in a more productive manner.

Get Help with Calculating Taxes and File a Quarterly Report to the Tax Authorities

If you are struggling to calculate payroll taxes, why not get payroll services Australia in to help? This might make it considerably easier for you. Remember, you are going to have to report the necessary payroll taxes to the tax authorities every quarter so a quarterly business tax return is needed. Filing these things can be incredibly easy to do and there are lots of simple ways to make this process easy. Hiring a professional service can help speed up the entire process and make it simple in every way. This can prove to be the best way to deal with payroll taxes, especially if you haven’t really handled this before.

Handling Payroll Taxes with Ease

A lot of people struggle when it comes to payroll taxes but these don’t have to become so much of an issue not if you don’t want them to. There are lots of simple ways to make payroll taxes easy for you to report and calculate. Getting some help with this can really prove useful and it might just be the best way to get the best results as well. Using a payroll service can be a good idea and there are lots of good services for you to choose. For more information read here https://www.cfodive.com/news/cares-act-tax-breaks-PPP-deferrals-payroll/578790/