Streamline your Payroll Taxes

Written By: Chris Hadden, FPC

from July 10, 2012

So, you made the decision to run payroll in house. Good for you! Now, how about those payroll taxes? You can try to manage all of these liability payments and filings on your own, but who has the time for that? And you could outsource your payroll taxes, but who wants to spend that much money? And let’s not forget how those guys want to collect your tax money as soon as you run payroll, only so they can float your funds until the tax payment is actually due. I don’t know about you, but that sounds like an interest free loan to me. If this situation sounds familiar then you may feel a little lost right now. Well worry no more, because Greenshades can help with this!

Greenshades can help make managing your payroll taxes easier than ever! The newest payroll compliance module is the Greenshades Payroll Tax Service. By pulling your payroll transaction information directly out of GP, Greenshades will calculate the exact due date for your liability payments and filings. You no longer have to worry about calculating your payment frequency; Greenshades will do that for you. And once you ready for the payment to be made, Greenshades will transfer the funds directly from your bank accounts to the government agencies, which allows you to hold on to your cash for as long as possible.

The Core module of the Greenshades Payroll Tax Service calculates tax deadlines and submits payments for Federal Income Tax Withholding (FIT), Social Security, Medicare, and Federal Unemployment (FUTA).  It also calculates the filing due dates and submits the filings for Federal W2s, 941, 940, and New Hire. The State Packages support the calculation of tax deadlines, and submission of both payments and filings for State Income Tax Withholding (SIT) and State Unemployment Insurance (SUTA or SUI). 

Well what about all of those localities? Greenshades can help with that too! With the Local W2 module in the Payroll Tax Service, Greenshades will create the Local withholding reports and payment vouchers for thousands of localities throughout the country. With a direct integration, Greenshades will use the local tax codes in GP to determine wage and tax information, as well as track the deadlines for all of these payments and filings. Add in the Local Tax Manager and you can rest assured that GP will have the latest local tables and rates.

So, there’s your answer… the greatest way to efficiently manage your payroll taxes. So many of the benefits of outsourcing without all of the costs! Are you ready to take a look now?