Payroll Taxes can be such a headache. Keeping tax tables up to date, remitting the proper amounts, filing tax forms to federal, state and local authorities with differing due dates, payroll tax laws are frequently changing and becoming more complex – all this makes tax compliance challenging. Scissortail is here to help you out.
Let’s talk through what are the top tax concerns I hear from customers and how Scissortail can help:
- Maintaining tax tables
- With most on premise systems you have to watch for updates, schedule with IT when to install them, download and install. Scissortail’s tax tables are automatically updated as released to ensure the most accurate withholdings for your employees.
- Knowing what local taxes to withhold
- If you are in a state subject to local taxes, it can be challenging to find the correct taxes to withhold from an employee. Scissortail HCM uses geospatial mapping technology to determine and withhold the appropriate taxes for that employee based on their home and work locations.
- Keeping up with employee changes
- Scissortail maintains the latest state and federal W4 forms. Employees and new hires can update their W-4s and submit for approval without a paper form.
- When I setup a new earning or deduction, how can I be sure it is taxed properly
- With Scissortail when setting up a new code there is an Earning Roll Up categories that has tax setup predefined. Deductions are setup similar. If I have a special situation and need to do something special for taxes, there are Custom Taxable codes where you can define special rules if one of the pre-defined does not work for you.
- After every payroll there are several different places I have to go to pay my taxes
- With Scissortail after your payroll is finalized your taxes are transmitted automatically to the proper federal, state, and local tax authorities for that payroll. This means you are paying the right amount of taxes at the right time
- Filing tax forms
- With Scissortail you will be able to review and balance your quarter just like normal. Once you close your quarter or yearend then your quarterly and annual tax forms are filed on your behalf and you get a copy of the forms
- You will still handle any forms you hand to your employee like the W2s or 1095s, or another option is employees can give consent to receive electronically.
Dealing with tax administration is time-consuming and nerve-racking. Having a system like Scissortail HCM that handles your tax payments and forms makes taxes easy.