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TAX NEWS - 2010

Tax Filing and Employee Benefits

As part of the myriad of services offered by outsourced payroll service providers, tax filing continues to be basic requirement. The Internal Revenue Service or IRS imposes strict penalties on failure to pay taxes, as well as for other payroll-related violations.

Business owners are required by the IRS to not only file taxes for their business, but also file taxes for their employees. This is what is known as withholding tax, or payroll tax. Payroll taxes are the state and federal taxes that employers are required to withhold and/or to pay on behalf of their employees.

Business owners are required to withhold state and federal income taxes as well as social security and Medicare taxes from their employees' wages. They are also required to pay a matching amount of social security and Medicare taxes for employees and to pay state and federal unemployment tax.

Due to the importance of filing taxes and the stiff penalties involved in tax payroll-related infringements, outsourced payroll providers in the United Stated put a premium on their tax filing services. Apart from timely and accurate payroll reports, payroll service providers also offer the benefit of filing taxes for their client companies. For this reason, many business owners all across the United States have taken advantage of the services offered by these outsourced payroll providers. UT employee benefits are at the top of the list of most Utah and Idaho companies.

Take the case of Idaho, Idaho tax filing is considered a priority by many business establishments. Being an agricultural state, Idaho is home to many important industries such as food processing, lumber and wood products, machinery, chemical products, paper products, electronics manufacturing, silver and other mining, and tourism. Part of the success of some of these companies is the decision to employ outsourced service providers in managing payroll and employee benefits.

In the case of Utah, Utah tax filing also receives top attention. Utah is home to some of the largest oil refining companies, and these are located near the state capital, Salt Lake City. Employees of these oil firms are assured that their taxes are filed accordingly and that their payroll is processed accurately thanks to some of the best outsourced payroll service providers.
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