Calculating the payroll tax and paying it over using the company’s Chase account

A company’s employees are considered to be its most important asset and it easy to see why. If a company had no employees it would not be able to function, which means it would not generate a turnover or profit, which means it would fail and cease to exist. Consequently, it is important for a company to look after its employees and pay them on time. If the company looks after its employees the employees will look after the company and ensure it prospers.

When dealing with employees the company also has to consider the payroll tax system. All individuals are liable to tax and this is collected by the employer through the payroll tax system. All employers are obliged to collect payroll tax off their employees and pay it over to the taxman. There are serious consequences for employers who fail to take the tax off the employees or tax their employees incorrectly therefore it is important that all payroll taxes are calculated correctly.

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The easiest way to calculate the payroll taxes is to use a payroll tax calculator, which will effectively calculate the payroll tax for you. Payroll tax rates will change and the payroll calculator will contain the most up to date tax rates which means the payroll tax will be calculated correctly. If the payroll taxes are calculated correctly, and deducted from the employees’ pay packet correctly, the company should not have any issues with the tax man. However, calculating the payroll taxes is only half the task.

In addition to calculating the payroll taxes and deducting the right amounts from each employee the company must pay the tax over to the tax man on behalf of each employee. In times gone by this meant going to the company’s bank, such as the Bank of America or Chase Account, or the post office and making a direct payment, which was a bit of a hassle.

Fortunately, times have changed and with the advances in technology and the way in which companies deal with their banking affairs it is now possible to make a direct or on line payment over the internet using internet banking. So, if the company has a Chase account it can make payments to the tax man using the chase bank on line service. The company can also pay its employees using Chase on line services, making the payroll process even easier.

A lot of companies make the payroll process far harder than it really ought to be, so it is important you don’t make the same mistakes. In order to make the payroll process easier you should use a payroll tax calculator to ensure the payroll taxes are calculated correctly, deduct the correct amount of payroll taxes, pay the payroll tax over to the taxman using chase on line services, or something similar and pay the employees directly using chase on line services or something similar. If you follow these rules you will find the payroll system quicker, easier and much more manageable.