Within the FINSYNC application, tools are made available to you to take your payroll to a new level. Through FINSYNC, we offer payroll processing for W-2 employees and 1099 contractors alike.
You have the flexibility to set your own pay frequency and pay schedule. The most common are: Weekly, Bi-weekly, Semi-monthly and Monthly. Salaried and hourly associates are paid on the same pay run. Normal payroll processing is 4 days. If payroll is processed on a Tuesday, your associates will be paid on the following Friday. You may elect to have a longer time period, but 4 days is the minimum.
Payment to your associates can be made by Direct Deposit, which is preferred both for ease of processing and cost effectiveness. You may also choose to have FINSYNC print and distribute your live checks if you don't wish to process them yourself (Learn More Here).
There are 3 levels of tax service currently offered.
A. WITH TAX REPORTING & REMITTANCE - FINSYNC will file payroll tax returns and remit payroll taxes on your behalf. Your associate's earnings will be processed according to the most up-to-date tax information available. Their net pay will be distributed according to their instructions. Taxes are withheld and transmitted to the appropriate agencies as determined by the agency schedules. At the end of the year W-2 forms are created and released no later than January 31st of the following year. W-3 reporting is transmitted to Social Security no later than March 31st of the following year. W-2C and W-3C processing is submitted if necessary.
B. WITHOUT TAX REPORTING & REMITTANCE - You will file payroll tax returns and remit payroll taxes yourself. Your associate's earnings will be processed according to the most up-to-date tax information available. Their net pay will be distributed according to their instructions. Taxes are calculated and reporting made available to facilitate the transmittal of payments and Tax Returns to the appropriate agencies as determined by the agency schedules. At the end of the year W-2, W-3, W-2C and W-3C forms are the responsibility of the company.
C. WITHOUT PAYROLL TAX CALCULATIONS - You don't withhold payroll taxes and only need payroll for 1099 contractors. Payments are made to Contractors via Direct Deposit or live check. No other services are processed.
FINSYNC can support various types of payroll deductions - pre-tax and post-tax. These may include, but are not limited to, Health Insurance, Life Insurance, Dental Insurance, Disability Insurance, 401k plan, HSA or HRA plan and Employee Loans. This aspect of FINSYNC is fully customizable to meet your ongoing needs. Reporting for deductions may be used for FINSYNC to remit to your benefit provider(s).
You May Also Be Interested In:
- Payroll: How To Set Up
- Required Info for FINSYNC Payroll
- Payroll: How to Add Associates (Employees & Contractors)
- Payroll: How to Use Reports
- Payroll Availability By State
For more articles related to the FINSYNC Payroll service (Click Here)
For the complete list of articles, return to the FINSYNC How-To Guide: (Click Here)