A company’s payroll department must ensure that employees are paid, contractual obligations are met and tax and other withholding duties are complied with. Payroll is a critical part of a company’s accounting because payroll (and payroll taxes) significantly affect the net income of most organizations.
Faris CPA can help you use and set-up your Canadian payroll software or payroll system to make payroll tasks easier, ensuring that they’re less time consuming and in full compliance with Canadian tax laws and regulations.
FAQS
Are payroll taxes deductible for the employer?
Yes, payroll taxes can be deducted. You have to keep in mind that the company will deduct only the portion of the payroll tax is paid the company.
As an employer, what are my payroll obligations to employees?
As an employer, your payroll responsibilities to your employees include paying them with the necessary monetary compensation and providing paycheck reports and annual earnings statements, keeping them safe, and treating them fairly.
What are the benefits of hiring a payroll service?
Some of the benefits of hiring a payroll service include saving on time and effort when calculating payroll, checking tax obligations, preparing checks, and providing management reports.
Why do companies use payroll services?
Companies use payroll services to save on resources like money and time, offer reports such as summaries on earning statements, payroll by departments, timesheets, expenses, and a host of other reports, among others.
Chartered Professional Accountant in Canada, U.S. and U.K.
