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Payroll Agency
A Payroll agency can manage your organization’s wages, bonuses, commissions, pay for vacations or holidays, pay for sickness and overtime pay. Employees are salaried at a set rate as agency may have full-time employees as well as part-time employees. Payments are made as fixed salaries or hourly wages depending on the type of their work. A professional accountant calculates and issues paychecks.

Payroll agencies deduct various withholdings such as payroll taxes, insurance premiums, union dues, employee benefits, charitable contributions and other deductions from employees’ paycheck once payment is calculated. But handling payroll can be complex and time consuming. A Payroll Agency makes this task easier by preparing payroll for agency. Now a day, many agencies prefer to outsource this duty to payroll services. A large number of small business firms usually fall back on a Payroll Agency since they cannot handle the task on their own.

Payroll services are accounting firms that prepares payroll for employers. A Payroll Agency mainly performs jobs such as calculating Social Security and Medicare taxes, calculating and withholding federal, state and local taxes, printing employee paychecks making direct deposit of pay into the bank accounts of employees, filing quarterly and annual payroll reports, depositing withheld taxes with the authorities and preparing year-end employee tax documents. Some payroll services even offer legal services, power of attorney, wills, estate services etc. For additional services such as attorney payroll power service or financial services, you have to pay additional fees.