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Bookkeeping and Payroll Plans FAQ

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Bookkeeping and Payroll Plans FAQ

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What are the benefits to working with a payroll provider?

Payroll providers like SAM Technology will automatically run your payroll, handle payroll taxes, file tax reports, and deduct money for retirement accounts online using state-of-the-art web-based software.

What's the difference between 1099 contractors and W2 employees?

1099s and W-2s are two separate tax forms for two different types of workers. If you’re an independent contractor, you get a 1099 form. If you’re an employee, you receive a W-2.

As a W-2 employee, payroll taxes are automatically deducted from your paycheck and then paid to the government through your employer. If you’re a contractor, you are responsible for calculating your own payroll taxes and then submitting the sum to the government on a quarterly basis.

Do I need a bookkeeper if I have an accountant? What’s the difference between the two?

Accountants and bookkeepers perform distinctly different tasks for the businesses they serve. Bookkeepers are responsible for on-going maintenance of their clients’ general ledgers. A bookkeeper’s common responsibilities consist of:

Compiling data on a daily basis
Categorizing expenses in the general ledger
Reviewing the general ledger for accuracy
Reconciling bank statements against the general ledger
Generating financial statements
Accountants use the accurate and up-to-date general ledger maintained by the bookkeeper to provide advisory services, such as:
Analyzing the company’s financial data
Preparing income tax returns
Providing tax planning advice

Will I lose control of my business by outsourcing my bookkeeping?

Absolutely not! You still maintain 100% control of all decisions and all checks are still signed by you. You decide what vendors get paid and when. We provide with the information and perform the specific task, but you approve all invoices for payment and sign all checks.

When is the deadline to file my quarterly payroll tax returns?

According to the IRS, the deadline to file quaterly payroll tax returns are as follows:

Jan, Feb, Mar by April 30. Apr, May, Jun by July 31. Jul, Aug, Sep by October 31. Oct, Nov, Dec by January 31 (for the fourth quarter of the previous calendar year) File Form 941, Employer's QUARTERLY Federal Tax Return. If you timely deposited all taxes when due, you have 10 additional calendar days to file the return.

Where do I get workers' compensation insurance?

California employers must purchase workers’ compensation insurance from either a licensed insurance company or through the State Compensation Insurance Fund (State Fund). Employers may also have the option to self-insure for workers’ compensation.

A commercial broker-agent can assist a business with purchasing workers’ compensation insurance from a licensed insurance company and can assist with information on State Fund and self-insurance. Also, information on insurance companies licensed to sell workers’ compensation insurance and an online rate comparison of the top 50 workers’ compensation insurers can be accessed on the California Department of Insurance (CDI) Web site at

State Fund is a state-operated entity that exists in order to transact workers’ compensation on a non-profit basis. State Fund competes with private workers’ compensation insurance companies for business and also operates as the insurer of last resort if private companies are not willing to offer workers’ compensation insurance.

Do I need workers' compensation insurance in California?

California employers are required by law to have workers' compensation insurance, even if they have only one employee. And, if your employees get hurt or sick because of work, you are required to pay for workers' compensation benefits.

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