Manage Your Payroll Taxes in Connecticut
As a business owner, you have plenty on your plate. Juggling inventory, sales goals, and customer service can be overwhelming. It’s easy to forget the important task of managing your finances – until something goes wrong. One thing you don’t want to deal with is an unexpected tax bill from the IRS. Luckily, Nesso professionals can help with that.
At Nesso Accounting, we offer payroll tax services in Connecticut! We can take care of all the paperwork and filings for you. So why not give us a call? Schedule a consultation with our accountants today! Taxes will no longer be a headache for you.
Who We are at Nesso
For decades, the Nesso Group has been helping individuals and families plan for their future. Our team of more than 50 financial professionals offers integrated insurance and financial solutions all under one roof. We work together to help you identify your goals and create a customized plan to achieve them – relieving the stress often associated with planning for the future.
Our Commitment to Our Clients
- Comprehensive solutions: We offer our clients a range of integrated insurance and financial solutions, including retirement planning, estate planning, business succession planning, and more.
- Dynamic Teamwork: Our team of more than 50 professionals works together to ensure you receive the best advice and solutions for your unique situation.
- Personalized attention: We pride ourselves on offering personalized attention to every client, taking the time to understand their unique needs and goals before creating a customized plan. At Nesso Accounting, our payroll tax services in Connecticut will make your tax management simpler.
- Integrated Services: Our team offers integrated services, including accounting and tax planning, financial and retirement planning, business succession planning, and more.
Explaining “Taxes” to Our Clients
Taxes are payments to a government required by law. Payroll taxes, specifically, are taxes related to the wages and salaries that employers pay their employees. These include Social Security and Medicare taxes, federal and state income taxes, and unemployment taxes.
How Do Taxes Work?
Money received by a taxpayer in the United States, and many other countries around the world, is frequently subject to income taxes. This money could come in various forms, such as salary income, appreciation of capital gains from investments, extra dividends or interest payments, or even for goods and services purchased.
Types of Taxes
- Income Tax: A tax on the income of individuals, businesses, or other legal entities.
- Payroll Tax: A tax levied as a percentage of wages and salaries. It is paid by employers to fund social security, Medicare, and unemployment insurance.
- Sales Tax: A tax on the sale of goods and services. It is collected by the seller at the time of purchase and remitted to the government.
- Corporate Tax: The amount of money a company makes in profits, given to the government as taxes to pay for public programs.
- Estate Tax: The rate imposed on the property in an individual’s estate at the time of their death, based on the fair market value. The state and the federal government have established minimum limits that the total estate must exceed for this to apply.
- Tariff: Import taxes are imposed to promote and support businesses within the country.
Does Everyone Pay Taxes?
The amount of taxes someone owes usually depends on the tax type and the corresponding regulations. For example, federal income taxes only apply to people who have earned a specific amount of money.
Business taxes may apply to companies that have done work in a particular region or are set up to operate within certain countries. Every tax is handled differently, and qualifications usually dictate who the tax affects.
Nesso Payroll Tax Services
As part of our accounting services, we take care of payroll taxes. Payroll taxes are the levies on wages, tips, and salaries that both employers and employees pay. The employer withholds these taxes from employee paychecks and then remits them to the government. These include federal, state, and local income taxes, FICA (Federal Insurance Contributions Act), social security tax, Medicare tax, etc.
How Does Payroll Tax Work in Connecticut?
Most states have income taxes that are paid directly to the state, as well as some cities and counties. Also, employers pay federal unemployment taxes for each of their employees but not the employees themselves.
In Connecticut, both employers and employees pay into state unemployment insurance, as well as workers’ compensation insurance. Connecticut also has a flat income tax rate of 6.99%.
Why Do I Need Nesso Payroll Tax Services?
Managing payroll taxes can be complex and time-consuming for businesses. It is important to ensure accuracy in all tax filings and payments in order to avoid penalties and fees. This is where Nesso Payroll Tax Services comes in. We can handle all of the complicated calculations and filings for you, allowing you to focus on running your business.
Frequently Asked Questions
Are Payroll And Income Taxes The Same?
No, they are not the same. Income tax is a levy on an individual or entity’s income, while payroll tax is a percentage of wages and salaries paid by employers to fund social security, Medicare, and unemployment insurance.
Do I Have To Pay State And Federal Income Tax?
Yes, it depends on where you live and work as well as how much income you earn. Each state has its own laws and regulations regarding income tax, and the federal government also imposes taxes on individuals.
How Do I Know How Much Payroll Tax I Owe?
There are a variety of factors that go into calculating payroll taxes, including your income level, where you live and work, and whether you are exempt from certain taxes. Nesso Payroll Tax Services can help determine the exact amount that is owed and handle all necessary filings.
How Do We Handle Your Payroll Taxes?
When it comes to handling your payroll tax services, Nesso Group is your best choice! Here’s what our payroll tax services include:
- Calculating and withholding taxes from employee paychecks
- Remitting tax payments to the appropriate government agencies
- Filing all necessary forms and documents
Let us handle all of the complicated details, so you can focus on running your business.
Nesso Accounting Payroll Processing Services
Our payroll processing services make it easier to handle all your payroll-related needs. We offer you the following:
- We take care of easy reporting: We handle all necessary reporting for you, including tax forms, W-2s and 1099s.
- We provide HR with great tools: Our payroll services offer a variety of HR tools, such as time and attendance tracking, employee benefits management, and more.
- We elaborate on customer payroll reports: Our team can create customized payroll reports for you, helping you make better decisions for your business.
3 Reasons to Trust Us as Your Accounting Firm
We bring information on all of your accounts together in one place: Our accounting services provide you with easy access to all of your financial information, allowing for better decision-making.
- We offer expert advice: Our team of experienced accountants can provide valuable insight and guidance on all of your financial matters.
- We save you time: Managing finances and staying up to date with compliance can be time-consuming. Our services free up your time, allowing you to focus on running your business.
- We deliver confidence: Our team takes care of all the details, providing you with confidence in your financial situation. Choose Nesso Payroll Tax Services for all of your payroll tax needs.
More About Our Accounting Services
Nesso Group also offers another variety of services that will benefit your business with reliable and accurate results and data. Ask for any of the following:
- Automated Accounting: Our automated accounting services streamline your financial processes, saving you time and increasing efficiency.
- Outsourced CFO Services: Our team of experienced CFOs can provide valuable financial guidance and strategy for your business.
- Tax Planning: Our tax planning services help you minimize your tax liability and maximize your profits.
- Support & Processing: We offer support and processing for accounts payable and receivable, as well as cash flow management.
- Bookkeeping: Our bookkeeping services keep your financial records organized and up to date.
- Health & Employee Benefits Plan: We can assist with selecting and managing employee benefits plans, as well as managing health insurance.
- Compensation Plans: Our team can help create and manage compensation plans for your employees.
Nesso Accounting Services: Your Trusted Partner
At Nesso Accounting, we understand that your business is unique and has specific financial needs. That’s why we offer a comprehensive range of accounting services that can be customized to suit your business. Whether you need assistance with bookkeeping, tax preparation, or financial planning, our team of experienced professionals will work closely with you to ensure that your needs are met.
We pride ourselves on being a trusted partner for our clients, and we are dedicated to providing the highest quality service possible. At Nesso Accounting, we strive to provide high-quality, personalized service for all our clients. Our team of experts can handle all your accounting and tax needs, freeing up valuable time and resources for your business. Contact us today to learn more about how we can help streamline and simplify your business’s finances.