Payroll Services

Praxis BFS, LLC

– Salary and Wage Calculations: Accurately calculating salaries, hourly wages, and overtime pay for employees based on hours worked or salary agreements.
– Deductions Management: Calculating and applying deductions for retirement contributions, health insurance, garnishments, and other employee-specific deductions.
– Payroll Frequency Management: Offering options for different payroll frequencies, such as weekly, bi-weekly, semi-monthly, or monthly, based on client preferences.

– Payroll Tax Calculations: Ensuring that federal, state, and local taxes are correctly withheld from employee paychecks according to applicable laws.
– Employer Tax Contributions: Calculating and remitting employer contributions for Social Security, Medicare, unemployment taxes, and any other necessary contributions.
– Compliance Monitoring: Keeping up-to-date with changes in tax laws and regulations to ensure all payroll processes remain compliant.

Paystub Generation: Providing detailed paystubs for employees that outline earnings, deductions, and net pay.
Payroll Summaries: Compiling payroll reports that summarize total wages, taxes withheld, and employer contributions for internal review.
Year-End Reporting: Preparing and distributing W-2 forms for employees and 1099 forms for independent contractors at year-end.

Timekeeping Solutions: Implementing systems for tracking employee hours worked, including clock-in/clock-out functionality, to ensure accurate payroll processing.
Leave Management: Managing employee leave requests, tracking vacation, sick days, and other time-off requests in compliance with company policies.

Benefit Enrollment: Assisting with enrollment in employee benefit programs, including health insurance, retirement plans, and other voluntary benefits.
Benefits Deductions Management: Calculating and withholding employee contributions for benefits such as health insurance premiums and retirement plan contributions.

Direct Deposit Setup: Offering direct deposit options for employees to receive their pay electronically, ensuring timely payments.
Payroll Card Programs: Providing payroll card options for employees who do not have traditional bank accounts, allowing them to access their wages easily.

Federal and State Compliance: Ensuring payroll practices comply with federal and state labor laws, including minimum wage, overtime, and reporting requirements.
Record Maintenance: Maintaining accurate payroll records for each employee, including hours worked, wages paid, and tax with-holdings, for audit and compliance purposes.

Payroll Policy Development: Assisting businesses in developing payroll policies and procedures that align with best practices and legal requirements.
Payroll Training: Offering training sessions for internal staff on payroll processing and compliance to ensure effective management of payroll functions.