NJ State Payroll and Sales Tax Regulations

Companies of all industries who choose to hire an accountant at RMG to manage their payroll and sales tax compliance are setting themselves up for a smooth path to success, as it is a crucial way to remain compliant with your business’ state payroll and sales tax laws. Since these laws are ever changing and updated frequently, an experienced RMG executive team member is the best person to oversee and dictate what a business owner or manager should do when it comes to their company’s payroll and sales tax.

New Jersey Payroll Administration

Dealing with a business’ payroll requires strict attention to detail, from finalizing every employee’s tax status to making sure that their individual withholdings are correct. Smaller businesses typically handle their own payroll, but larger companies and corporations often hire an accountant that is well versed in the most up-to-date rules and regulations that pertain to the overall payroll administration. When an RMG accountant is hired by a company to handle their payroll administration, they ensure that there is a set Employer Identification Number for every employee, and properly file all of their paperwork. The RMG accountant will calculate overtime and bonuses, and make sure that payroll taxes are filed in a timely manner.

Payroll Tax Deposits

Regardless of what type of paycheck system an employee is paid with – be it weekly, monthly, quarterly, or any other available scheduling system – a certain amount of taxes must be withheld from each employee’s paycheck. RMG accountants handle these payroll tax deposits, and make sure that the right amount is being deposited based on the total amount of taxes due.  Payroll tax deposits are easily prepared by our skillful accountants, for businesses that use both electronic and bank deposit systems.

Payroll Tax Returns

It is common that state governments require a quarterly filing of payroll tax returns for businesses to complete, so that an accurate report of the gross payroll, withholdings and other factors can be examined. It’s critical to recruit an RMG accountant for payroll tax returns, because sometimes, payment is required by the business upon filing the return – and not paying that specific amount will have negative consequences. The two most popular types of payroll tax returns – the 940 and the 941 – can be prepared and filed properly with the help of an RMG accountant.

New Jersey Sales Tax

When a business sells goods, it is required that they are registered to do so. Once registered, a business must collect the appropriate sales tax and report the taxes that they collect, whether it is monthly, quarterly or annually. An RMG accountant can determine what is taxable and who should be collecting sales tax; analyze sales receipts for the correct number of taxable sales; and prepare state, county and local sales tax returns.

Payroll & Sales Tax Compliance Services in NJ

Any business seeking an accountant to advise them with their state’s payroll and sales tax compliance needs should contact RMG by calling 973-712-5000.