Payroll Services Costs

Getting the employees paid on time and in the most accurate manner possible is never an easy feat to achieve. Payroll is no longer limited to keeping a track of the number of working hours and simply signing a couple of checks. A lot of details are involved, and proper SOP needs to be followed if the employer wishes to remain on top of finances at all times and keep the employees happy too.

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Best Payroll Service for Small Businesses

Paychex

· $55 per pay period

· Offers filing, check cuts and direct account deposit

· Information can be retrieved online

· Payroll specialist

ADP

· $72 per payroll

· Online Self Service

Intuit

· Online payroll forms

· First six months are free of charge

· $9.95 per month

· Assisted version costs about $60 per month

· Additional support charges of about $15 per month

Payroll Services Costs

Paycycle

· Complete payroll and filing services at $24.99 per month

· First two months are free

· 30 days trial period

Considerations for the Payroll Services

It is important to first work out the feasibility of the payroll services before signing up for any one of them. The best thing to do is to get advice from a competent accountant. Some important factors to consider are:

· Solid background in accounting

· Research on all the state laws

· Keep track of all vital deadlines

· Quarterly reports filing

· Withhold employee taxes

· Issue end-of-year W2 forms

· Filing Summary reports with the state

· Manage employee insurance, health benefits, and pension plans

· Handle unemployment, state disability, and family leaves

Basic Cost of Payroll Services

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Most payroll outsourcing companies charge a basic package fee that can range from $25 to as much as $200 per month. Also, the cost generally covers the following aspects:

· Employee payroll processing

· Online employer access

· Direct deposit

· Tax filing

The cost depends on a number of factors such as:

· The frequency of payroll

· The number of employees

· State residence

· Complexity of payroll

· Tax Assistance Service Charges

The package usually doesn't cover the tax filing costs by default. For this purpose, the employer might have to pay extra to the payroll service. The pretax plans, end-of-year reports, and other paperwork can cost about $50 per month per employee.

Per Week Cost and Pay Frequency

The cost may also depend on the frequency of pay. The number of employees and the pay period also affect the overall charges.

For 3 employees:

· $36.85 per week

· $41.85 every two weeks

· $46.85 per month

Cost of Paycheck Delivery

Depending on the nature of the payroll service, the delivery charges are subject to variations. Most companies don't charge any extra fee for standard delivery of paychecks. However, courier charges and banking fee apply depending on the courier company and the state residence.

Additional Costs of Payroll Services

Most payroll services charge fee for the following extra services:

· Check signing

· Per check envelope stuffing

· New employee reporting

· Direct Deposit

· Payroll adjustments are subject to extra charges

· Emergency issuance of the paychecks

The overall cost of the payroll service ranges from $25 to about as much as $250 per month depending on the number of services that the employer signs up for.