Below are answers to some of the more common questions about the NetSuite online payroll service. If you need help or have additional questions you can reach NetSuite Premier Payroll Service's Support. 1. Frequently Asked Questions
You can probably process your first payroll tomorrow—and you could pay your employees that same day. All you have to do is verify the bank account that will be funding your payroll. This verification process enables NetSuite Premier Payroll Service to access your payroll account without faxes and phone calls between you, your bank and NetSuite Premier Payroll Service. More importantly, it protects you from fraud and insures that no one is improperly withdrawing funds from your company account. Here's how the verification process works: NetSuite Premier Payroll Service will make two deposits, each of less than $1.00 to your payroll account. We then make one withdrawal equal to the sum of the two deposits. Your account balance will not be altered by this test. It usually takes one business day for the transactions to appear in your account. Please check with your bank to find out what the amounts were. In the "Company Setup" stage of the setup process, you enter the amounts of the two deposits in the "Bank Account Verification" step, to verify the payroll funding account. Once the bank account has been verified, you're ready to start processing payrolls. If the amounts do not appear in your account within 3 days, you should contact NetSuite Premier Payroll Service Support. Yes. NetSuite Premier Payroll Service will take-over all tax filings, and take full responsibility for them even if you start in the middle of a calendar quarter. You will be responsible for correctly entering the payroll information from earlier in calendar year—before you joined the NetSuite Premier Payroll Service payroll service. NetSuite Premier Payroll Service will not make the tax payments for the payrolls that it did not process. So make sure that your previous payroll provider, or you if you had been processing payrolls yourself, make all tax payments, including those that are normally paid annually. You can run your payroll and pay your employees the same day if you are printing paychecks for all your employees, i.e., on Friday. If NetSuite Premier Payroll Service will be making direct deposits or printing your paychecks, new clients have to process payrolls by 3 PM Pacific Time two (2) business days before payday—in this example on Wednesday. Once a company has been on the payroll service for a year with no payroll funding issues, the payroll lead time can be reduced to two days at your request. This allows running a Friday payroll as late as 3 PM Pacific Time on Wednesday. Finally, in an urgent situation, it is possible to run a payroll as late a noon Pacific Time on the day before payday by having NetSuite Premier Payroll Service fund the payroll using a Fedwire. This will incur addition fees from NetSuite Premier Payroll Service and often results in additional wire fees from the employer's bank. It's quite simple. You enter your payroll information once at NetSuite's secure Web site. Tax and other deductions are calculated, and tax deposits are automatically made for you. From then on, completing each payroll is no more than a few clicks away. Employees who are paid by direct deposit can go to a password protected Web site to view their current pay stub, and any prior paychecks. (Requires optional Employee Center) The amount withdrawn from your bank account will be the full amount of all payments NetSuite Premier Payroll Service will be making on your behalf. This includes paychecks (if you're not printing your own), taxes, and payments to your 401(k) provider if you chose to have NetSuite Premier Payroll Service handle them. All owed payroll fees will be added as well. So you'll never have to receive and process a bill.
NetSuite Premier Payroll Service will make all tax payments for payrolls run on our system. NetSuite Premier Payroll Service will not make tax payments for payrolls run with another payroll provider, or on your own payroll system. NetSuite Premier Payroll Service will file all of your quarterly and annual federal, state and local tax forms. In the unlikely event that a tax authority has questions (our payroll system has been design to not make errors), Perquest will represent you with the tax authority. As long as the information you send us is correct and on time, and you have sufficient funds in your account, we'll file your forms and payments accurately and on time...or pay the resulting payroll tax penalties. That's part of our guarantee. Payroll Fees for are charged immediately when you actually process your payroll, and included in the withdrawal from your funding bank account along with taxes and payments to your employees. You will be charged the Standard Monthly Subscription Fees until the last quarterly or annual tax filing has been filed by NetSuite Premier Payroll Service. Fees for Optional Payroll Services will not be charged if you cancel them. Correction Fees will only apply if corrections are required. No. All information you submit to our service is kept confidential unless you explicitly authorize access to certain information to someone such as your accountant. NetSuite Premier Payroll Service's reports provide you with complete and accurate summaries of all information needed by your accountant, including wages paid to each employee, taxes paid. You can print reports or export them to in a variety of formats to e-mail to your accountant. In addition, many customers share online access with NetSuite accountants. You can easily give you accountant access to your company—all you need is his or her e-mail address! Your accountant can review your payroll and view reports at any time. Invite your accountant to sign up with NetSuite Premier Payroll Service and enjoy the benefits of our accountant features. NetSuite Premier Payroll Service is available now to employers in all 50 states. NetSuite Premier Payroll Service also supports every local tax authority within the continental U.S. A Premium Only Plan ("POP Cafeteria Plan") establishes pre-tax withholdings for health insurance premiums, making your employees' share of their monthly health insurance premiums exempt from just about every tax. This includes employer taxes. The savings can be considerable to both you and your employee, making everyone a winner. If an employee is contributing $250/month to the health insurance premium, and earning less then the FICA annual limit ($90,000 in 2005), this one employee will reduce the employer's contribution to FICA and Medicare by $230 in a single year! Your employees save even more because their state and federal withholding taxes are also reduced. Depending on where an employee lives, the employee might save $1,000 a year. With health insurance premiums rising, it's good to get some help in reduced taxes! 2. Other Common Questions
Setting up your company with NetSuite Premier Payroll Service is easy, and the NetSuite Premier Payroll Service interface is practically effortless to operate. NetSuite Premier Payroll Service's setup system will walk you through every step of the process online. All you need is your web browser and an Internet connection. Once you are set up, all it takes to run your payroll is a few clicks of your mouse and your payroll is done. Now you can process your payroll in under 5 minutes—and move on to other business! You don't need extra software or equipment to use NetSuite Premier Payroll Service. All you need is a web browser and an Internet connection, and you're in business. There is no software to install, upgrade or maintain. Yes. You can run as many extra pay runs as you wish. No additional fees will apply to standard payroll services. Optional services may incur a fee. Paychecks can be easily reprinted. If you are printing the checks yourself, the payroll system will ask you the starting check number on the reprinted checks. If NetSuite Premier Payroll Service is printing your checks, we will automatically reassign check numbers. NetSuite Premier Payroll Service can handle all of the payroll tax consequences of employees living in another state, including reciprocity agreements between states which allow the employee to be only taxed in their home state. If you have an employee who lives in a different state where you don't have any offices, and the state of residence requires withholding of that state's income tax, you have a choice as to whether you want to withhold and pay taxes for the employee. If you don't withhold and pay the employee's taxes, the employee will have to make estimated tax payment to the state of residence. Since registering as an employer in a state where you don't have offices may have tax consequences for your company, you should consult an accountant, tax specialist, or your state employment tax agency before doing so. If you need to withhold payroll taxes in more than one state, NetSuite Premier Payroll Service is the perfect solution for you! |
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