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WAGE ASSESSMENTS
Our featured product solution this month is BSI TaxFactory's wage assessment capability. Wage assessment is a term used to identify the process that determines whether a particular employee's earnings and/or benefit plan contributions are taxable for required taxes in non-resident and/or resident taxing authorities. The varying combinations of an employee’s live/work taxing authorities determine the taxability of their benefit/plan contributions and any matching employer contributions. BSI handles the process down to the local jurisdiction level.
Some payroll systems provide screens that require users to set up and maintain the taxability information for the earnings and benefit plans for the taxes and taxing authorities that pertain to their company. As you can imagine, this is no small task and keeping up with regulations is a never-ending, and time-consuming chore. BSI has an innovative way to manage wage assessment that eliminates the headaches and expenses associated with maintaining taxability information. The WageAssessor™ tool within BSI TaxFactory integrates with your payroll system to automatically calculate the taxable wages. To further ease the burden of compliance, the earnings and benefit plan taxability rules that are used to calculate taxable wages are maintained by BSI.
What are some other BSI TaxFactory features?
Supports coverage for U.S. federal, state, possession and local tax jurisdictions
Calculates unemployment, disability and deferred income taxes
Processes wage attachments and related items
Integrates with internal payroll, deferred income and human resources systems
Scalable to any company size
How can I learn more?
To learn more about BSI TaxFactory, contact us at (877) 274 -7873, info@bsi.com or Register for a demonstration.
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