Payroll Services

Payroll Services from Southern Oklahoma Business Services include:

• The highest standard of payroll processing
• Direct Deposit
• Customized payroll reports
• Payroll Deductions
• Remittance of payroll taxes weekly or semi-weekly via EFTPS
• Federal, state and local tax returns (under the employers federal ID) filing
• Issuance of W2’s
• Reporting of new hires
• Workers Compensation

Southern Oklahoma Business Services administer payroll deductions for your business including:

• Voluntary payroll deductions
• Court ordered payroll deductions
• Child support payments
• IRS garnishments

Whether a client utilizes independent contractors, employees, or both, it is very important to ensure that reporting of compensation paid to either is properly performed.   Statutory obligations to report summary compensation to employees or independent contractors, as well as taxing authorities can be a tedious task. Southern Oklahoma Business Services can handle this aspect for you to meet all statutory requirements.

At the end of each year, W2s and 1099’s are issued to employees, and independent contractors; and any corrected W2s (W2C), if applicable.  In addition, wage and miscellaneous payment reporting to Social Security Administration, Internal Revenue Service, and other applicable state and local agencies are also services we offer.

If an employee elects direct deposit then Southern Oklahoma Business Services will organise for their paychecks to be deposited directly into their bank account.

Benefits of Direct Deposit to the Employer:

• More efficient use of employee time (ie. no time standing in bank lines!)
• No chance of employees seeing another employee’s paycheck
• Employee receives funds precisely on pay day
• Minimizes risk of lost or stolen pay checks

Benefits of Direct Deposit to the Employee:

• Direct deposit transactions are fast, reliable, confidential, convenient and safe
• No lost time because an employee needs  to go to the bank or make a loan payment
• Immediate access to their money – no need to wait for “the check to clear.”
• Since there’s no paperwork then paycheck can’t get lost or stolen, thereby eliminating the hassle and expense of replacing lost or stolen checks.
• Helps the employee manage personal finances more effectively
• An employee can control where and how much money goes into various bank accounts
• Most banks offer free accounts with direct deposit
• Direct deposits are usually authorized a day in advance of payday, and frequently the transaction is processed so you get your money a day earlier than everyone else.
• No need to make special arrangements to get a paycheck due to sickness or vacation time
• No waiting in line at the bank, check cashing place, etc to get access to funds

With respect to workers compensation Southern Oklahoma Business Services offer the following services:

• Handle all workers compensation audits
• Produce the required records for auditors
• Process the workers comp claims
• Attend hearings on work comp cases
• Act as an intermediary between employees and employers to ensure that the processing of claims goes smoothly and without error