Payroll

We do Business and Financial Consulting

Bookkeeping & Payroll is geared toward small-business owners and managers who don’t have time, skill or inclination to manage these financial tasks. You know where you’re headed. We can help you get there. Together, we’ll sit down and explain your business tax situation, help you evaluate options and give you a clear tax plan to get you everything you’re entitled to.

Employer's Tax Guide

Tax savings and benefits for independent professionals

Advantage of service

Gumax Accounting Services will act as a dedicated personal assistant who will take care of the tedious, time-consuming, back-office, administrative tasks of running your business. We will assist with

1. contract negotiations and provide contract administration***,
2. timely invoicing and assertive collections.**
3. We will also administer your benefits package, track your tax-exempt expense reimbursements and process your tax-advantaged payroll.

Simplified Tax Reporting

Gumax Accounting Services pays your payroll taxes and income taxes with every payroll and gives you IRS Form W-2 at the end of the year. No more quarterly tax returns. How simple and risk-free is that

You Will Always Know Where You Stand

Gumax Accounting Services will track your cash flow situation, including every penny received from every source and every penny paid out as a tax-exempt division expense. You will always know the status of your year-to-date tax-advantaged earnings and the current balance in you division's account.

We begin with your taxable gross revenues.

Customized payroll processing produces your net wage.
You Control the Payroll Process

To calculate your gross wage, Gumax Accounting Services
starts with the annual gross revenue and subtracts any reserves that you may want to remain in your account to cover various contingencies. For example, you may want to maintain a reserve to pay insurance payments during an extended vacation or during non-billable periods between projects devoted to marketing your consulting services.

Next, Gumax Accounting Services subtracts the following expenses:

• The employer's share of actual payroll taxes
• insurance premiums, if due
• Approved reimbursable expenses
• The employer's contribution to your retirement savings account

The balance after the subtraction of your division's expenses and reserves is the amount of your gross wage, then submits for payment of payroll by weekly

Alternatively, you may opt to receive a fixed gross wage on each payday, and let the balance in your account float, in which case you can direct Gumax Accounting Services to issue periodic bonus payments to you as necessary to adjust your balance.

Payroll is processed and submitted to ADP, Intuit or XcelHR payroll services on Wednesdays. Payroll processed on Wednesday typically arrives in your bank account on Friday

You may opt to have payroll processed weekly, bi-weekly, monthly or ad hoc as revenues arrive in your account

Although direct deposit is the fastest and most secure method of payment, you may also opt to have paper checks mailed to your address.

You may select up to three accounts for direct deposit and you may specify how payment is made to each account. For example, you may allocate your direct deposit as follows:

• $4000 flat payment to Account # (Retirement savings)
• $500 to Account #2(emergent funds)
• Remainder to Account #3(regular pay for day to day expenses)

You may select from any bank account (savings, checking, etc.), credit union account, brokerage savings account or other financial services account that accepts direct deposit.

Your Pay Stub

Your pay stub together provide a complete accounting of the cash flow through your division leading to your tax-advantaged net wage

Your net wage is the take-home pay you get to keep after the withholding of tax-exempt payroll payments, taxable payroll payments, and income taxes.

• Tax-exempt payroll payments include:
  • One-half (the employee's share) of your Social Security and Medicare taxes.
  • Additional payroll taxes (varies from state to state).
  • Payroll contribution (the employee's contribution) to your retirement savings account.
• Taxable payroll payments include:
  • Premium for long term disability insurance, which makes possible tax-free benefit payments -- a tremendous advantage.
  • Premium for life insurance policy if above $50,000 benefit amount (Maximum allowed by IRS for a tax-free life insurance benefit).
    • The excess premium is listed on your pay stub as “GTL” (Group Term Life).
    • The excess premium amount is considered a “taxable fringe benefit” by the IRS, and it must be taxed as “income”.
  • Court ordered lien payments, spousal support, child support, and other court ordered payments imposed by the courts on your employer.
• Income tax withholdings include:
  • Federal income tax.
  • State income tax (where applicable).
  • Local income taxes (where applicable)

You may access past and current pay stubs at any time by logging on to the ADP, INTUIT, or Web sites(the three companies we rely on) and entering your user ID and password.

You may print a hard copy for your records, or download a soft copy to your computer.

The online pay stub is highly detailed and very complete compared with printed check stubs

Fast Generation of IRS Form W-2 at End of Year

At the end of the year Gumax Accounting Services reports total wages and withheld taxes to the IRS on IRS Form W-2, Wage and Tax Statement. We transmit this form to the IRS at the end of the year, and give you a copy. You then file your copy of IRS Form W-2 with your local, state and federal income tax returns.
You may access past and current W-2 forms at any time by logging on to the ADP Web site and entering your user ID and password.
You may print a hard copy of your W-2 for your records, or download a soft copy to your computer.
This means that you don't have to wait until you receive your W-2 form in the mail to prepare your tax return. You can access your W-2 online and apply for your tax refund almost immediately.

Some of the benefits

Health Insurance

As a full-time employee, you qualify for guarantee issue, true group, health insurance of the highest quality. And, you qualify for low-cost, guarantee issue, long term disability insurance with a generous, tax-free benefit.

Powerful 401(k) Plan
An incredibly powerful Roth 401(k) plan with 200% employer match (funded by the revenues that you generate) lets you load your tax-deferred retirement account up to the absolute IRS limits faster and with less gross revenues than a self-employed individual.

Tax-advantaged Earnings
Employees qualify for tax-free reimbursements for out-of-pocket business and medical expenses, tax-free leasebacks for major purchases plus a tax-free auto allowance and maximum GSA per diem allowance when traveling out-of-town.

Simplified Tax Reporting
Gumax Accounting Services pays your payroll taxes and income taxes with every payroll and gives you IRS Form W-2 at the end of the year. No more quarterly tax returns. How simple and risk-free is that!

Personalized Support
Your personal administrative assistant provides expert back-office support for payroll processing, expense reimbursements and benefits administration. And, you/your employees receive unlimited, financial advice from a dedicated Chartered Financial Consultant.

Hassle-free Payroll
Gumax Accounting Services simply and easily converts your raw revenues into net wage while processing your payroll with direct deposit, paying the taxes and administering the most comprehensive employee benefits package available to any independent professional

Lower Audit Profile
Self-employed persons face a much higher risk of having their tax returns audited by the IRS. W2 significantly lowers your IRS “audit profile”.

Stronger Credit
Credit bureaus discriminate against borrowers who are self-employed. Employment makes it easier to qualify for a mortgage and other large loans.

Full Disclosure
Gumax Accounting Services gives you a detailed cash flow report with every paycheck. The report details how every penny of your gross revenues has been allocated to fund your payroll and your employee benefits

*** ADDITIONAL SERVICES**MAY NOT APPY TO YOUR COMPANY
Our referral program drastically reduces the fees associated with us which are already low andreliability to Top payroll companies and latest technologies guarantees smooth service