As a farmer or rancher using FarmRaise for payroll, it's essential to provide your bank account and routing numbers or link your account via Plaid to ensure you're in compliance with all necessary tax regulations. Here’s why:
Employee Tax Payments: Each time you run payroll, taxes must be accurately calculated and submitted on behalf of both you and your employees to the appropriate government agencies. By connecting your bank account, Salsa, FarmRaise's payroll partner, can automatically pay your employee taxes, ensuring timely and correct tax submissions, which keeps you in compliance with federal, state, and local tax requirements.
Efficient Tax Compliance: Using your bank account to facilitate tax payments means you don’t have to worry about manually submitting tax payments or tracking deadlines. Salsa ensures that taxes are withheld and paid correctly with each payroll, helping you avoid penalties, interest, or complications from late or incorrect tax submissions.
Confirming Payment Amounts: To ensure your bank account is correctly linked and secure, Salsa will prompt you to verify payment amounts before running payroll. This step not only confirms the accuracy of your account information but also ensures smooth payroll processing, preventing any disruptions in paying your employees or their taxes. This is only if you choose to provide your routing & bank account number.
By providing this information, you're safeguarding your farm or ranch against compliance issues and ensuring that your payroll process runs smoothly from start to finish.
If you have any questions about how FarmRaise & Salsa handles payroll or tax payments, feel free to reach out for assistance.