Making Payroll Reporting for Restaurant Owners & Managers WORRY FREE
We know restaurants have specific payroll services requirements due to the complex laws regarding standard wages, payroll tax filing and tip reporting. It’s a good business decision to partner with a payroll processing company that understands through experience the challenges that restaurants face when it comes to payroll. No matter how many employees your restaurant, bar or food industry franchise has, PayVision Online will ensure your payroll is processed accurately and your payroll taxes are paid on-time.
Stay in Compliance with Restaurant Payroll Reports
PayVision Online will provide your restaurant with special reports that relate to tipped employees, payroll tax credits, and staying in compliance with the minimum wage laws. These payroll reports include:
- Shortfall Tip Report
- FICA Tip Credit Report
- Record of Reported Tips
- Workers’ Compensation Insurance Reporting
Shortfall Tip Report
Tracking and managing tip reporting for your employees is not an easy task for a restaurant or bar owner. Sometimes the employee’s tips do not bring them up to minimum wage. PayVision Online’s Shortfall Tip Reporting identifies when this situation occurs and provides you with three options for how you want the shortfalls handled:
- Report Shortfall– Simply reports the amount of tips that should have been reported in order to satisfy the minimum wage requirement and doesn’t actually change anything on the payroll
- Pay Employee More Cash– Increases the employee’s pay to satisfy the minimum wage requirement
- Declare More Tips for Employee – Declares more tips to satisfy the minimum wage requirement and calculates the employee and employer taxes on the additional tips, but the additional amount is not included in the employee’s pay.
This valuable reporting protects you and keeps you in compliance with the Department of Labor’s Wage and Hour laws.
FICA Tip Credit Report
Did you know your business may be eligible for a FICA credit if you have employees that receive tips? If during the tax year you paid or incurred employer social security and Medicare taxes on funds your employees received as tips, your business may be eligible to receive a tax credit. This special tax credit can amount to hundreds of dollars per employee each year. PayVision Online calculates the dollar amount of your FICA tip credit providing you with the information needed for the IRS Form 8846 in one easy-to-read format.
Record of Reported Tips
Large food or beverage employers (10 or more employees) are required to fill out IRS Form 8027 (Employer’s Annual Information Return of Tip Income and Allocated Tips). PayVision Online can track and provide you with the information you need to complete the Form 8027 keeping you in compliance with the Federal government’s regulations on reporting employee tip income.
Workers’ Compensation Options
Avoid large up-front deposits and minimize year-end adjustments common with workers’ compensation insurance. PayVision Online offers affordable Pay-As-You-Go Workers’ Compensation programs integrated with your Restaurant Payroll Services. Payments are made on actual payroll on a per pay period basis, eliminating the initial outlay of cash required by typical plans and improves your cash flow.
PayVision Online is a Dallas, TX based payroll management provider dedicated to Making Payday Worry Free for every client.