The state of North Carolina has specific tax requirements when it comes to payroll processing. Companies are expected to comply or face costly fines and penalties, as well as the loss of registration and licenses. This is why many businesses choose to partner with a reputable and experienced accounting firm that will complete and submit accurate reports on time. 

Below are a few important obligations North Carolina-based companies need to be aware of:

• Filing Requirements: Businesses on a monthly or quarterly payroll schedule are required to complete the NC 5 Withholding Return form for income deductions. Semi-weekly filers must use the NC 5P Withholding Tax Payment Voucher form. By January 31st each year, companies are also required to file the NC 3 Annual Withholding Reconciliation form.
• Payroll Withholdings: Employees in the state must complete the NC 4 Employee’s Withholding Allowance Certificate. The form is used by employers to calculate all their staffers’ paycheck deductions. All businesses in the state are required to deduct state income and unemployment taxes.
• Unemployment Tax Filings: Each quarter, companies must complete and submit the NC UI 101 Employer’s Quarterly Tax and Wage Report. The form is used to report unemployment insurance taxes.
• Registration Requirements: All NC-based companies must register with the North Carolina Division of Employment Services to file unemployment taxes. They are also required to register with the state’s Department of Revenue, which oversees state income withholding taxes.

If you need to keep your business in compliance with thorough payroll processing services, the office of Hal Surratt CPA in Archdale, NC, is the area’s expert on state tax regulations. The team is fully committed to filing state-mandated forms on behalf of their clients, timely and efficiently. To learn more, call (336) 861-4024 to schedule a complimentary consultation today. Check out the website for information on other available financial services.