Payroll Basics
Our processing service computes payroll/tax amounts on a per-period basis and informs our customers through payments and reports. Clients audit payments and approve the final disbursement. Lyceum then withdraws the amounts and issues electronic payments or checks to the relevant tax authorities.
Lyceum administers tax processing compliant with statutory regulations to:
- Make scheduled tax payments, electronically or by check
- Post payment activity to your account in real-time
- Monitor payroll tax regulations for federal, state, and local jurisdictions
Each payroll cycle, Lyceum will:
- Confirm federal, state and local tax liabilities
- Verify payroll tax summary data
- Electronically debit your account(s) for tax liabilities and fees
Once per quarter, Lyceum will:
- Reconcile tax liabilities and payments to your tax returns
- Prepare and file quarterly federal, state, and local report
- Prepare amended returns upon request
At every year's end, Lyceum will:
- Reconcile tax liabilities and payments to your tax returns
- Prepare and file annual federal, state, and local returns
- Provide W-2s for all your employees and electronic reporting to government agencies
- Provide 1099s for all contractors (when applicable)
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