Valor Payroll Solutions
Tulsa Payroll Services
Enterprise payroll expertise, exclusively for small businesses.
At Valor Payroll Solutions we’re focused on helping local businesses in the Tulsa Oklahoma and Northwest Arkansas area!
Our family oriented team is here to help with anything from Consulting, Payroll, Timekeeping, Human Resources, Electronic Onboarding, and more.
Taking the Stress Out of Payroll
Payroll is more than just calculating hours and pay rates. Not only do you have to ensure all your employees are being paid the correct amount, but you have to consider state and federal tax withholding, FICA taxes, insurance and retirement contributions, overtime – the list goes on and on. And that’s not including staying on top of the ever-changing federal and state compliance laws. Whether you’re a small business or have a dedicated payroll department, payday can be a headache.
Well, at least it doesn’t have to be.
At Valor Payroll Solutions, we efficiently process your payroll to ensure that your employees get paid accurately, on time, and with every part of the process in compliance with federal, state and local laws. Through our innovative digital payroll solution, we can streamline and remove stress from your payroll process so that you can focus on the other aspects of your business.
Our clients choose us because Valor offers more than just a payroll solution. You can reach out to us with any questions, concerns, or special requests and we’re happy to help with whatever you need. For us, it’s not just about payroll. It’s about giving you and your employees peace of mind, confidence, and financial security.
Saving Money on Expenses
Some business expenses will always be present: labor, equipment, supplies, rent, taxes, and utilities are just a few items that are both necessary yet chew away at your bottom line. While there’s nothing wrong with paying for these expenses – in fact, you definitely should – there’s one expense you should not get comfortable with paying. The culprit? Waste.
Inefficient processes, outdated software and equipment, and a general lack of knowledge can all translate to wasted time, money, and energy. In turn, this not only affects your bottom line, but can cause other issues like decreased productivity, customer and employee dissatisfaction, and lost business. Waste, by definition, serves no purpose; it’s simply the unusable product of inefficiency.
By trusting Valor Payroll Solutions, we can help minimize waste in your payroll department. Working with us, you’ll not only save time and money on the process itself but avoid paying fines and fees for compliance violations, incorrect tax calculations, or missing important payment deadlines. While payroll is only one aspect of your business, what will you do with the money, time, and energy you save? Maybe you can afford that new computer you’ve been needing or can hire a new employee for an area where you’re understaffed.
Just as unmanaged waste can erode your cash flow, efficiency and quality solutions can kickstart your business’s growth, especially if you’ve found your business stagnating for too long. So why wait? We’d love to help you keep your business heading in the right direction.
Check Out Our Demo Video Below!
How We Ease Your Payroll Burden
Payroll is complicated enough. That’s why Valor Payroll Solutions is all about keeping things simple. When you work with us, you will have a single dedicated payroll specialist assigned to help you. This eliminates the confusion of speaking to different representatives each time you call. Conversely, this allows us to build familiarity with your business and its payroll needs so we can serve you better.
By having a payroll specialist assigned directly to you, we can quickly and efficiently answer your questions. No more wasting time re-explaining your business or needing to validate your account each time you call.
From timekeeping to the processing and depositing of paychecks, our team has you and your business covered every step of the way. Since our specialists are also knowledgeable in all kinds of compliance regulations, we guarantee that your payroll taxes and any associated withholding will be filed correctly and on time, every time.
Achieve Payroll Tax Compliance
Living in a digital world has its perks, especially when it comes to speed and data volume. But with that speed comes equally fast changes to regulations and laws as governments figure out how to keep up with the evolution of modern business.
If you’re a small business or someone unfamiliar with payroll, staying up to date with all these changes can be tedious and stressful. However, when it comes to tax rate changes, calculating tax liabilities, and making timely payments, you don’t want to risk non-compliance and the penalties that come with it. Even simple mistakes can lead to costly fines and legal trouble with tax authorities.
That’s where the experts at Valor Payroll Solutions come in.
By outsourcing your payroll needs to a knowledgeable professional familiar with federal, state, and local requirements, our comprehensive service will ensure your payroll taxes are computed, paid, and filed accurately on time. This will save you time, money, and stress while eliminating the risk of financial and legal penalties.
Our full-service payroll offering includes end-to-end payroll tax compliance. We will:
- Calculate employee withholdings
- Calculate employer tax liabilities
- Remit any owed taxes as required by federal, state, and local regulatory authorities
- Process your W-2s and submit your W-3 directly to the Social Security Administration
- Assist you with preparing and filing ACA Forms
What Our Satisfied Clients are Saying
Frequently Asked Questions
Here are some of our most frequently answered Payroll questions and answers.
When setting up a new employee, you’ll need to collect the following documents:
- W-4 and I-9 forms;
- Direct deposit form;
- State withholding form (as required);
You’ll also need to file a new hire reporting form as required by your state.
These forms can be filed manually through PDFs or electronically through paperless onboarding. While either process comes down to preference, paperless onboarding cuts down on administrative time, reduces errors, and increases employee engagement from Day 1.
While taxes may vary from state to state, most American companies pay the following taxes:
- 6.2% social security up to wage base (As of 2022, the wage base is $147,000)
- 1.45% Medicare tax
- 0.6% federal unemployment tax (on first $7,000 in taxable wages paid)
- State unemployment (rate and wage base vary by state)
- Worker’s compensation (as required by state)
Overtime is determined by a mix of federal and state laws. By federal mandate, non-exempt employees must be paid at least 1.5x their regular rate of pay for all hours worked in excess of 40 hours in a workweek. Some states, however, may have more favorable regulations for employees in addition to the baseline established by federal law above.
Paid time off (PTO) is not included in hours worked for overtime calculations. Similarly, exempt employees are not subject to overtime provisions either.
It is important to note that overtime is ALWAYS calculated on a workweek basis, regardless of pay frequency (for instance, overtime isn’t determined as over 80 hours in a biweekly pay period).
While each state has its own laws regarding when a final paycheck is due, these regulations usually fall somewhere in between the time of termination or resignation at the earliest and the next regular pay date at the latest.
Be sure to research your state’s final paycheck regulations to be sure you remain within compliance, especially if your business uses a remote or hybrid model as these laws may be based on employee residence, not where the business is based.
- No, you cannot withhold a final paycheck due to unreturned equipment. If you have a signed deduction authorization from the employee, you can legally withhold certain amounts from the final check. You cannot, however, withhold the check without becoming non-compliant in the process.
The easiest time to switch payroll providers is when you call Valor Payroll Solutions. Otherwise, the next best times are at the beginning of the calendar year or the beginning of the next quarter.
We assist with transitions all year round, including mid-quarter changes. So if you really need payroll help, you don’t need to wait to get started.
Because we love keeping things simple, the onboarding process is a great way to introduce our customers to that commitment right away. Here’s how we start:
- We’ll begin with a consultation call to determine your payroll needs and get to know your business better.
- From there, we’ll provide you with a tailored payroll solution and, if you like what you see, we sign a service agreement.
- We’ll send you two forms to complete electronically: an 8655 and EFT application.
- From there, we ask that you provide employee, YTD payroll, and YTD tax payment information so we can pick up right where you’re at.
- We then set everything up and provide you with a login to our system once it’s ready for your input.
And there you have it. Of course, if you have any questions, need support, or want to change your services, we’re always here to help you get the solutions you’re looking for.
- The process is pretty straightforward and can be completed in as little as three business days.
Gross pay is the total compensation for services before taxes or any deductions are withheld.
Net pay is the employee’s take-home pay amount after all taxes and deductions are withheld.
From a business perspective, gross pay can be likened to revenue (the total money received) whereas net pay is profit (the money left over after any related costs and paid).
Payroll frequency depends on the rules of the state (or states) your business operates in as some states require a specific frequency. Normally, we’d suggest either biweekly or semi-monthly for clients who have employees.
Owners running payroll for S-Corp purposes can only run payroll as infrequently as quarterly.
As remote work becomes more commonplace, the use of freelance contractors has become more prevalent as a way to hire professionals for ad hoc projects or to manage costs on a per-project basis as opposed to hourly or as a salary basis.
While employees are workers who require tax and other special kinds of withholding and benefits handled by their employer based on state and federal laws, contractors are responsible for paying their own taxes after they’re paid and are not entitled to special withholding paid by their employers such as insurance benefits or Medicare.
States may define these two kinds of workers differently but the general rule of thumb is that an employer can control the entire workflow process of an employee. Conversely, an employer can only control the product of a contractor – unless written into their contract, the employer cannot mandate they attend specific meetings or be available at certain times, work on specific equipment, or other process-related requirements.
Misclassifying employees as contractors can result in non-compliance and any related fines and penalties so be sure to classify your workers correctly. More information on how to classify independent contractors and employees can be found in this IRS guide.
- Not necessarily. Only an exempt employee is exempt from overtime. Although it is not common, non-exempt employees can be paid on a salary basis yet remain eligible for overtime pay.
- We are knowledgeable about and can support all federal, state, local, city, and municipal taxes and their related filings and compliance needs.
- Absolutely! We’re happy to help with all your payroll taxes.
While each state (both where your business is based and where the remote employee lives) has its own laws and regulations regarding remote work, the process remains more or less the same when hiring on a remote worker. Be sure to…
- Set up unemployment and withholding tax accounts in the employee’s state (we do this on behalf of our clients)
- Review your handbook for any missing compliance pieces required in the new state
- Provide your employee with compliant labor law posters electronically
- Be cognizant of the pay frequency, overtime, and minimum wage laws of the new state
- Be aware of any state-mandated paid leave policies
- Yes! We work with clients to help determine their tax liabilities and set up those tax accounts on their behalf so that they can remain compliant in their home state as well as where their employees are located.
At the federal level, overtime is defined as all hours worked in excess of a 40-hour workweek. Some states have either passed or are in the process of passing laws to shorten the workweek to 35 or 32 hours so it is important to consider any state-level mandates as well to remain compliant.
No, there is no legal requirement to obtain new W-4 forms each year. Employees can, however, complete new W-4s whenever they would like to update their tax status and withholding.