How it works
Osprey is a full-service payroll company. First, Osprey will ensure you have the proper filings with the IRS and state agencies to hire employees. All employees will have access to an online portal showing their withholdings, taxes, and benefits. Every payday, Osprey can pay your employees via direct deposit or check. Osprey provides and files all Federal and State payroll returns your behalf.
Hiring New Employees
Osprey handles the process of hiring new employees. Osprey will work directly with your employees to ensure proper new hire forms are completed as well as reports are filed with state and local agencies
Payday
Your employees receive a direct deposit or a check on their pay day. All taxes are calculated and withheld accordingly.
End of the Year
Osprey provides all W2s or 1099s to employees and contractors on your behalf. All tax returns and filings are completed as well.
Employees vs. Contractors
One very important question for any business owner is, “Can I just pay my workers an hourly rate and give them a 1099 at the end of the year?” This is very important as the IRS has very strict rules on who is an independent contractor and who is a regular employee. Classifying an employee as an independent contractor with no reasonable basis for doing so makes employers liable for employment taxes. Osprey will work with you to determine if workers should be employees or independent contractors.