For those developing payroll and human capital management (HCM) software, you need a tax engine to calculate the right amount of payroll taxes based on IRS withholding tables.
Then you need payroll tax management software to ensure that the right payroll taxes are paid to whatever combination of the 11,000 local, state and federal taxing bodies across the US and its territories taxes is owed.
Failure to do so can bankrupt payroll providers.
How can you ensure that your payroll software calculates the right amount of payroll taxes to be paid to the right government agencies, on time, every time, without spending a small fortune developing this capability internally? Symmetry plus Payroll Tax Management.
Symmetry Tax Engine
A tax engine is a powerful calculator that calculates every payroll tax imaginable including: federal, FICA, state withholding for all 50 states, Puerto Rico, US Territories, select local taxes, and various other payroll-related withholding.
The Symmetry Tax Engine accounts for employer taxes, benefits taxation, and multi-state processing. Even nexus and reciprocity are considered. And because these taxes change frequently, Symmetry Software supports you with timely and accurate updates to the engine.
Symmetry + PTM
Now with FlexTax ELS, PTM offers the perfect complement to payroll tax engines, including Symmetry Software. But where do payroll tax engines stop and where does FlexTax ELS start?
Payroll tax engines ingest information from your payroll software and determine state/federal withholding and net pay based on tax rates and withholding tables. (Our sister company, Cachet Financial Services, can then direct deposit these amounts with ACH, even on a same-day basis.)
FlexTax ELS then determines how and when to pay the IRS and all 11,000 government tax agencies throughout the US on-time, eliminating a legion of problems. As with FlexTax, we keep up with rules for when payroll taxes are due, what form is needed, what goes on the form, how to file (electronic vs. paper), etc.
In other words, payroll tax engines are used before employees are paid and FlexTax ELS is used post-payment.
Licensing Options Available
Both Symmetry and PTM with FlexTax ELS offer licensed versions of these software applications for payroll and HCM software developers to take advantage of best-of-breed payroll tax solutions in the most cost-effective manner possible.