Managing the salaries and payments to your personnel is a complicated task not only because the administrative processes but also because the high legal requirement level. Because of this, having a payroll service is key to facilitate the legal processes in Mexico, we tell you how.
The correct deductions of ISR tax.
The “SAT” is a tributary organization that makes an income tax called “Impuesto Sobre la Renta” or ISR, every business has the responsibility to determine the ISR percentage of its employees and make the monetary deductions according to their salary.
A payroll service makes the right and exact calculations individually for each one of the employees that works in a company.
Avoid sanctions in Mexico due to fiscal errors and give the reliability to your employees that their working taxes are in order. Know more here.
The deductions for social security
In Mexico the Mexican Institute of Social Security, “IMSS” by its Spanish abbreviation, gives medical attention and social security to all the mexican workers, that’s why the IMSS manages different legal concepts that a boss must pay for each employee to the institute.
With a payroll service, your company that has operations in Mexico can be sure that the workers have all the benefits that the IMSS obligates:
- Right calculation of their Vacation Bonus
- In time payment of their Christmas Bonus
Other deductions like real estate loans.
In Mexico there are other job benefits that can be calculated by a payroll service like the real state loan by the Infonavit organization in which a company must have:
- Registered their employees so they can access a loan
- Make the bimestrial payments of the employees in the right time and quantity
- The deductions of the employees that already have a loan
As you can see, there are to many concepts and calculations that a business must do for each employee that works with it, that’s why with the goal of saving time in benefit of the productivity and avoiding fines that affects the utility, must of the businesses work with a payroll service provider.
Zeu Group is an expert helping international businesses in Mexico with their payroll.
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