How Symmetry Gets the Right Taxes with Geolocation
Symmetry utilizes geolocation technology to accurately determine payroll taxes by normalizing addresses and converting them into precise latitude and longitude coordinates.
How do we use geolocation? The first step is to normalize the address. This process sets the address to the standard format used by the US Postal Service by setting the proper abbreviations, correcting any spelling errors, and establishing a full zip code (ZIP+4).
Once the address is normalized, the geolocation process begins. We reference GPS data to format the address to a precise location in the form of LAT/LONG coordinates.
The LAT/LONG coordinates are compared to geospatial jurisdiction data/shapefiles, which are published by the US Census Bureau, as provided to them by the jurisdictions.
"Time spent researching local taxes has been cut in half since implementing Payroll Point."
The shapefiles in which the LAT/LONG falls are then compared to our tax data, resulting in the proper return of taxes for the original address. Nexus and Reciprocity are considered with every input as well.
Knowing an employee’s proper withholding tax info is also very important as employers are subject to significant fines if payroll taxes are not withheld correctly, which is why properly setting up employees within an employer’s payroll/HR system is crucial.
"Payroll Point has saved Samsung Electronics an estimated $50,000 per year because of correct tax filing without penalties or amendments."
If your company is looking to incorporate tax data into their payroll systems contact us today.
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