Question: What does PEO stand for?
Professional Employer Organization
Question: How could a PEO help me and my small business?
A PEO can bundle your payroll, worker's compensation insurance, health insurance (if you wish), and various other human resource services and functions into one cost-effective, money-saving package. It will save you administration time and costs in the end.
Does the PEO hire staff for me or tell me who I can and can’t hire?
No, all the hiring and firing of employees is completely up to the employer. The employer determines who to hire as well as their pay rate.
Will I still have to file my payroll taxes?
No, once an employer has been set up with a PEO, the PEO takes care of any and all payroll taxes such as 940/941 (Federal payroll taxes) and UCT-6 (State Unemployment taxes)
US Department of Labor Statistics predicts that by the year 2020, more than half of American employees will be employed by Professional Employer Organizations.
The Harvard Business Review recognized the PEO industry “the fastest growing business service in the United States during the 1990s.” The PEO industry generates approximately $51 billion in gross revenues annually
According to the Bureau of Labor Statistics, the PEO industry provides access to employee benefits for 2-3 million working Americans
The US Small Business Administration (SBA) found the average annual cost of regulation , paperwork and tax compliance for companies with fewer than 500 employees is about $5,000 per employee. For companies with more than 500 employees, the cost is about $3,400 an employee.
An SBA study estimated that the average small business owner spends between 7% and 25% of his or her time handling employee-related paperwork.
Garriques & Associates
Staff Leasing, Inc.
103 North Orange Street
New Smyrna Beach, Florida 32168
Phone: (386) 427-5557
Fax: (386) 427-8487
Visit our CONTACT page for detailed staff contact information.
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