[US] Mercury launches integrated payroll solution for automated compliance across all 50 states

In the US, the fintech Mercury has launched Mercury Payroll, an integrated W-2 and 1099 solution which automates tax filings and compliance across all 50 states directly from the user's business banking account, FinTech Finance News reports.

Mercury Payroll allows businesses to manage W-2 employee and 1099 contractor payments, benefits, and tax compliance directly from their existing banking platform. According to Mercury, it aims to eliminate the administrative friction of third-party integrations and manual compliance tracking across all 50 US states by embedding payroll into the core financial account.

The platform reportedly handles health benefits including medical, dental, and vision, together with 401(k) plans and the associated administrative burden of tax filings and state registrations. The product is built on the technology of Central, a startup Mercury acquired in April to automate compliance work for founders.

In addition, Mercury’s team monitors local obligations, such as specific income taxes in parts of Colorado or Pennsylvania, and opens the necessary accounts on behalf of the user. As the payroll system is native to the Mercury banking account, it can utilise real-time balance data to alert users if an upcoming pay run is at risk due to insufficient funds.

Source: FinTech Finance News

In the US, the fintech Mercury has launched Mercury Payroll, an integrated W-2 and 1099 solution which automates tax filings and compliance across all 50 states directly from the user's business banking account, FinTech Finance News reports.

Mercury Payroll allows businesses to manage W-2 employee and 1099 contractor payments, benefits, and tax compliance directly from their existing banking platform. According to Mercury, it aims to eliminate the administrative friction of third-party integrations and manual compliance tracking across all 50 US states by embedding payroll into the core financial account.

The platform reportedly handles health benefits including medical, dental, and vision, together with 401(k) plans and the associated administrative burden of tax filings and state registrations. The product is built on the technology of Central, a startup Mercury acquired in April to automate compliance work for founders.

In addition, Mercury’s team monitors local obligations, such as specific income taxes in parts of Colorado or Pennsylvania, and opens the necessary accounts on behalf of the user. As the payroll system is native to the Mercury banking account, it can utilise real-time balance data to alert users if an upcoming pay run is at risk due to insufficient funds.

Source: FinTech Finance News