Bank of America has unveiled a product that allows small businesses to manage their payroll online for free if they pay all of their employees by direct deposit with a Bank of America account.
The product is called Easy Online Payroll. Bank of America says the company designed the product especially for employers with fewer than 20 employees.
The company says that Easy Online Payroll will allow employers to:
- Create paychecks and W-2 statements,
- Make withholding calculations, and
- Pay and file payroll taxes electronically