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In the news
Bitwage Service Adds Payroll Tax Payment Funding Options for U.S. Businesses
Cryptocurrency payroll service Bitwage has partnered with Texas-based payroll
and Human Relations firm Simplexity Outsourcing to help companies fund W2
Employees and payroll tax payments using crypto. The initiative, which launches
today, January 16, 2019, is available in all 50 American states.
Essentially, this partnership allows companies across the United States and
Puerto Rico to fund their W2 payrolls and payroll taxes in ether and bitcoin. At the
other end, employees can choose what percentage of their wages will be paid in
bitcoin or paid in fiat currency.
Apart from payroll funding, the service also provides U.S.-based companies with
the ability to fulfill HR and payroll compliance obligations for the employer to the
U.S. government.
According to Jonathan Chester, co-founder and CEO of Bitwage, companies that
earn crypto often find it hard to pay W2 employees and taxes, as "traditional
payroll and payroll tax systems are designed for the fiat world."
