Payroll processing consists of the steps needed to pay employees each period, and involves tracking hours worked, deducting money for employee benefits, and remitting payroll taxes. Establishing a solid payroll process helps employers avoid penalties for breaking Department of Labor laws (minimum wage, unpaid overtime), and payroll software makes it easy. You can reduce the…
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Payroll Forms Employers Need
Regardless of how many employees you have, payroll forms are a necessity. Most employers need the regulated payroll tax forms required to maintain good standing with the IRS, like W-4 forms for new hires. Other, less structured forms can also be useful in helping to better organize your company’s processes—for instance, direct deposit authorizations. Payroll…
Payroll Compliance: Important Payroll Laws to Know
Although many would argue that payroll is straightforward, payroll laws vary by state, and regulations change often. This article addresses how payroll tax rates, workers’ compensation, and more evolve. We also acknowledge how the IRS and United States Department of Labor (DOL) look upon many of the most critical compliance areas within payroll processing. Payroll…
Industry-specific Payroll: Knowing Which Resource Is Best for You
Fair or not, payroll is not the same for everyone. Depending on the industry your business is in, you may be faced with regulatory challenges that others don’t have. The agricultural, restaurant, construction, religious, and nonprofit industries have industry-specific payroll tax rules and IRS reporting requirements they must comply with to avoid penalties. The Importance…
How to Conduct a Payroll Audit [+ Free Payroll Audit Checklist]
Conducting a payroll audit helps ensure your payroll process complies with labor and tax laws. Further, regular payroll audits reduce occurrences of fraud, embezzlement, and wage theft. You can strengthen your financial controls and address potential issues using our free customizable payroll audit checklist that covers how to conduct a payroll audit step-by-step. , which…
15 Tips For Managing Payroll Effectively
Payroll management is a system for processing employee paychecks (salaries, bonuses, deductions), complying with labor laws, and maintaining adequate documentation. It’s important that businesses learn tips for managing payroll effectively, because it directly affects their financial health. In 2017, the IRS assessed almost $7 billion in civil penalties from non-compliance of employment tax requirements. Here…
Pay Period: Types, Payroll Calendars & State Requirements
A pay schedule is a timetable employers follow to pay their employees. It includes the work periods for which employees are paid in addition to their pay dates. There are several pay schedules from which to choose — for example, weekly or twice a month — and our payroll calendars make them easier to track….
6 Best Household Employee Payroll Services 2019
Household payroll services help families pay household employees (using checks and direct deposits) and taxes. The best providers are affordable and well-versed in household employer payroll responsibilities. We evaluated a dozen services based on their cost, expertise, and ease of use and found the top six ranging from $288 to over $1,000 annually. Top 6…
25 Employee Payroll Tips for Small Business Owners
Payroll can be a challenging task for any small business but with the right tools, it can become easy and routine. There are a number of best practices for payroll management you can follow to keep you and your employees happy. We asked experts to share employee payroll tips for a healthy, sustainable small business….
Free Payroll Templates: Tips & What to Include
Payroll templates are pre-designed spreadsheets and forms that help organize, calculate, and track payroll data. They’re best for business owners preparing to hire their first employees or who want to better manage payroll. You can use these templates instead of, or in conjunction with, payroll software to eliminate extra costs for add-ons like time-tracking. If…
Tipped Minimum Wage by State
Tipped minimum wage is the lowest amount that employers, like restaurants and resorts, can pay tipped employees. Currently, it’s $2.13 per hour (federal law), but each state has its own regulations—for example, paying a lower minimum wage is illegal in California. It can save money, but participating employers are subject to oversight. If you need…
The Ultimate Guide: What Is a Shift Differential?
A shift differential, or shift pay, is a premium employers pay to employees who work outside of normal business hours. For example, if a restaurant is open past midnight, employees working the night shift may receive an extra $2 an hour. Legally, employers must include this premium in any overtime calculations, or they’ll face penalties….