Semi-monthly pay is a payroll frequency that processes twice a month — typically on the 1st and 16th or the 15th and 30th of the month. This results in 24 payrolls a year (versus bi-weekly, which runs 26 payrolls annually). That may save you money if your payroll service charges you for each payroll run….
All Payroll Articles - Page 6
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Variable Pay: Definition, How It Works, Benefits & Providers
Variable pay is a way to compensate employees based on job criteria beyond hours worked—like sales commissions. It can supplement an employee’s base salary (i.e., safety bonus) or form the basis of their pay entirely. However, variable pay requires effort to administer and should be set up to ensure you’re incentivizing the intended behavior. How…
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How to Set Up Payroll Process in 8 Steps [+Free Checklist]
![How to Set Up Payroll Process in 8 Steps [+Free Checklist]](https://fitsmallbusiness.com/wp-content/uploads/2018/09/How-to-Set-Up-Payroll-Process-in-8-Steps-300x200.png)
Setting up your payroll process requires making some administrative decisions before you run your first payroll cycle. These eight steps for how to set up payroll include choosing a payroll provider, deciding what benefits to offer and choosing how and when to pay your employees. Calculating payroll incorrectly can cause strife in the workplace and…
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Salary vs. Hourly — Which is Right for Your Small Business
A salaried employee is one that is paid a fixed rate at set intervals for a job whereas an hourly employee is paid by the hour for work performed. There are pros and cons to paying salary vs. hourly. We’ll discuss the benefits of each type of employee pay, such as ease of administration and…
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W-2 vs W-4: What’s the Difference & When to Use Them
A W-4 is an IRS form that an employer uses to gather tax withholding information for an employee. A W-2 is a year-end tax document that’s required by the IRS and used to report an employee’s annual income and taxes. We’ll compare both in detail and walk you through when and how to use each…
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6 Top Zenefits Competitors
provides an all-in-one HR and payroll solution at a reasonable price point of $5 to $14 per employee. You can onboard employees, keep track of benefits enrollment, manage time off requests, and do payroll in compliance with tax laws. However, it’s not the only game in town. In this article, we look at 6 Zenefits…
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Compa Ratio: Definition, Formula, & Examples
Compa Ratio, short for comparison ratio, is a comparison of the salary you are paying your employees versus the market midpoint for similar positions at other companies. Compa ratio is a useful metric to have when setting salary levels or negotiating raises, and it helps you avoid losing talent to other companies. How To Calculate…
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How To Create A Compensation Plan in 6 Steps
If you own a small business, you need to learn how to pay your employees–it’s that simple! In this article, we are going to walk you through how to pay your employees, from how to establish a compensation plan all the way through to picking a payroll provider. Step 1: Establish a Pay Philosophy The…
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Co-Employment – What it Is & How it Works
If you are planning to work with a staffing agency to hire for your business or are joining a Professional Employer Organization (PEO) to offer benefits, then you should read this article. If you choose to work with a PEO or staffing agency, you will likely become co-employers, also known as “employee leasing”, which can…
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Fixing The Payroll Problem: An Interview with Gusto CEO Joshua Reeves
What percentage of companies do you think get fined for incorrectly handling payroll? The answer: around 1 in 3 companies get fined annually for performing payroll incorrectly. Of the 6 million or so companies in the United States with at least one employee, around 2 million get fined for not properly filing payroll tax related…
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Time Card Calculator
A time card calculator can be a useful tool for the following: Recording the number of hours employees or contractors work. Deducting time for which employees are not due compensation, like lunch breaks. Calculating the amount of overtime pay due to employees. After using a time card calculator to record and total the hours worked…
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