Payroll

In Bloomberg Tax & Accounting's 2019 Payroll Benchmarks Survey, 69.2% of respondents said they used outside vendors to perform payroll functions, while only 30.8% said they did not outsource payroll. Let's look at the practical and financial reasons so many companies are taking the payroll outsourcing...

22 November, 2021

1. Federal wage and hour laws The Fair Labor Standards Act (FLSA) sets federal wage and hour standards, which are administered by the U.S. Department of Labor. These standards cover: Federal minimum wage. Overtime pay and exemptions. Work hours, including meals and rest breaks. Child...

15 November, 2021

The Social Security Administration reviews key numbers each year and usually makes adjustments. In a recent release, the SSA announced what is and is not changing for 2022. Here are the key changes: The maximum taxable earnings for the Social Security portion rises from $142,800 to $147,000....

08 November, 2021

A salary, or wage, advance is a type of short-term loan from an employer to an employee. The employee receiving the advance must pay back the money within a specified time frame, as dictated by the company's salary advance policy. Under federal law, employers can make...

01 November, 2021

Studies show that the vast majority of employers use payroll software, which saves time by automating manual processes and decreasing administrative labor. The software calculates gross-to-net wages and enables direct deposit payments. However, there's more to payroll than paying wages. To meet your other payroll needs, the...

25 October, 2021

Even if your business has only a few employees, you may be considering outsourcing your payroll processing to a specialist. What can a payroll processing service do for you? It can help keep you compliant. You may have employees in more than one state and...

18 October, 2021

To determine the appropriate salary for your new hires and employees, start by setting a range for how much an employee in each position should be paid. The salary range can be based on your expectations and the amount of past work experience that you...

11 October, 2021

Along with being required by law, pay equity promotes an environment in which employees believe they are being fairly rewarded for their work. Pay equity is also crucial during recruiting, especially when employers are vying for talent in a tight labor market. By conducting pay-equity reviews,...

04 October, 2021

Before running payroll, double-check: The pay period (start and end) dates for the pay cycle. Address changes. Depending on where the employee moved to, his or her state or local tax withholding may be affected. Terminations. What are your state's rules on final wages? Is...

27 September, 2021

Payroll reports are useful for reviewing compensation details, evaluating payroll accuracy, tracking payroll expenses, reconciling payroll activities and meeting payroll obligations. Below are six of these reports: 1. Time sheets   Nonexempt employees are paid according to the hours reflected on their time sheets. Before payroll processing begins,...

20 September, 2021