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Payroll checks are a form of payment made by companies to their employees once an employee has completed a pay period of work. These types of checks are known as financial instruments. The amount an employee is owed by an employer is written on the check.
Pay day: Employees love it, employers dread it. Payroll management can be painful and time consuming for any employer but thankfully there are payroll service providers to help alleviate the pressure and stress of running a business. Payroll services have seen benefits from the advancement in technology which ranges from mobile payroll applications to improved interfaces.
Every business has different requirements and budgets for their payroll processing, but thankfully, a large number of payroll service providers exist to aid businesses. Given the wide range of options, it’s important to compare their features and rates to determine which provider works best for your business. Whether its a matter of payroll frequency, mobile compatibility, or a user-friendly management tool interface, there is a payroll service provider that suits your needs.
Three Basics of Payroll
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Pay Day!
Every week? Every other week? On an agreed upon schedule, just calculate your employees’ wages, withhold the correct amount of taxes & issue their paycheck. -
Paying Payroll Taxes
You will need to pay the government the Federal & State taxes withheld from your employees’ paychecks as well as payroll taxes your business owes. -
Filing Tax Forms
Let’s face it. Forms are frustrating. But you’re required to fill & file them, so the government knows who’s been paid what, the taxes paid, & other details. Most businesses file quarterly,
and some file monthly or yearly.
Common Payroll Pitfalls
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Errors
Hours. Wages. Withholdings. Taxes. Healthcare benefits. Getting all those calculations right gets complicated. -
Deadlines
It’s your responsibility to keep up with Federal & State tax deadlines. You can do it at the IRS website.
Electronic paychecks
In most countries with a developed wire transfer system, payment of wages and salaries is increasingly being effected by electronic means, rather than by the use of a physical cheque. This saves the company money on printing and processing cheques and reduce the problem of fraud.
Payroll card
For employees that do not have access to a personal bank account, most major payroll service providers can arrange for the net pay of an employee to be loaded onto a payroll card, which is a plastic card similar to a debit card. A payroll card functions like a debit card and allows an employee to access their pay.A payroll card can be more convenient than cashing a pay cheque, because the card can be used at participating automatic teller machines to withdraw cash or in stores to make purchases. Some payroll cards are cheaper than payday loans available from cheque cashing stores, but others are not. Most payroll cards will charge a fee if used at an ATM more than once per pay period.
Do-It-Yourself Payroll
As a small business owner, you may want to roll up your sleeves and tackle payroll yourself. However, you’ll need to set aside a few hours each pay period to calculate payroll, deductions, write checks and pay and file payroll taxes to the different agencies.
