Payroll Maintenance

Payroll Process or typical Salary Computation and statutory compliance is considered as one of the most critical month end activity in any organization. Currently there is a huge demand for payroll automation, outsourcing to processors etc.

Payroll maintenance may be a company's record list where the past workers details, workers wages, workers record and also the quantity of cash they have to be paid are going to be recorded and positively each business will retain their record.

This payroll, payroll taxes are crucial because the corporate profits are going to be affected if they do not accomplish the federal laws. Therefore the record keeping of the payroll is not a straightforward task.

And yeah it isn't really that difficult when actually love to do it and here are few easy steps which you can import from,

1. Gather employee wage information
If your system is computer-based, you can run a report. If manual collect all time sheets, documents
2. Check to ensure that you have W-4 information for each employee(This will determine there liability for Federal Income Tax)
3. Calculate employee's gross pay from the employment agreement or time sheet.
4. Determine withholding amount for Federal Income Tax (Go to the IRS Publication 15(Circular E).
5. Calculate employee amount for Social Security Taxes.
6. Calculate for employee's contribution for Medicare Tax.
7 .Determine state and local tax liabilities based on your locality.
8. Deduct additional employee items such as retirement and savings plans, health insurance, charitable contributions or garnishments.
9.Process payroll manually or through your selected system. Double-check amounts before dispersing. Print and disperse checks or stubs for direct deposit.

Don't you find it easy? well, i think it is.

You can check the given below link, where you can find the answers for all your queries.

Payroll Procedures