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If you are one of the millions of people who live paycheck to paycheck, all it takes is one emergency situation to send you looking for some quick money. A payroll advance is one option to use when you need some money to get you by until your next paycheck. However, before you sign on the dotted line, make sure that you understand... more »
For the employee, payroll is one of the most important departments in an organization. This makes it an important consideration for Human Resources (HR) as well. Payroll must put in place a system that ensures the timely and accurate payment of all employees. Making changes to the payroll system requires keen attention to detail, as... more »
Imagine what would happen if employees worked but didn't get paid? There would be an exodus of workers. Everyone knows this, which is why payroll systems were implemented. As the computer age progressed, so did the method used to pay wages and taxes. The size of the company generally determines the method an employer uses to pay his... more »
Approximately 214,000 payroll clerks work in the United States. These individuals work preparing taxes, bookkeeping and administering payroll in private and public companies. According to the Bureau of Labor Statistics, this occupation will experience steady growth through the year 2016. But to become a payroll clerk, employers... more »
Payroll processing is a meticulous task. It involves a keen eye for detail so employees can be paid accurately and in a timely fashion. Preparing for the payroll is an essential process for any payroll manager to master, as preparation is key in ensuring a successful payroll run. more »
Although large corporations hire professional accounting firms, most small business owners...
Filling out a tax return is a daunting task for many people. Understanding the basics, like...
Receiving an advance loan has its pros and cons, but as long as advance loans are paid off...
No matter what time of year it is, tax day is always looming. Learn how what situations require...
Developing a payroll system rates right up there with getting a root canal for most business owners. Understanding the legal, tax and operational... more »
Payroll executives are charged with getting the payroll details for their company right. Most of them are in charge of managing a team of payroll... more »
The most important step in payroll processing is ensuring that employees are paid correctly and on time. The first step is to calculate the hours... more »
On the surface, payroll may seem to be simply paying employees' wages. However, it is a much more complex task. For this reason, many employers... more »
The term "payroll services" can refer to either companies that offer services dealing with calculating, distributing and handling taxes for a... more »
The payroll systems we use today are much more advanced than simply cutting and distributing checks. They can withhold taxes, deduct for IRA's and... more »
A payroll professional is a member of a human resources department or accounts payable accounting department. This person's chief responsibility... more »
Having to hire employees means that your hard work has paid off and your business is growing beyond what you can accomplish on your own. Make sure... more »
A payroll administrator ensures that employees are paid accurately and on time. They also make sure that deductions, such as taxes, are programmed... more »
Every employee needs to be paid for the services he provides. For this to happen, the employer must have a payroll system in place. Without it,... more »
In a company, payroll is the sum of all financial records of salaries, wages, bonuses and deductions.
Paycheck
A paycheck is traditionally a paper document issued by an employer to pay an employee for services rendered. In recent times, the physical paycheck has been increasingly replaced by electronic direct deposit to bank accounts.
In most countries with a developed wire transfer system, using a physical check for paying wages and salaries has been uncommon for the past several decades. However, vocabulary referring to the figurative "paycheck" does exist in some languages, like German (Gehaltsscheck), partially due to the influence of US popular media, but this commonly refers to a payslip or stub rather than an actual check. Some company payrolls have eliminated both the paper check and stub, in which case an electronic image of the stub is available on an Internet website.
Payroll taxes
Federal/national, state/provincial, and/or local agencies require employers to perform various payroll functions, such as withholding amounts from employees compensation to cover income tax, Social Security, and Medicare.
Payroll taxes are levied by government agencies on employees wages, tips, and other compensation. The amounts withheld by employers from employees pay for federal income, social security, and Medicare taxes are considered to be trust-fund taxes, because the money is held in a special trust fund for the U.S. government. Amounts withheld for state and local income taxes are held in trust for the state and local governments.
Pay slip
A pay stub, paystub, pay slip, pay advice, or sometimes paycheck stub, is a document an employee receives either as a notice that the direct deposit transaction has gone through, or as part of their paycheck. It will typically detail the gross income and all taxes and any other deductions such as retirement plan contributions, insurances, garnishments, or charitable contributions taken read more at » http://en.wikipedia.org/wiki/Payroll
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