If you spend too much time calculating payroll
deductions and sending out payroll checks - an internet payroll
company can help reduce this time.
Also called On-Line Payroll, internet
payroll services will:
Calculate your wages and
deductions
Calculate and pay your taxes
Keep track of employee benefits
Keep online payroll records
Pay your employees
Email your employees their pay
stubs
Keep you clear of IRS penalties
Internet Payroll can be the simple,
convenient and smart solution to your business' payroll needs.
Payroll Info
Internet Payroll follow
the same rules as paper payroll processing.
Payroll is one of a series of
accounting transactions dealing with the process of paying employees
for services rendered, after processing of the various requirements
for withholding of money from the employee for payment of payroll
taxes, insurance premiums, employee benefits, garnishments and other
deductions.
Payroll involves the calculation of amounts due the employee,
such as hourly wages, a salary consisting of a certain amount per
calendar period, or pay to salespersons on commission, as well as
reimbursement for employee-paid expenses such as travel (calculated
either based on actual amount paid by the employee or utilizing a per
diem rate).
In addition to these payments, there are often computed amounts of
paid vacation time and accrued sick leave which have been used or are
available for use. These are simply carried as bookkeeping entries as
available or used and accumulate until the employee actually uses
them. If an employee collects vacation pay or sick leave, these
amounts are then added to the amount due the employee to be paid.
All of these monies credited to the employee are usually referred to
as gross pay.
From these amounts that are credited to the employee, various debits
are taken as withholding, the most significant being income tax, then
other taxes such as social security and Medicare (in the United
States; other countries have similar programs for the collection of
government-mandated retirement benefit supplement systems). There may
also be additional deductions for supplemental health insurance, union
dues, pension plan contributions, garnishment for nonpayment of debts,
repayment of prior salary, vacation or sick leave overpayments made in
error, undercollection of insurance, and other deductions.
The amount left after deductions from gross pay is generally the
amount given in the employee's pay envelope, either as cash or a
check. This amount is known as net pay. If the employee has their net
pay deposited to their bank account (through a process known as direct
deposit) then the employee may simply receive a pay stub indicating
this.
Source: Wikipedia
This
page is dedicated to Internet Payroll. The information
is derived from reliable sources and is not meant to be financial advice.
