Deductions Overview
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A deduction is a monetary amount subtracted from an employee’s taxable income that reduces the amount paid on a pay statement.
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A deduction is a monetary amount subtracted from an employee’s taxable income that reduces the amount paid on a pay statement.
The Pay Periods Profile defines the frequency for paying employees and drives the pay dates for payroll.
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The pay statement, also known as a pay stub, includes the details of the employee’s pay for that pay period. Pay statement details help employees understand their pay and check for inaccuracies.
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An involuntary garnishment, sometimes called a wage attachment, is a legal process in which an amount is collected directly from an employee’s wages to satisfy an unpaid debt.
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Identifying the scenarios that require a payroll adjustment is an important part of payroll processing. Common scenarios include payments issued in error or payments not received, or payments received but a correction is needed.
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Each year, businesses are legally required to report federal and jurisdictional payroll tax liabilities to the proper tax authorities. Payroll taxes are calculated based on the total compensation of each employee.
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Earnings identify different types of employee compensation for services provided. Earnings can also include specific parameters such as accounting rules, tax laws, and reporting requirements.
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