Workers' Compensation Overview
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Workers’ compensation codes are used to determine workers’ comp premiums for employees.
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Workers’ compensation codes are used to determine workers’ comp premiums for employees.
The Pay Periods Profile defines the frequency for paying employees and drives the pay dates for payroll.
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Payroll is the cyclical process in which pay for employees is calculated, distributed, and reported.
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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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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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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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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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