Pay Groups
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Pay groups are assigned to a set of employees and define how they are paid. Pay groups determine pay frequency, pay schedule, and processing steps.
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Pay groups are assigned to a set of employees and define how they are paid. Pay groups determine pay frequency, pay schedule, and processing steps.
A general ledger is a journal containing accounting transactions related to a company’s assets, liabilities, equity, revenue, and expenses.
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After the proper amount of taxes are withheld for the employee and employer, it needs to be paid to the proper agencies. Federal income and insurance tax payments must be paid electronically through the electronic federal tax payment system.
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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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There are three categories of payroll taxes and statutory deductions: those that the employee and the employer pay, those that only the employee pays, and those that only the employer pays.
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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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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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