Pay Periods Profile
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The Pay Periods Profile defines the frequency for paying employees and drives the pay dates for payroll.
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2:12
The Pay Periods Profile defines the frequency for paying employees and drives the pay dates for payroll.
Payroll taxes are calculated based on the total compensation of each employee. Federal and State withholding taxes are based on the Form W-4 information for each employee.
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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 general ledger is a journal containing accounting transactions related to a company’s assets, liabilities, equity, revenue, and expenses.
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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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Payroll is the cyclical process in which pay for employees is calculated, distributed, and reported.
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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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