Payroll and Tax

Deductions Overview

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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Earnings Overview

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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General Ledger

A general ledger is a journal containing accounting transactions related to a company’s assets, liabilities, equity, revenue, and expenses.

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Pay Groups

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 Periods Profile

The Pay Periods Profile defines the frequency for paying employees and drives the pay dates for payroll.

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Pay Statement Basics

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 Adjustments

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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Tax Calculations (United States)

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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Tax Reporting (United States)

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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Tax Types (United States)

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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What is Payroll?

Payroll is the cyclical process in which pay for employees is calculated, distributed, and reported. 

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What is Year-End?

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