What is Payroll?
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Payroll is the cyclical process in which pay for employees is calculated, distributed, and reported.
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Payroll is the cyclical process in which pay for employees is calculated, distributed, and reported.
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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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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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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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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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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The Pay Periods Profile defines the frequency for paying employees and drives the pay dates for payroll.
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