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What is Year-End?

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Payroll and Tax: What is Year-End?

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In Payroll and Tax

Play video Deductions Overview

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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Play video General Ledger

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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Play video Tax Calculations (United States)

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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Play video Payroll Adjustments

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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Play video Pay Groups

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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Play video Pay Statement Basics

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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