Accurate Payroll from Their Employer Is Key
Every time you state what you want or believe, you’re the first to hear it. It’s a message to both you and others about what you think is possible. Don’t put a ceiling on yourself.” - Oprah Winfrey
As a business owner your current and future staff depends on you to process their payroll accurately and timely. Therefore it is important for a business owner to decide if this process will be managed internally or externally by a third party. Even if the vast majority of your payroll process in issuing 1099s, their must be a process outlined and defined. In the world of Accounting, payroll refers to the amount paid to employees for services they provided during the period.
A company's payroll is important for the following reasons:
Just think? Salary usually refers to payment for managerial and administrative services. Salary is normally expressed in terms of a month or a year. Wages usually refers to payment for employee manual labor. The rate of wages is normally stated on an hourly or a weekly basis. The salary or wage of an employee may be increased by bonuses, commissions, profit sharing or cost-of-living adjustments.
To illustrate computing an employee's earnings, assume Karen Douglas is a office manager employed by Fontenot & Associates Solutions LLC. Karen's regular rate is $55 per hour, and any hours worked in excess of 40 hours per week are paid at 1 1/2 times the regular rate. Karen worked 45 hours for the week ended June 10. Her earnings are as follows:
Earnings at regular rate (40 hrs. X $55) = $2,200
Earnings at overtime rate [ 5 hrs X ($55 X 1 1/2)] = $413
Total earnings $2,613
We all can agree that this is one process that can be straight forward or very complex due to the many factors such as taxes, which makes the matter very serious for all employers. Developing an extensive business guide to support the responsible professionals with monthly deadlines and compliance regulations should be a focus for this weeks goals and significant business accomplish.
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