Even if your business has only a few employees, you may be considering outsourcing your payroll processing to a specialist. What can a payroll processing service do for you? It can help keep you compliant. You may have employees in more than one state and...
To determine the appropriate salary for your new hires and employees, start by setting a range for how much an employee in each position should be paid. The salary range can be based on your expectations and the amount of past work experience that you...
Along with being required by law, pay equity promotes an environment in which employees believe they are being fairly rewarded for their work. Pay equity is also crucial during recruiting, especially when employers are vying for talent in a tight labor market. By conducting pay-equity reviews,...
Before running payroll, double-check: The pay period (start and end) dates for the pay cycle. Address changes. Depending on where the employee moved to, his or her state or local tax withholding may be affected. Terminations. What are your state's rules on final wages? Is...
Payroll reports are useful for reviewing compensation details, evaluating payroll accuracy, tracking payroll expenses, reconciling payroll activities and meeting payroll obligations. Below are six of these reports: 1. Time sheets Nonexempt employees are paid according to the hours reflected on their time sheets. Before payroll processing begins,...
Most companies spend 20% to 30% of their annual revenue on payroll. The exact amount varies based on the employer's size, industry, and staffing and operational needs. In some industries, such as service, it's not uncommon for payroll to encompass up to 50% of revenue....
You may have a good reason to change your payday, but before you make your move, be sure to take into account various rules and implications. 1. Fair Labor Standards Act The FLSA requires prompt payment of wages but does not specifically address pay frequency or payday...
If your business has only one location, you need to worry about federal law and applicable state and local laws for only that single location. But if you're operating out of multiple states, you must heed federal law plus the rules for all the different...
Paperless payroll is a paper-free payroll process that has become hugely popular in recent years. But despite the groundswell of support for paperless payroll solutions, employers should examine the details before making the switch. Six pros of paperless payroll Electronic storage — Stores payroll documents on...
The general consensus is that under federal law employers can deduct negative paid leave balances from an employee's final wages. However, it would benefit you to look deeper, as there are subtleties at play. Deducting Negative Leave Balances From Nonexempt Employees' Wages The U.S. Department of Labor...