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The Curious Bag
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Payroll processing involves paying employees for their time worked. It is a detailed task that requires good mathematical skills and solid problem-solving and organization abilities. It is the employer's responsibility to ensure that payroll processing is done accurately and in a timely manner.
Hourly Employees
Payroll processing includes paying hourly workers. They are generally required to complete a weekly time card. They are paid, per hour, based on the amount stated on the time card.
Salaried Employees
Salaried employees are typically paid a set wage each pay date. They normally do not receive overtime pay.
Time Frame
Payroll processing occurs a few days before the actual pay date. This enables enough time for direct deposit transfers and the correction of detected errors before employees receive their paychecks.
Staff
Depending on the company's size, the payroll staff can include one or a combination of the following: payroll clerk, payroll assistant, payroll specialist, payroll supervisor, payroll manager and payroll director.
Pay Cycles
The most common pay cycles are weekly, biweekly (every two weeks), semi-monthly (twice per month) and monthly.
Taxes
Payroll processing involves withholding employee taxes. These taxes (and the employer's portion) are paid to the federal, state and local government.
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