Payroll Processing

Payroll processing can be broken down to three steps. The first step to payroll processing is to calculate payroll. Once you’ve figured out your employees’ hours and wages, you’ll need to withhold the necessary deductions for all federal, state and any local taxes, plus withhold funds for benefits and garnishments. The second step to payroll processing is to make sure so that your employees get their money. Once you know each employee’s net pay, you can either create paper checks, or pay employees through direct deposit, which is quickly becoming the payment method of choice for small businesses and their employees. The final step to payroll processing is to set aside required tax funds for your business’ quarterly and annual tax deposits. You’ll need to know how often you’re required to make tax deposits, and what method is mandated for your business.

Payroll Processing Videos