Online payroll solutions include performing the chores required in complying with the regulations of federal and provincial regulations. According to comvida.com, employers are needed to pay employees rightly and on time. This will include using the proper wage and deduction laws. Employers are needed to pay their own share of taxes on payroll to the suitable federal and state revenue agencies. Internet has almost all the details you require to master the fundamental principles of payroll.
If you’re based out of the US, the American Payroll Association is one of the country’s leading payroll educators. They provide eLearning courses to the people that require fundamental payroll education. Take the self-directed course that offers you online software and printed book or the instructor assisted course that includes online instructions, online software and printed textbook. The duration of the course is three days and their price is based on whether you are an APA member, member’s colleague or non-member.
Go for federal wage and hour needed. The United State Department of Labor enforces the federal labor laws. Their website includes detailed data on the federal payroll requirements with minimum wage, overtime, child labor and record keeping requirements.
Seek advice from your state labor department website for the sate labor laws. The state labor law could have some similarities or differences from federal law. Some states for instance have higher minimum wage when compared to the minimum wage of the federal.
Go for federal payroll tax laws. The Internal Revenue Service website and its Circular E-publication can be obtained through the IRS site. IRS website give instructions on how to abide with the federal tax withholding, tax payment and tax reporting laws.
Also, you can check your state taxation agency website for the state payroll tax laws. Majority of the states need state income tax withholding and require the employer to pay sate unemployment tax. Few states have uncommon requirements like Arizona’s job training tax and New York’s disability insurance.
It is very important to learn statutory and voluntary deductions. Statutory deductions are referred to those required by the legal entity such as payroll taxes and wage garnishments. While voluntary deductions include employer-sponsored retirement and health plans. They are those that he employee agreed to. The IRS site offers information on pretax voluntary deductions like cafeteria plans. Your state labor department site includes information also.
It is a critical process in payroll to differentiate between the exempt and nonexempt employees. Under the federal Fair Labor Standard Act, the exempt employees are exempt from the overtime pay while the nonexempt employees are qualified for overtime. In order to qualify as exempt, the employee need to meet up with certain job and wage related the criteria of the United State. Try to consult your state labor department in case you are not sure of how to classify an employee.
Online payroll solutions provide a number of ways to make your online payroll and banking experience as easy as possible. It seamlessly integrates your payroll so that you can:
- Easily control your cash flow by managing your payroll and your bank accounts from one online location.
- Free up more time with the online input method.
- Simplify your business management
- Enjoy peace of mind.