Managing payroll is one of the most important aspects of your business. If not done right, it could negatively impact your employees if they are not paid the right amount. It could also result in interest and penalties if payroll taxes are not filed and paid on time. There are four main aspects of managing payroll: setting up your employees with the proper deductions and benefit elections, processing payroll by ensuring the hours paid are correct and on time, generating payroll reports to gain insight into total payroll costs, and filing payroll tax forms and making payments on time. By the end of this chapter, you will be able to set up your employees, pay your employees, generate key payroll reports, file payroll tax forms, and make payroll tax payments.
In this chapter, we will cover the following topics:
- Setting up payroll
- Running payroll...