Any business that has more than one employee must have a payroll system. Paying employees consistently and with no delays not only impacts their morale, but it also reflects the company’s financial stability. Moreover, it is a requirement for compliance with federal and state laws. While this is a complex process, having an efficient system helps streamline and centralize the payroll method. But first, let’s discuss what is payroll management process?
Late payrolls make employees question the business’ financial integrity. If they feel their job is not stable and secure, they may underperform which decreases the workforce productivity and quality of your organization. This factor also includes their net worth and total compensation with bonuses and benefits.
Appropriately and consistently accomplished payroll minimizes state and federal taxes. On the other hand, doing it inaccurately can result in hefty fines. Hence, ensure the proper amount of FICA taxes is withheld from each payroll and secure your employees fill out their W-4 forms correctly.
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