Per Diem Decoded: Key Points Understanding Per Diem: Per diem is a fixed daily amount allocated to employees during business travel to cover expenses. Business Travel Per Diem: Employers often reimburse additional travel expenses. Per diem can be paid upfront or post-trip. Per Diem Rates: Fixed rates based on travel location simplify reimbursement, eliminating detailed…
Demystifying PCORI Fees: Navigating the Basics Understanding PCORI Fees: PCORI fees, designed to fund the Patient-Centered Outcomes Research Institute (PCORI) trust fund, are integral to the healthcare landscape. These fees are remitted to the Internal Revenue Service (IRS) either by health insurance companies or employers, depending on the plan type. PCORI, established under the Affordable…
Decoding Payroll Tax Rates: A Comprehensive Overview Understanding Employee Payroll Taxes: Payroll taxes for employees encompass deductions extracted directly from an employee’s paycheck. These deductions comprise: Employer’s Payroll Tax Contributions: On the employer’s side, payroll taxes consist of contributions towards: Payroll Tax Rates in 2020: For the year 2020, the specific payroll tax rates are…
Navigating Payroll Software: A Comprehensive Guide Understanding Payroll Software: Payroll software stands as a powerful tool designed to streamline and expedite the process of paying employees accurately and promptly. Esteemed by payroll professionals, this software offers features like automated calculation of withholdings and deductions, direct deposit processing, self-service access for employees, comprehensive tax filing services,…
Decoding Applicant Flow Logs: A Compliance Guide Understanding the Applicant Flow Log: An applicant flow log is a meticulously maintained record of job applicant data, essential for statistical analysis mandated by the U.S. federal government. This log, whether in spreadsheet form or an applicant tracking system, aids in evaluating the inclusivity and fairness of federal…
Navigating Payroll Deductions: A Comprehensive Guide Understanding Federal Income Tax: Federal income tax applies to various sources of income, including salaries, bonuses, tips, and more. Exceptions exist for low-income earners. State and Local Income Tax: Deductions vary by state, with some, like Alaska and Florida, having no income tax. New Hampshire and Tennessee tax investment…
Streamlining Payroll: Key Activities Essential Payroll Functions: 1. Record Keeping: Maintaining accurate employee records is the foundation of effective payroll management, ensuring compliance and seamless processing. 2. New Employee Reporting: Efficient onboarding extends to payroll, requiring thorough reporting to integrate new hires seamlessly into the payroll system. 3. Check Processing: Central to payroll, check processing—whether…
Demystifying Payroll: A Comprehensive Overview Understanding Payroll Definition: Payroll encompasses a detailed list of an organization’s employees, complete with their corresponding salary or hourly rates. This term may also denote the department overseeing employee payment or shorthand for the entire payroll calculation and processing procedure. Essential Components of Payroll Requirements: Managing payroll involves more than…
Decoding Pay Stubs: Unveiling Employee Earnings What Is a Pay Stub? A pay stub serves as a comprehensive document issued by an employer, delineating an employee’s gross earnings, deductions, and net pay. These stubs accompany paychecks, ensuring that each pay period comes with a corresponding pay stub. Whether in physical or electronic form, pay stubs…
Demystifying Pay Periods What Is a Pay Period? A pay period establishes the rhythm for employee compensation, dictating when they receive their paychecks. This structured timeframe also encompasses the duration during which work hours are documented. Employers adhere to regular pay periods, offering employees a predictable schedule for their income. Types of Pay Periods and…