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Sunday, March 14th 2009 |
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Payroll 101What is Payroll?Payroll is basically the sum of all financial records: salaries, deductions, and bonuses. When a company does payroll, they pay their employees for the work that was done. Employees can be paid weekly, bi-weekly or even monthly. What are Payroll Taxes? Payroll taxes are taxes that we play to the government. They include social security, federal income, and medicare taxes. They are also sometimes referred to as trust fund taxes. The reason being that they can be held in trust funds by the government. What are Payroll Cards? Some employees may not have access to a bank account for one reason or another. How do you pay these employees? Well you can use payroll cards. Payroll cards are plastic cards that and employees can use as a debit card. It can be used at ATM machines and it is more convenient then a cashiers check. What is a Payslip? A payslip can be referred to many different names. They are also known as pay stub, pay advice and pay check stub. A payslip is a notice that an employees receive that their direct deposit transaction has gone through. What is a Warrant? A payroll warrant looks very similar to checks and they can be cashed like checks. The difference is that payroll warrants cannot be drawn against a deposit account. So how can they be drawn? They can be drawn against the available funds that are not in a bank account. Warrants are normally issued by the government. |
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