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How long does an employer have to keep Time and Payroll Records in India?
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What are the advantages and disadvantages of using a payroll service bureau against processing payroll in-house?
Here are a few of my observations: Advantages of using payroll service bureau: The payroll company is on top of the most current laws and regulations. You do not have to sign all the checks. The employer taxation and employee taxation calculations are done for you - you don't have to have an accounting degree to figure that out. The service can pay your taxes for you. The payroll service will retain records for your payroll needs. Disadvantage of using payroll service bureau: Some service bureaus will charge the employer each time they make a call, request a report, ask for a copy of a check etc. There would be a cost each time the W-2s are processed for the year as well as a cost for a copy of the W-2s. There is a fee involved in hoping that the service bureau is doing everything to support your needs. The service does not back the employer should there be a federal, state, unemployment, or workers comp investigation. Advantages of processing payroll in house: you are in charge of when the business money will be debited from your account; you own the process; you do not pay fees to a payroll service. Disadvantage of processing payroll in house: it takes time from you doing your own business; you have to be an expert in federal and state payroll laws; someone in your company has to process the payroll taxes on time, every time. You have to keep accurate and up to date records. You should have retained counsel in case of an employee suing you. Try a different kind of payroll service where the burden of being the employer of record is retained by Administaff so you have time to take care of your business. www.administaff.com
Advantages and disadvantages of payroll?
Here are a few of my observations: Advantages of using payroll service bureau: The payroll company is on top of the most current laws and regulations. You do not have to sign all the checks. The employer taxation and employee taxation calculations are done for you - you don't have to have an accounting degree to figure that out. The service can pay your taxes for you. The payroll service will retain records for your payroll needs. Disadvantage of using payroll service bureau: Some service bureaus will charge the employer each time they make a call, request a report, ask for a copy of a check etc. There would be a cost each time the W-2s are processed for the year as well as a cost for a copy of the W-2s. There is a fee involved in hoping that the service bureau is doing everything to support your needs. The service does not back the employer should there be a federal, state, unemployment, or workers comp investigation. Advantages of processing payroll in house: you are in charge of when the business money will be debited from your account; you own the process; you do not pay fees to a payroll service. Disadvantage of processing payroll in house: it takes time from you doing your own business; you have to be an expert in federal and state payroll laws; someone in your company has to process the payroll taxes on time, every time. You have to keep accurate and up to date records. You should have retained counsel in case of an employee suing you. Try a different kind of payroll service where the burden of being the employer of record is retained by Administaff so you have time to take care of your business
How can you access your payroll?
Signatures required for a time sheet or report that is turned into payroll may vary by employer, however generally the employee's signature is required as well as the signature of their supervisor and/or other authorized representative of the employer. Generally, no one person may sign for both the employee and the employer. Electronic time sheets may be authorized electronically. Contact your accounting department or call 888-924-1776 for further clarification regarding required signatures and any other payroll questions you may have.
How do you get a copy of your 941 form?
Only employers have, or actually send the IRS, a Form 941 - quarterly. There is no such thing with an employees name on it. It is on a company wide basis and relevant to payroll periods and deposits made through that time. Frequently, it is required to be electronically filed and hardcopy isn't much more than a receipt. If your an employer needing a copy contact your payroll service center...although don't be suprised that it may take a very long time to get it. Although youshuld be able to produce whatever info you provided from your payroll records easier.
What is salary in income tax?
Salary or Wage is the gross amount of your pay that you are paid for the time that you worked for your employer before any of the necessary deductions that the employer payroll department is required to withhold before issuing you a paycheck for your net take home.
What are the advantages and disadvantages of using a payroll service bureau against processing payroll in-house?
Here are a few of my observations: Advantages of using payroll service bureau: The payroll company is on top of the most current laws and regulations. You do not have to sign all the checks. The employer taxation and employee taxation calculations are done for you - you don't have to have an accounting degree to figure that out. The service can pay your taxes for you. The payroll service will retain records for your payroll needs. Disadvantage of using payroll service bureau: Some service bureaus will charge the employer each time they make a call, request a report, ask for a copy of a check etc. There would be a cost each time the W-2s are processed for the year as well as a cost for a copy of the W-2s. There is a fee involved in hoping that the service bureau is doing everything to support your needs. The service does not back the employer should there be a federal, state, unemployment, or workers comp investigation. Advantages of processing payroll in house: you are in charge of when the business money will be debited from your account; you own the process; you do not pay fees to a payroll service. Disadvantage of processing payroll in house: it takes time from you doing your own business; you have to be an expert in federal and state payroll laws; someone in your company has to process the payroll taxes on time, every time. You have to keep accurate and up to date records. You should have retained counsel in case of an employee suing you. Try a different kind of payroll service where the burden of being the employer of record is retained by Administaff so you have time to take care of your business. www.administaff.com
Advantages and disadvantages of payroll?
Here are a few of my observations: Advantages of using payroll service bureau: The payroll company is on top of the most current laws and regulations. You do not have to sign all the checks. The employer taxation and employee taxation calculations are done for you - you don't have to have an accounting degree to figure that out. The service can pay your taxes for you. The payroll service will retain records for your payroll needs. Disadvantage of using payroll service bureau: Some service bureaus will charge the employer each time they make a call, request a report, ask for a copy of a check etc. There would be a cost each time the W-2s are processed for the year as well as a cost for a copy of the W-2s. There is a fee involved in hoping that the service bureau is doing everything to support your needs. The service does not back the employer should there be a federal, state, unemployment, or workers comp investigation. Advantages of processing payroll in house: you are in charge of when the business money will be debited from your account; you own the process; you do not pay fees to a payroll service. Disadvantage of processing payroll in house: it takes time from you doing your own business; you have to be an expert in federal and state payroll laws; someone in your company has to process the payroll taxes on time, every time. You have to keep accurate and up to date records. You should have retained counsel in case of an employee suing you. Try a different kind of payroll service where the burden of being the employer of record is retained by Administaff so you have time to take care of your business
What kinds of records are maintained in for employees?
The main types of records that are maintained for employees are time records, payroll records, and disciplinary records. The time records track the amount of time the employee worked using a business time clock and often times it is connected to the payroll system to calculate how much pay the employee receives based on how much time was worked. Disciplinary records are kept to note problems the employee caused with the company and could be referenced to if the employee needs to be fired.
How can you access your payroll?
Signatures required for a time sheet or report that is turned into payroll may vary by employer, however generally the employee's signature is required as well as the signature of their supervisor and/or other authorized representative of the employer. Generally, no one person may sign for both the employee and the employer. Electronic time sheets may be authorized electronically. Contact your accounting department or call 888-924-1776 for further clarification regarding required signatures and any other payroll questions you may have.
How do you get a copy of your 941 form?
Only employers have, or actually send the IRS, a Form 941 - quarterly. There is no such thing with an employees name on it. It is on a company wide basis and relevant to payroll periods and deposits made through that time. Frequently, it is required to be electronically filed and hardcopy isn't much more than a receipt. If your an employer needing a copy contact your payroll service center...although don't be suprised that it may take a very long time to get it. Although youshuld be able to produce whatever info you provided from your payroll records easier.
Selecting a sample of cost accounting analyzes of payroll and vouching it to time records is a procedure designed to test the control assertion of?
Existence or Occurance
Can an employer take out insurance premiums when insurance is cancelled?
No, an employer cannot take money from your paycheck unless it is for an employee benefit. There may be a lag time between when the insurance is cancelled and the payroll deduction stops, if the premiums were paid in arrears.
What is salary in income tax?
Salary or Wage is the gross amount of your pay that you are paid for the time that you worked for your employer before any of the necessary deductions that the employer payroll department is required to withhold before issuing you a paycheck for your net take home.
I haven't recieved my statements from work since October, wehnever I contact the Human Resources from work , It takes too long before they get back to me on accessing this statement online, It's called I-pay. Can I turn this person in at Wisconsin Labor ?
Your employer is required to provide you a summary of your wages and deductions each time you get paid. Your employer, or their payroll service, is required to maintain these records for a number of years. If your records are accessible online, your immediate supervisor should be able to help you access the records. It doesn't sound like they are withholding records; it sounds like you simply don't understand how to get to them. The next time you speak to someone from HR, ask that detailed directions be email or mailed to you. Also, ask your supervisor to intervene with HR.
What is payroll cycle?
The payroll cycle is the period of a beginning date and an ending date of length of time. A weekly payroll cycle would be for any seven days. A biweekly payroll cycle is for 14 days. A semi-monthly payroll cycle is two equal periods each month. And, a monthly payroll cycle is for 30-31 days.
Are employers required to track an exempt employee's time?
Those exempt from the Fair LAbor Standards Act do not keep time records unless the employer wishes to for billing purposes.
Why Small Businesses are Turning to Payroll Services?
A payroll service is a company that will handle all of your payroll needs and free you to go about the business of running your company. It is especially beneficial to a small business owner who has little or no accounting background.Often when a small business owner begins to hire employees, he becomes overwhelmed with the need to comply with all of the rules and regulations demanded by state, local and federal governments. He is obliged to learn the rules for income tax deductions, Social Security, Medicare, workman's compensation, and unemployment compensation at the very least.In addition to deducting the proper amounts from the employee, the business must also deposit both withheld amounts and the employer's share of these taxes on a timely basis. Reports must be filed with the appropriate government agencies. Some of these must be done monthly, while others must be done quarterly or annually.Complicating this problem is the fact that the rules change at least once every year. Typically, by the time the employer learns one set of rules, he receives a new set in the mail and must relearn what he thought he already knew.This can take valuable time away from running the business. Hiring a payroll service can be the perfect solution to this problem. For a fee, a payroll service will handle all of these functions, freeing up time for more important matters.Using a payroll service is simple. The employer creates an account with the service and furnishes them with the name and address of each employee, a copy of each employee's W-9 form, and a Signed form if the employee wants his pay direct-deposited to his account.Each pay period, he submits, either by phone or online, the number of hours the employee worked and the rate of pay. The payroll service processes the data and notifies the employer of the amount of funds needed to cover the payroll. The funds are transferred from the employer's bank account to that of the service.The payroll service pays the employees, makes any necessary tax deposits, then provides the employer with copies of the payroll and tax reports for his auditing records.For the small business owner, a payroll service can be a lifesaver. Not only does it free up his time, it also gives him the peace of mind of knowing that the regulations are being followed properly.
