How to Manage a Payroll System - USA Template

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Sample of our how to manage a payroll system - usa template:

Managing a Payroll System in the USA Standard Operating Procedure Department: Human Resources Purpose: Managing a payroll is a core function in any business. Failure to properly administer your payroll duties can lead to inaccurate paychecks and financial reports. Frequency: When needed Procedure: Collect payroll information. Find a payroll system that fit the business. Determine the pay frequency (such as weekly, biweekly, semimonthly or monthly). Have Employees Fill out W-4 Forms. Run the payroll. Pay employee, withhold and pay taxes. File Tax Forms and Submit W-2s. Keep record of data. Definition/Explanation: Payroll information: Before hiring employees, apply for an EIN (Employer Identification Number), from the IRS. You need the EIN for the documents you send to the IRS and state agencies, like tax returns. To pay federal taxes, register for an EFTPS (Electronic Federal Tax Payment System) account. Payroll system: A payroll system enables you to process paychecks. Using payroll software is more efficient than processing the entire payroll by hand.