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See how these popular human resource information systems (HRIS) for small companies streamline benefits, payroll, and core human resources workflows. Best HRIS for Small Business: Compare Top HR ...
The predominate feature is "one writing," the making of several records at one time so as to eliminate as far as possible any rewriting or reposting, using carbon-backed forms and the "visual- record system." Essentially this is the same "book system" used by the corner groceryman in keeping his individual customer accounts.
A company may handle all aspects of the payroll process in-house or can outsource aspects to a payroll processing company. Payroll in the U.S. is subject to federal, state and local regulations including employee exemptions, record keeping, and tax requirements. [3]
This information is used by the employee when they complete their individual tax return using Form 1040. [3] When an employee prepares their individual tax return for a tax year, the withholding amount from Form W-2 is subtracted from the tax due. It is possible to receive a refund from the IRS if more income was withheld than necessary. [3]
A W-9 is used to record information about a contractor so their earnings can be reported at the end of the year. Form 941: You also have to file Form 941 to report your seasonal payroll.
Employee payroll tax is made up of assigned taxes for the three branches of the social security system and includes both basic and supplementary coverage. Different percentages apply depending on thresholds that are multiples of the social security earnings ceiling (in 2012 = 36,372 euro per year).
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