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As head of payroll bureau services at CIPHR’s sister company PBS , a payrollsoftware and service provider, Jon and his team process payroll and BACS salary payments for 94,000 employees, across 500 organisations every month. Usually, it’s down to the tax code that HMRC sent through to payroll.
As an employer, you are likely familiar with reporting regular wages and taxes withheld on Form W-2. Imputed income is adding value to cash or non-cash employee compensation to accurately withhold employment and income taxes. Employers must add imputed income to an employee’s gross wages to accurately withhold employment taxes.
As an employer, you are responsible for withholding various taxes from employees’ wages. After you subtract all of the taxes and other deductions, money left over is considered take-home pay. Take-home pay consists of the income an individual receives after taxes, benefits, and other contributions are deducted.
In fact, this statistic reflects a 4 percent increase since 2012, highlighting a growing work-from-home trend in the years to come. Use a Cloud-Based Payroll System. Automatically calculate tax withholdings. Deliver payroll by check or direct deposit. Also read: HR’s Future is Big Data.
Some of the features reviewed by ADP’s customers are quoted below- “The best thing I like is payroll processing for its accuracy and reliability. Paycor is a must have software. Paylocity Paylocity is a cloud-based Human Resource (HR) and Payrollsoftware provider that caters to businesses of all sizes.
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