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First and foremost, it requires a thorough understanding of applicable laws and regulations related to wages, taxes, and deductions. It encompasses the calculation and disbursement of salaries, wages, bonuses, and deductions in a systematic and organized manner. Effective payroll management involves several key components.
times the regular rate of pay for every hour worked beyond the standard 40-hour workweek. Depending on what state you’re in, these rules could vary to include daily overtime or other pay premiums. Understand the different employment tax withholdings. Calculate payroll, and don’t forget deductions.
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