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Payroll all calculations, profit share, tax, insurance, net salaries, new hire and etc

Calculations

  • Review timesheets or time tracking system
  • Compare recorded hours with employee schedules or approved time off
  • Address any discrepancies or missing entries
  • Refer to employee contracts or offer letters
  • Check job titles and pay grades in the HR system
  • Ensure proper classification (e.g., exempt vs non-exempt)
  • Multiply hours worked by the pay rate
  • Include any applicable overtime rates
  • Account for shift differentials or other wage adjustments
  • Review applicable labor laws and regulations
  • Calculate overtime hours based on thresholds
  • Apply the appropriate overtime rate to calculate wages
  • Refer to bonus or commission plans
  • Determine eligibility criteria and performance metrics
  • Calculate bonus or commission amounts based on achieved targets
  • Review employee benefit elections and contributions
  • Calculate retirement plan contributions based on employee elections
  • Deduct healthcare premiums based on plan and coverage levels

Profit Share

Tax Compliance

Insurance

Net Salaries

New Hires

Payroll Reporting

Payroll Distribution

Recordkeeping and Compliance

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