i'm just starting in payroll, and wanted some insight on what the hardest part of starting in payroll was for you and if it's worth it! thanks!
I think most people in payroll more or less just ended up in it. I know I never set out to become a payroll professional out of college. I would say a lot of people are intimidated by payroll taxes. At first glance they can appear to be impossibly complex. I would suggest being patient and learning as much from others as you can.
thank you for your comments! i will try to get my hands on "the payroll source" - sounds important.
honestly getting your mind around gross compensation vs W-2 compensation vs Social Security and Medicare compensation definitions can be interesting. Then throw in 401(k)/pension/Section 125 definitions of compensation and you begin to understand that the word "compensation" has many different meanings and you need to know the specific one for each! To me that is the hardest!
The variety of payroll services. Payroll services automatically calculate how much employees should be paid each day period.
Learning to manage a payroll is never the favorite thing to do for any business owner. But it is a necessary evil if they want their company to survive.
When a business starts up, with only a few employees, it may make sense to handle payroll internally. But as the business grows and the business owner has more and more on their plate, managing payroll could take their attention away from other important tasks. Then it may make sense to hire out payroll management to a third party accounting firm with proven expertise in the area such as bookkeeping & tax services.
Without this help, here are some risks businesses run:
1. Mis classifying Employees
2.Withholding the Wrong Amount of Taxes
4.Problems Calculating Overtime