Human Resources Training, payroll best practices

Payroll Professionals need to Master Multistate Taxation

Jerene-Dec-2014-payroll-shutterstock

Multistate taxation is a challenge for payroll professionals. Taxation professionals need to be very circumspect in dealing with it.

The reason for this is not difficult to seek. The term itself says it all. Although we have a uniform Federal taxation on some items; there are several others which vary from one state to another. This makes the knowledge of the structure of taxation in each state a payroll professional’s elementary functions.

What complicates the matter is that in relation to three important aspects of multistate taxation; rules vary from one state to another:

  • Where an employee lives in one state and works in another, or works in two or more states simultaneously
  • Where organizations have operations or businesses in more than one state
  • Reporting requirements vary for all states where the company has employees working or in some cases, living.

Read more :  https://www.trainhr.com/control/multistate-taxation

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Human Resources Training, payroll best practices

A few Employee Payroll Best Practices

How-to-Handle-Employee-Payroll-as-a-Small-Business-Owner-620x310

Adapting and implementing Employee Payroll Best Practices is in everyone’s interest, because payroll, despite the enormous amount of automation that has gone into it lately, is quite complicated. It takes up a significant part of the company’s revenue and time, but yet has to be implemented at various stages of the organization’s work.

Why instill employee payroll best practices?

The answer is simple: to avoid clogging of data and muddling of other functions. Once the payroll is clear and fine, it follows for the company that most of its other functions relating to finance fall into place. Payroll is at the very core of financial operations, and it costs the average organization a lot. It is estimated that the payroll costs organizations anywhere between just under $100 to over $700 a year per employee. When projected to the overall size of the company, this is certainly a whopping cost. So, if organizations can implement a few employee payroll best practices, it goes a long way in helping them save on costs.

Integration

Integration is the soul of payroll practices. Once payroll practices are integrated into other practices such as HR, administration, tax, electronic attendance monitoring and so on, the result is that there is a lot less effort, time and cost that are involved in carrying out day-to-day payroll practices, which become a lot more lubricated and easy.

Avoid duplication

This of course, is a very obvious statement. Banal as it might sound, it makes enormous sense for organizations to carry out this one simple best practice. Duplication may sound innocuous compared to frauds, but its impact on the work an organization has to do to sort it out is baffling. Avoiding duplication at all levels of the payroll is a major one among employee payroll best practices.

Read more :  https://www.trainhr.com/control/employee-payroll-best-practices

Human Resources Training, payroll best practices

Payroll Professionals need to Master Multistate Taxation

live-payroll-feature

Multistate taxation is a challenge for payroll professionals. Taxation professionals need to be very circumspect in dealing with it.

The reason for this is not difficult to seek. The term itself says it all. Although we have a uniform Federal taxation on some items; there are several others which vary from one state to another. This makes the knowledge of the structure of taxation in each state a payroll professional’s elementary functions.

What complicates the matter is that in relation to three important aspects of multistate taxation; rules vary from one state to another:

  • Where an employee lives in one state and works in another, or works in two or more states simultaneously
  • Where organizations have operations or businesses in more than one state
  • Reporting requirements vary for all states where the company has employees working or in some cases, living.

What the Payroll Professional Dealing with Multistate Taxation Should Look out For

The payroll professional has to be aware of several aspects of multistate taxation such as:

multistateTaxation

 

read more :   https://www.trainhr.com/control/multistate-taxation