7 Considerations When Preparing Your Payroll Budget Most companies spend 20% to 30% of their annual revenue on payroll. The exact amount varies based on the employer’s size, industry, and staffing and operational needs. In some industries, such as service, it’s not uncommon for payroll to encompass up to 50% of revenue. For other industries,Continue reading “7 Considerations When Preparing Your Payroll Budget”
The payroll tax rates and contribution limits for 2022 have been released, and there are lots of changes. Click through to see exactly what is changing so you can make plans for the coming months.
7 Key Aspects of Payroll Compliance 1. Federal wage and hour laws The Fair Labor Standards Act (FLSA) sets the federal wages and hour standards which are administered by the U.S. Department of Labor. These standards cover: Federal minimum wage. Overtime pay and exemptions. Work hours, including meals and rest breaks. Child labor, including permissibleContinue reading “7 Key Aspects of Payroll Compliance”
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