It’s National Payroll Week! If You Manage Payroll for Your Company, This Post is for You!
This year, National Payroll Week is September 5-9 in the U.S. and September 12-16 in Canada. Because payroll is a service very near and dear to TriNet, we like to celebrate all things payroll on the TriNet blog every year at this time.
This year, we tip our hats to payroll professionals, especially those who oversee payroll for small to midsize businesses, the way TriNet’s payroll department does for our clients.
Payroll people have an important job – and one from which we all benefit! These are the people responsible for gross to net calculations of pay and everything in between, such as the withholding of taxes and the deduction of benefits. Payroll professionals calculate and deduct garnishments (TriNet alone does around 24,000 per calendar year), including multiple wage attachments for a single employee!
According to the National Payroll Week website, U.S. employers contribute, collect, report and deposit approximately $2.2 trillion - or about 67 percent of the annual revenue of the U.S. Treasury.
And this type of stuff just scratches the surface of what payroll professionals are expected to know at the ready. A good payroll team is expected to be able to explain:
- The priority of deductions
- Pre-tax vs. post-tax rules
- Department of Labor regulations related to minimum wage and overtime
- Retirement plan rules under ERISA
- Rules and regulations to maintain compliance with the United States Citizenship and Immigration Services
- And so much more!
However, as confusing and overwhelming as the payroll function may seem, our thousands of customers can find comfort in the fact that TriNet mitigates payroll and tax-related risks, giving them more time to focus on their business.
This communication is for informational purposes only; it is not legal, tax or accounting advice; and is not an offer to sell, buy or procure insurance.
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