Compensation & Taxation Procedures Manual

Payroll Administrators must be able to:

• Properly "classify" workers
• Apply the various exemptions
• Calculate gross pay and properly make deductions
• Correctly identify, pay, and withhold taxes for employees
• Administer deferred compensation, cafeteria plan, sick pay, and other compensation
• Handle stock options, expense reimbursements, relocation, and other "expenses"
• Follow the proper policies, procedures, and documentation requirements for garnishments and levies
• Properly complete and file all required reporting requirements
• Correctly complete year-end requirements and establish year-beginning requirements
• Implement and maintain fraud, audit, disaster recovery, and record retention processes and procedures

A Compensation Plan consists of the salary, wages, commissions, benefits, and perqs paid to attract and retain employees.

Compensation planning is the process of defining and implementing the strategies that will be used to attract, motivate, and retain talent to help an organization meet its operating objectives and employee needs.

Some of the work involved in developing a Compensation Plan includes analyzing and evaluating jobs, performing market surveys, writing job descriptions, and communicating and evaluating your plan.

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In addition to ensuring that employees are paid correctly and on time, "Payroll" has numerous time and reporting requirements. The primary payroll areas include paychecks, reporting, operations, and management.

ERISA does not require any employer to establish a retirement plan. It only requires that those who establish plans must meet certain minimum standards.

While many payroll-related regulations are federally-governed, there also are many state requirements, including those for handling garnishment, final paychecks, and unclaimed paychecks. Each state's requirements differ in the details, so be sure to check your state's requirements by clicking the applicable link(s) at the bottom of this page.

Yes. Certain types of Compensation Plans do require a written plan document, plus have certain notice and reporting requirements.

Payroll is much more than just handing out paychecks, and includes a variety of responsibilities such as handling garnishments, travel pay, multi-state taxation, unclaimed paychecks, and much more in a timely and accurate fashion.