{"id":8212,"date":"2024-11-18T21:24:42","date_gmt":"2024-11-19T03:24:42","guid":{"rendered":"https:\/\/www.blockadvisors.com\/resource-center\/?p=8212"},"modified":"2024-11-24T18:15:12","modified_gmt":"2024-11-25T00:15:12","slug":"what-is-payroll","status":"publish","type":"post","link":"https:\/\/www.blockadvisors.com\/resource-center\/manage-your-business\/what-is-payroll\/","title":{"rendered":"Paying Your Employees: Understanding &amp; Processing Payroll"},"content":{"rendered":"\n<p>Let&#8217;s chat about a fundamental small business concept that only sometimes gets the spotlight it deserves: payroll.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-payroll\">What is payroll?<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"157\" src=\"https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2024\/11\/what-is-payroll-1.jpg\" alt=\"A small business owner writing payroll checks\" class=\"wp-image-8215\"\/><\/figure>\n<\/div>\n\n\n<p>Most small business owners \u2013 whether they operate a sole proprietorship, within a partnership, an LLC, an <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/manage-your-business\/s-corp-filing-guide\/\">S corporation<\/a>, or a C corporation \u2013 look forward to making a return on their business. Depending on your structure, you may even be considered an employee yourself and <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/manage-your-business\/s-corp-reasonable-compensation\/\">receive a paycheck<\/a>. If your business is growing, you may <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/build-your-business\/how-to-hire-employees\/\">employ other workers<\/a> as well. Paying employees is done via your payroll system. In a nutshell, these systems calculate, manage, and distribute employees&#8217; salaries and wages.&nbsp;<\/p>\n\n\n\n<p>Payroll is not just about doling out money; it\u2019s a major part of your small business&#8217;s financial processes. It involves everything from tracking employee hours and factoring in <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/small-business-services\/how-much-is-overtime-pay\/\">overtime<\/a> or bonus pay to deducting taxes, insurance, benefits, and other deductions as required by federal and state law. In addition, it covers required federal and\u00a0state report filings.\u00a0<\/p>\n\n\n\n<p>Behind this seemingly simple concept is a complex orchestra of moving parts, such as:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Inputting hours and employment data&nbsp;<\/li>\n\n\n\n<li>Number crunching to arrive at the proper amount&nbsp;<\/li>\n\n\n\n<li>HR expertise to make sure you&#8217;re aligned with the right employment rules&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Payroll journeys can differ from employee to employee. They can also vary from one pay period to another because of overtime, sick pay, and other benefits. Often, final payroll paychecks come out in different amounts for each employee, depending on their role, seniority, and benefit elections.&nbsp;<\/p>\n\n\n\n<p>Payroll can be a significant business expense. Fortunately, the cost of prep is almost always tax deductible. This means the expense can be deducted from the business&#8217;s gross income, lowering taxable income. However, there may be specific rules and limitations based on the type of <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/small-business-owners\/business-entity-101\/\" target=\"_blank\" rel=\"noreferrer noopener\">business entity<\/a> and local tax laws.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-payroll-withholding\">What is payroll withholding?<\/h2>\n\n\n\n<p>Payroll withholding is the slice of an employee\u2019s paycheck that you, as their employer, take out for taxes the employee must pay. When an employee is paid, it\u2019s not just a simple salary transfer. Small business owners must withhold a portion of an employee&#8217;s payroll to cover:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Federal income taxes, state taxes, and municipal taxes (if applicable)&nbsp;<\/li>\n\n\n\n<li>The employee portion of <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/small-business-tax-prep\/what-is-the-fica-tax-rate\/\" target=\"_blank\" rel=\"noreferrer noopener\">FICA tax<\/a> (Social Security and Medicare)&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>The Form W-4 is a key document that helps you determine payroll withholding amounts because it shows the employee\u2019s filing status and withholdings. Withholding is required by law, including the above taxes and any other legally mandated withholdings. These subtractions are non-negotiable and are determined by regulatory bodies like federal and state governments.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-a-payroll-deduction-nbsp\"><strong>What is a payroll deduction?<\/strong>&nbsp;<\/h2>\n\n\n\n<p>A payroll deduction is also an amount subtracted from an <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/small-business-owners\/things-consider-when-setting-employee-compensation-levels\/\">employee&#8217;s paycheck<\/a> to cover various expenses or obligations. Payroll deductions cover a range of items, such as various types of benefits and retirement plan contributions.<\/p>\n\n\n\n<p>These deductions are generally voluntary or optional and depend on the choices made by the employee. They may include health insurance premiums, retirement plan contributions (ex. 401(k)), life insurance, charitable contributions, flexible spending account contributions, etc. Employees can participate in these programs or opt out based on their preferences and needs.&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>NOTE: 401k deductions are exempt from federal, state, and local taxes but not from Social Security &amp; Medicare withholding.<\/em>&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>But you may still wonder, \u201cWhat is a payroll tax expense?\u201d To clarify, Payroll tax expenses are those costs that the employer covers, such as the employer portion of the FICA tax. Learn more in our <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/small-business-services\/payroll-tax\/\" target=\"_blank\" rel=\"noreferrer noopener\">Payroll Tax Guide<\/a>.\u00a0<\/p>\n\n\n\n<p>Why does this matter? As a small business employer, you are responsible for accurately calculating amounts to withhold or deduct from each paycheck. The\u00a0amounts are then allocated to the appropriate recipients, such as the IRS, for withheld federal taxes and other designated entities, such as the plan administrator for 401(k) contributions.<\/p>\n\n\n\n<div class=\"wp-block-create-block-hrb-large-article-cta\" class=\"wp-block-create-block-hrb-large-article-cta\" style=\"background-color:#005d1f\"><div class=\"hrb-large-article-cta--image\" style=\"background-image:url(&quot;https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2021\/07\/Payroll-help.jpg&quot;);background-size:contain;background-position:center;background-repeat:no-repeat\"><\/div><div class=\"hrb-large-article-cta--copy #ffffff\"><h3 class=\"main-heading\">Payroll services made simple<\/h3><p class=\"main-copy\">Cross paychecks off your small business to-do list<\/p><div class=\"quick-links-list\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.blockadvisors.com\/small-business-payroll-services\/\">Learn more<\/a><\/div>\n<\/div><\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-payroll-process\">The payroll process<\/h2>\n\n\n\n<p>Calculating payroll tax for small businesses requires two figures: salaries and deductions. When subtracting the two, you arrive at an employee\u2019s net pay. Learn more about <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/small-business-services\/payroll-tax\/\" target=\"_blank\" rel=\"noreferrer noopener\">how to calculate payroll taxes step-by-step<\/a>.&nbsp;<\/p>\n\n\n\n<p><strong>The different ways to run payroll<\/strong>&nbsp;<\/p>\n\n\n\n<p>There are several methods to calculate payroll taxes. Here are some common ways:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Manual calculation: <\/strong>This involves crunching the numbers yourself using tax tables provided by the IRS. Based on each employee&#8217;s earnings and withholding allowances, you can determine the federal income tax, Social Security tax, Medicare tax, and state and local taxes to account for. A word of caution if you\u2019re calculating and running payroll yourself: You must stay current with tax laws and changes affecting the tax calculations. Tax rates and regulations change yearly. So, do your research to ensure your knowledge is current. Taking care to get your numbers correct may help you avoid complications down the line.&nbsp;&nbsp;<\/li>\n\n\n\n<li><strong>Payroll software<\/strong>: <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/small-business-services\/payroll-software\/\">Software programs<\/a> streamline the payroll tax calculation process. They usually factor in current tax rates, deductions, exemptions, and credits based on the employee&#8217;s details. Then, the software will generate the necessary deductions for each paycheck. However, often, software won&#8217;t provide you with hands-on support when you run into questions or issues.&nbsp;<\/li>\n\n\n\n<li><strong>Payroll services: <\/strong>Many small businesses outsource the payroll process to accounting firms or other service providers. Small business owners may find peace of mind knowing they have a real human expert to rely on to handle tax calculations and filings. Furthermore, these experts make a point of staying current with tax laws so they can serve their customers well. Handing off your payroll to an external service can put your mind at ease so you can focus on other mission-critical responsibilities.&nbsp;<\/li>\n<\/ol>\n\n\n\n<p>Whatever path you choose, remember that payroll taxes require accuracy. Mistakes can lead to penalties, fines, and unhappy employees. Whether you\u2019re interested in managing this responsibility on your own, using an online payroll software service like <a href=\"https:\/\/www.waveapps.com\/payroll\" target=\"_blank\" rel=\"noreferrer noopener\">Wave<\/a>, or getting external help from a small business payroll expert at <a href=\"https:\/\/www.blockadvisors.com\/small-business-payroll-services\/\">Block Advisors<\/a>, you have options that will allow you to eliminate the hassle and keep your focus on what you love.\u202f&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-else-do-employers-need-to-do-nbsp\">What else do employers need to do?&nbsp;<\/h2>\n\n\n\n<p>The information above will help you navigate payroll for your employees\u2019 paychecks. But there are more duties on your plate as a small business owner. Learn about <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/small-business-services\/payroll-tax\/\" target=\"_blank\" rel=\"noreferrer noopener\">other employer payroll tax responsibilities<\/a>.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-navigating-paying-employees-with-expert-guidance-nbsp\">Navigating paying employees with expert guidance&nbsp;<\/h2>\n\n\n\n<p>Understanding payroll basics can help you track business finances, organize your books, and comply with tax obligations.&nbsp;<\/p>\n\n\n\n<p>Let our experts lighten your load, in person or virtually, year-round. Our\u202f<a href=\"https:\/\/www.blockadvisors.com\/small-business-tax-preparation\/\" target=\"_blank\" rel=\"noreferrer noopener\">taxes<\/a>,\u202f<a href=\"https:\/\/www.blockadvisors.com\/small-business-bookkeeping-services\/\" target=\"_blank\" rel=\"noreferrer noopener\">bookkeeping<\/a>,\u202f<a href=\"https:\/\/www.blockadvisors.com\/small-business-payroll-services\/\" target=\"_blank\" rel=\"noreferrer noopener\">payroll preparation<\/a>, and\u202f<a href=\"https:\/\/www.blockadvisors.com\/business-formation-incorporation-services\/\" target=\"_blank\" rel=\"noreferrer noopener\">incorporation<\/a>\u202fservices are designed with small business owners like you in mind.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"www.blockadvisors.com\"><img decoding=\"async\" src=\"https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2024\/09\/Block-Advisors_Primary_RGB.png\" alt=\"Block Advisors Built by H&amp;R Block\" class=\"wp-image-8072\" style=\"width:250px\"\/><\/a><\/figure>\n<\/div>\n\n\n<p><em>This article is for informational purposes only. The content may not constitute the most up-to-date information and should not be construed as legal advice.&nbsp;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Let&#8217;s chat about a fundamental small business concept that only sometimes gets the spotlight it deserves: payroll. What is payroll?\u2026<\/p>\n","protected":false},"author":1,"featured_media":8213,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1237,15],"tags":[],"class_list":["post-8212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manage-your-business","category-small-business-services"],"acf":[],"yoast_head":"<title>What is Payroll: Understanding and Processing Payroll | Block Advisors<\/title>\n<meta name=\"description\" content=\"Employers are responsible for running their business&#039;s payroll. 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