25 Common Payroll Terms | Whitepaper Guide for Your Business

25 Common Payroll Terms You Should Know

As a small business owner, you probably don’t know very much about payroll. You’re probably an expert in your product or service, but not an expert at compensation and taxes. You likely don’t have a degree in accounting or finance. Payroll is simply a task you must do because you have employees.

Having basic payroll knowledge can make your payroll process simpler. If you are running payroll for your small business, there are common payroll terms you need to understand. You can download a free guide that explains 25 payroll terms that you will come across as you run payroll.

Improve your payroll program with this free guide.

When you download our guide, you will receive 25 common payroll terms and acronyms. Each term comes with a simple definition, which gives you a basic understanding of the term.

Every term comes with a link to a related article. If you want more information about a term, you can click the link to get more in-depth information and examples.

Example from the guide:Deduction

As an employer, you have to withhold money from employee wages. A deduction is the amount you withhold. Laws require all employers to deduct wages for taxes. You can also voluntarily deduct wages for health insurance, retirement plans, life insurance, etc.

To learn more, read “An Overview of Payroll Deductions.”

Benefits of downloading this guide

The guide will help you increase your payroll knowledge and strengthen your payroll program.

When you increase your payroll knowledge, you can increase the accuracy of your payroll program. Understanding payroll terms can reduce errors in your payroll program.

Basic payroll knowledge makes following payroll laws easier. When you have a better understanding of what the laws mean, you can be compliant.

Also, if your employees ask you questions about payroll, you can give better answers. Your increased payroll knowledge can enhance your communication with employees.

Start improving your payroll process now. Download “The 25 Payroll Terms Every Small Business Owner Needs to Understand.”

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