Did you know payroll errors can account for 1.2% of an employer’s total payroll (Nucleus Research)? For a small business, it can mean thousands of dollars. This week marks the 18th annual National Payroll Week. The goal of this week is to celebrate those who process payroll and help American workers better understand their paychecks.
Payroll is a complex task where 99.9% accuracy is not good enough. Even the smallest mistake can significantly impact an employee’s finances. Therefore, many employers find it beneficial to work with a payroll professional to help reduce this administrative burden. Third-party payroll providers help to process payrolls, transfer employee direct deposits, taxes and deductions, as well as prepare and file year-end tax forms. Continue reading the infographic below for more interesting payroll and tax facts:
Photo Credit: 401(K) 2012