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PAY R O L & TA X S E R V I C E S THUS/TTU/TTU HSC/TTU HSC EL PASOJanuary / February 20162015 Tax Form DistributionVolume 3, Issue IIN this issue:All FAQs can be found on the Payroll & Tax Services

How to fill out pay r o l

How to fill out pay r o l:

1. Obtain the necessary forms: Begin by collecting the appropriate payroll forms from your employer or the entity responsible for payroll processing. This typically includes a pay r o l form or spreadsheet template.
2. Enter employee information: Enter the necessary information for each employee, such as their full name, employee identification number, social security number, address, and tax withholding status. Ensure accuracy to avoid any issues or discrepancies.
3. Calculate hours worked: Record the hours worked by each employee during the payroll period. This may include regular hours, overtime hours, and any other relevant information based on your company's pay policies.
4. Determine pay rates: Enter the pay rates for each employee, including their regular hourly wage, overtime rate (if applicable), and any additional bonuses or commissions they may be entitled to. Double-check for accuracy.
5. Calculate gross pay: Multiply the hours worked by the corresponding pay rates to calculate each employee's gross pay for the payroll period. Add any additional earnings to the regular pay if applicable.
6. Deduct taxes and other withholdings: Subtract federal, state, and local taxes from the gross pay based on each employee's tax withholding status and the current tax brackets. Also, deduct any other withholdings such as employee benefits, retirement contributions, or wage garnishments.
7. Calculate net pay: Subtract the total deductions and withholdings from the gross pay to determine each employee's net pay. This is the amount they will receive after taxes and other deductions.
8. Print or distribute paychecks: Once you have completed the calculations for all employees, you can either print out physical paychecks or set up a direct deposit system to distribute the payments.
9. Maintain accurate records: It is important to keep thorough records of all payroll transactions, including the pay r o l forms, timesheets, pay stubs, and any other relevant documents. This ensures compliance with tax regulations and assists in resolving any potential discrepancies or audits.

Who needs pay r o l:

1. Employers: Businesses of all sizes, including sole proprietors, partnerships, corporations, and non-profit organizations, require pay r o l to properly compensate their employees and comply with employment laws and regulations.
2. Employees: Every employee working for an organization needs pay r o l to receive their wages accurately and on time. Pay r o l provides them with a breakdown of their earnings, deductions, and taxes withheld.
3. Human Resources: The HR department within a company is responsible for managing pay r o l processes and ensuring proper communication between employees and the financial department. They handle onboarding new hires, updating employee information, and addressing any pay related inquiries or issues.

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What is pay r o l?

Payroll is the process by which employers pay an employee for the work they have completed. It includes deductions, bonuses, and taxes.

Who is required to file pay r o l?

Employers are required to file payroll for all employees, including full-time, part-time, and temporary workers.

How to fill out pay r o l?

Payroll can be filled out manually or using payroll software. It requires inputting employee hours worked, wages, deductions, and taxes.

What is the purpose of pay r o l?

The purpose of payroll is to ensure employees are paid accurately and on time, while also complying with tax regulations and reporting requirements.

What information must be reported on pay r o l?

Payroll must include employee wages, hours worked, deductions, taxes withheld, and any bonuses or commissions.