Payroll service providers and sometimes companies themselves manage payroll expenses. Payroll expenses include employee salaries and payroll taxes. Payroll taxes are of five different types such as Medicare, Federal unemployment, Social Security, State unemployment and Work men’s compensation. These taxes are paid sometimes on monthly, quarterly or annually basis which depends entirely on the gross amount of wages. Below mentioned 6 steps will help you out to calculate the payroll expenses for your organization.
Step 01: Calculate Social Security taxes:
To calculate the …Read More