Posted on Jul 26, 2018

Ireti Workers Compensation

Outsource Your Payroll
By Kimberly Daise

When you outsource payroll to a PEO, it frees up your time to focus on the other responsibilities that come with running a business.
Correct Payroll Calculations
Payroll mistakes are the most common errors employers make. For example, classifying employees incorrectly, as exempt or non-exempt, creates an opportunity for further inaccuracies. Other payroll frequent errors occur include calculating overtime, holiday pay regulations, job costing, certified payrolls and handling payrolls with employees in multiple states. Here are some examples:
• You have not paid an “employee” correctly and may have missed overtime wages.
• You have not recorded work time correctly.
• You have not filed the correct federal and/or state tax forms.
• You may not have made correct contributions to retirement plans.
• You may not have given employees the appropriate benefits notices.
• You may not have been paying appropriate workers’ comp premiums or calculated the premium under an incorrect rate code.
Error in payroll calculations may lead to violations by the Department of Labor investigations resulting in fines and penalties. Partnering with a PEO, can help keep you in compliance with wage and hour laws.