Being a skilled payroll professional means that you need to know how to sustain any business compliance. Being up-to-date with the latest regulations and procedures forms part of the payroll duties. Moreover, a payroll specialist needs to perform payroll and to manage taxes preparation in order to offer any related software, training or support services to a company’s client and to simultaneously help the business to pay employees on time.
Get the experience
Learn to become a payroll professional! The first step is to gain enough experience for the position. Although you can qualify for some basic casual jobs such as a payroll technician, payroll practitioners or payroll system analysts with college diplomas, or with degrees in accounting and business administration, you can effectively make your profile to stand-out as a candidate. These courses shall include tax preparations, finance, accounting and payroll processing which you might need before getting started.
4 Things You Need to Know About Payroll
Exempt Employee vs. Non-Exempt Employee
When working, there’s two types of employees, the exempt employee and the non-exempt employee. The difference is that exempt employees are not paid for overtime work while non-exempt employees are entitled for overtime pay.
Employee vs Independent Contractor
An employee is an individual employed by an employer to do a specific job who’s entitled to a potential salary along with certain benefits specified with an offer letter, a sign and written contract compared to an independent contractor who works for a company without any benefits of a contract basis.
New Hire Procedures
There are multiple steps and procedures before attempting to hire the most qualified candidates. As a payroll professional, staying aware of all the latest human resources practices is fundamental. It can be throughout job postings, recruitment advertising such as newspapers, television, social platforms and others.
Payroll taxes are taxes imposed on employers and employees and normally calculated as a percentage on salaries