PAY ROLL
What is Payroll?
Payroll is the process of compensating employees by calculating wages,
deducting taxes and withholdings, and issuing payments. It includes:
● Calculating Earnings: Gross pay based on hours, salaries, bonuses, and overtime.
● Withholding Deductions: Taxes, benefits, and retirement contributions.
● Issuing Payments: Disbursing net pay through direct deposit or checks.
● Maintaining Records: Keeping accurate records for compliance and reporting.
Who Needs Payroll?
Why Run Payroll?
● Accurate Compensation: Ensures fair and timely payment.
● Legal Compliance: Meets tax and employment regulations.
● Financial Management: Aids budgeting and cash flow management
● Benefits Administration: Manages deductions and compliance.
● Employee Satisfaction: Enhances trust and retention.
How to Run Payroll?
Many companies and organizations choose to run payroll based on budget or convenience, therefore they have the option to do it: In-House,Payroll Software, Payroll Service Providers,Accounting Firms, or Online Platforms. Outsourcing payroll takes away the busy work of managing finance and legal compliance affiliate with such tasks. Here at MCG Service we partnered with leading companies in the industry that are right for you in every step of the journey. As your business grows so will your need for payroll services, because one size doesn’t fit all. Get started today on payroll.
