Managing a Payroll Cycle

1 Setting Payroll Frequency: Decide how often employees are paid (weekly, bi-weekly, semi-monthly, or monthly).

2 Collecting Employee Data: Gather personal and tax information, and set up direct deposit details.

3 Calculating Wages: For hourly employees, multiply hours worked by their hourly rate. For salaried employees, divide annual salary by the number of pay periods.

4 Deducting Taxes and Other Contributions: Calculate and withhold appropriate federal, state, and local taxes, and make deductions for benefits or other contributions.

5 Issuing Payments and Record-Keeping: Process payments via direct deposit or checks, and maintain accurate payroll records for legal compliance and reporting.

This summary covers the essential elements of payroll management in a concise manner suitable for a short assignment.