What elements are included in a business's payroll policy?
Asked 2 years ago
I am drawing up a payroll process for my business. I want to make sure I do not miss any regulations or requirements. I’m not familiar with some of the laws for payroll policies, but I want to avoid any unwanted penalties. Can someone please advise me on the main things I need to include in my business payroll policy?
Jadiel Macdonald
Monday, August 08, 2022
Your payroll policy should define details about your payroll process such as:
- Workweek beginning and end
- Breaks and/or lunch periods
- Timekeeping procedures
- Overtime rules
- Holiday pay
- Expense reimbursement
- Pay period beginning and end
- Hourly and salary pay dates
- Direct deposit or paper check payments
- Amount and treatment of taxes, garnishments, or voluntary benefits deductions
- Pay increases, adjustments, and advances
- Final paycheck procedures
You will need to consult federal and state regulations to determine what the rules will be for your business.
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