Payroll Services
My Paycheck
This section lists your employee ID#, Pay Group, and if you are eligible (non-exempt) for overtime or not eligible (exempt). It also lists your Business Unit.
Pay Period Begin and End Dates list the time period for which you are being paid. Biweekly pay is issued two weeks after the pay period end date. Check Number is displayed for all payments, but is only utilized by employees who are receiving a paper check. Otherwise, it is an internal tracking number for Direct Deposits. Check date is the date of payday.
The Tax Data section includes your tax withholding elections for Federal and State tax. This includes your marital tax filing status, the number of allowances you have elected, and any additional tax amounts you requested to be withheld (defaulted values are Single with 0 allowances). Your work locality is displayed here as well (resident and school district localities will also display if elected).
The Hours and Earnings section lists your earnings information by type for the Current Pay Period and Year-to-Date. Rate, Hours, and Earnings are displayed. Earnings types include, but are not limited to:
Regular Earnings
Paid Leave (including sick leave, vacation and family leave)
Other Earnings (such as Overtime, Supplemental Compensation, Off Duty, Staff Awards and Bonus pay)
Fringe Benefits such as Educational Assistance, Tips, Vehicle Reporting, Taxable Gross Income (TGI) which includes Gift Cards, and Athletic Activities you have received from the University which the IRS regards as taxable income. The value of these benefits are added to your earnings and taxes are calculated on them, but they are not added to your net pay as you have already received the benefit.
Retroactive payments
Adjustments (which can be a positive or negative amount, depending upon the adjustment being made).
The Taxes section is an itemization of the taxes that have been withheld for the Current Pay Period and/or Year-to-Date. These can include Federal, State, School District, Local, and FICA Medicare Hospitalization Insurance Tax.
Before-Tax Deductions are subtracted from your earnings before taxes are calculated and subtracted. Deductions and amounts are listed for the Current Pay Period and Year-to-Date. Examples of Before-tax deductions include medical, dental and vision premiums, retirement contributions for the Alternative Retirement Plan (ARP), Public Employees Retirement System (PERS) or State Teachers Retirement System (STRS), Before-tax retirement service credit purchases, Flexible Spending Account contributions and Parking Fees. See Deductions and Mandatory Garnishments for additional information.
After-Tax Deductions are subtracted from your earnings after the Before-Tax Deductions and taxes have been subtracted. Deductions and amounts are listed for the Current Pay Period and Year-to-Date. Examples of After-tax deductions include donations to eligible charitable organizations, union dues, Child Support withholding and retirement service credit purchases. See Deductions and Mandatory Garnishments for more information.
The Employer-Paid Benefits section shows you the University’s cost for your benefits. Costs are listed for the Current Pay Period and Year-to-Date. These are NOT deducted from your earnings. For employees with a taxable amount of Group Term Life Insurance (GTLI), it is displayed in this box as Group Life and is added to your taxable gross income.
This summary section shows the Current Pay Period and Year-to-Date amounts for Total Gross Pay, Federal Taxable Gross Pay, Total Taxes withheld, Total Deductions withheld, and Total Net Pay. Total Gross may not match the Total Earnings in Box 4 on your paystub due to taxable fringe benefits.
Net pay is the balance of your pay remaining after taxes and deductions are withheld. It is also referred to as your “take-home” pay.
This section displays Current and Year-to-Date vacation, sick time, compensatory time and military leave balances. All employees will have 176 hours of military time listed initially, but only service members on active duty may use it. Wexner Medical Center employees will not have their balances displayed here, instead, they will need to login to OneSource.
The Net Pay Distribution section displays the method in which you receive your pay. If you are enrolled in direct deposit, the account type, name of the financial institution, and the last four (4) digits of the account number are displayed, as well as the amount deposited into your account/s. If you receive a paper check, the check number (also seen in Box 2) will be displayed and indicate Issue Chk.
QUESTIONS TO ASK WHEN CHOOSING A PAYROLL SERVICE PROVIDER
As a small or startup business professional, payroll might seem like the last logistic you’d like to figure out. Your first crucial human resources investment should be in tools to get compensation right, but after that it makes sense to take a look at automating other HR processes, such as payroll. Learning how to file business taxes and payroll paperwork might not be your idea of time well spent, so hiring a payroll provider could be a strategic option.
Most providers offer relatively inexpensive services for small businesses, and make your business operations that much easier. Here are some important questions to ask your payroll service provider to gain a clear understanding of their services and costs.
What services are included, and what are not?
Many payroll service providers offer a variety of services besides simple payroll and tax accounting. You can outsource your entire HR department if you find that administrative work is too time-consuming for your company to do on its own. Be sure you know what specific services you are signing up for, and what they are not expected to cover for you.
Can I see a sample
check stub?
Examining a sample check stub provided by your payroll
company will help you to understand how their services stack up when it comes down to the important details. If you receive the sample stub and can’t sort out payments from deductions, for example, then you they might not be the best option for you.
Payroll: Basics, process & more
Payroll mistakes can happen faster than you think. For a moment, think about the employees for whom monthly salary is the only source of income. Imagine what if the salary is not paid accurately or there is a delay in releasing salary. Such irregularities can take a toll on the morale of the employees and ultimately affect the business productivity.
While ensuring accurate and timely payment of salary is important, adhering to the various laws and regulations such as labor law, PF, PT and other statutory compliance is also critical. Non-adherence with these laws can attract serious legal and financial consequences.
To make sure that your employees are happy and you are law compliant, you need to have a proper understanding of what payroll is and how to run payroll effectively. We will start with the basics of payroll.
Payroll is a list of employees who get paid by the company. Payroll also refers to the total amount of money employer pays to the employees
As a business function, it involves:
Developing organization pay policy including flexible benefits, leave encashment policy, etc.
Defining payslip components like basic, variable pay, HRA, and LTA
Gathering other payroll inputs (e.g., organization’s food vendor may supply information about the amount to be recovered from the employees for meals consumed)
The actual calculation of gross salary, statutory as well as non-statutory deductions, and arriving at the net pay
Releasing employee salary
Depositing dues like TDS, PF, etc. with appropriate authorities and filing returns
LOOKING FOR PAYROLL SERVICES? HERE ARE THINGS TO CONSIDER
One of the most important parts of owning a business is payroll. It’s can also be very costly if not done correctly. In 2013 alone, the IRS issued $4.5 billion dollars in penalties to businesses who incorrectly calculated their payroll taxes. Not only that, but there are also varying salaries, shift differentials, benefit contributions, and many other factors to take into consideration when paying employees. It can be overwhelming for even the smallest of companies.
Does the service do everything I need it to do?
Because there is more to payroll than just cutting checks, look for a solution that consolidates your payroll, HR, workers’ comp, health benefits, and 401k into a single human capital management system. At Payroll & Benefit Solutions, we provide a total HCM system on a single software platform that allows you to manage all aspects of your workers’ employment from on-boarding to separation.
What kind of customer service can I expect?
Businesses run at all hours and so should your payroll provider. Because questions and issues can come up at any time, look for a company that offers around the clock support. It’s also worth looking for a company that provides Single-Point-of-Contact Support. Save yourself time and hassle with dedicated support who knows your story rather than starting from the beginning with someone new every time you reach out. Payroll & Benefit Solutions provides every business with a dedicated account manager that can assist you with all of your needs and questions.
Is their technology in step with current trends?
Technology is always changing, and you need a payroll provider who is on top of the latest trends. There are more options to getting money to employees these days. Physical checks, direct deposit, and reloadable debit cards are all options to consider when researching companies. In addition to that, you need to look into how user friendly their software is. Cloud-based options make it easy for you and your employees to keep track of and update important information from any internet connected computer instead of submitting requests that can take days to process.
How safe will my business’ and my employees’ information be?
Sharing sensitive data with an outside company can be scary. Breaches and crashes have been in the news more often so it’s imperative you look in to how your data is stored. Look for a company who can provide round-the-clock security and has a comprehensive disaster recovery system in place.
What To Ask When Choosing A Payroll Provider
Making the decision to outsource a facet of your business can be one of the most valuable and beneficial decisions you make.
Before you approach a payroll service provider, make sure your own house is in order. Consider the following to get an idea of your own needs and requirements
How complex is my payroll?
Make sure you have a full understanding of all the elements that go into your payroll runs before you approach a third party provider. You may need to pay colleagues located internationally, for example, that some third parties cannot accommodate.
What kind of payroll service do I need?
Payroll outsourcing commonly falls into one of two kinds. Depending on your needs and business structure, you may need more or less control over the process.
How secure is my payroll data in-house?
If you find your security lacking, you can opt to move your payroll data into the security of your third party provider. Make sure they have accreditations such as ISO 27001, which show they take security seriously.