In the event of death, the life insurance company provides money to the beneficiary, usually a relative. Life Insurance – This deduction is used if an employer provides the life insurance coverage. It is deducted at each payroll cycle or once in a month. Health Insurance – medical, dental and vision health insurance premiums are voluntary deductions but they cover the high cost of medical care, wherein employer may contribute partially to this program.Net Pay is the amount of money an employee receives on the payday after the deduction carried out by the employer. For example, if the employer agrees to pay an employee $24000 annually on a monthly pay frequency, the employee’s gross pay per paycheck will be $2000. Gross Pay is the amount without any deduction. The total amount agreed upon is called gross pay. What is the difference between Gross Pay and Net Pay?ĭuring the time of hiring, the employee will agree to be paid either annual salary or on hourly basis by the employer. Paycheck can be given in the form of a written check or direct deposit to the employee. It is a commitment of employer made with the employee when the employee was hired. Paycheck is issued by an employer to an employee for the compensation of their work. Difference between Gross Pay and Net Pay.benefits, deductions, check, and direct deposit. In this blog, we will try to help you understand the basics of paycheck i.e. 2017 Overall Rating: 4.This blog is a part of our educational campaign on the occasion of National Payroll Week. CheckMark Payroll from CheckMark is a good fit and offers great value for small and medium-sized businesses and accounting firms that process payroll for multiple clients. Users will receive updated tax tables and continued support with their purchase of the year-end update. Pricing for CheckMark Payroll starts at $359.00, with the option of adding additional support. Both Priority and Professional Support offer phone, email and fax support options, as well as online access to program fixes. Three levels of technical support are available: Priority, Professional and Installation only. Users can also access the Quick Start Guide, Knowledge-Base and request Support directly from the user interface. The payroll application does not offer any HR tools at this time, however Checkmark offers their customers access to powerful HR and Time-Keeping solutions.ĬheckMark Payroll offers Help functionality throughout the application users have access to the complete program manual from the user interface screen. The product does not offer access to previous check stubs or W-2’s. Data can also be imported from many third-party applications including QuickBooks.ĬheckMark Payroll does not offer client or employee portals, though employees signed up for direct deposit can receive a current check stub via email in PDF format. The product also seamlessly integrates with CheckMark’s Multiledger, which offers complete GL, AR, AP, Inventory and Job management capability. Though CheckMark Payroll does not offer direct integration with time-keeping systems, users can easily import hours directly from timekeeping software. CheckMark supports E-filing both W-2’s and W-3’s to the SSA along with most states that accept electronic filing. The program also prints all federal tax reports, along with both state and local tax reports. Users can easily export all reports to a text or Excel file for customization.ĬheckMark Payroll prints payroll tax forms including 940, 941, 943, W-2, and W-3 forms, and will print on blank paper or pre-printed forms, which CheckMark offers at competitive prices. Tax tables are available for all 50 states and U.S terroritories, and CheckMark offers payroll reporting options, including Employee Information Report, Employee Earnings Reports, as well as Income and Deduction Reports. Users can also import hours in a text format by matching employee names or employee names and Social Security numbers.ĬheckMark Payroll supports both after-the-fact payroll and single check processing, ideal for entering manual checks. Users can carry forward previous check totals, which is great when processing a large number of salaried employees. The program features a user-friendly interface that displays all current employees and columns showing different types of pay categories such as Regular, Overtime, Double Time and common deductions such as Sick, Vacation, and Comp Time. Once the company is open, users can select the desired function from a vertical menu on the left side of the screen. Users can access a company by selecting the appropriate database and choosing the company from the list. The built-in activity log allows accountants to easily view all payroll and tax entries made in the system for each client. CheckMark’s payroll program supports setup of multiple companies, convenient for accountants handling payroll for multiple clients.
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