Answer to Question #55130 in Other Economics for paul
The main steps and processes are:
1) Gather employee wage information.
2) Check to ensure that you have W-4 information for each employee to determine their marital status and withholdings.
3) Calculate employee's gross pay from employment agreement or time sheet.
4) Determine withholding amount for Federal Income Tax.
5) Calculate employee amounts for Social Security Taxes.
6) Calculate employee contributions for Medicare Tax.
7) Determine state and local tax liabilities based on your locality.
8) Deduct additional employee items such as retirement and savings plans, health insurance, charitable contributions or garnishments.
9) Process payroll manually or through your selected system.
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