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Payrolls are a basic document for any business that employs workers. In previous posts we have already told you how to read and understand your payroll as an employee, today we go to the other side and tell you everything you need to know to create a payroll step by step.

Normally companies have a person or an entire department whose function is exclusively to calculate and make the payroll of all workers, but if you are an entrepreneur who has just started your business and you must do all this work yourself, pay attention to the key concepts that we present below to calculate and create the payroll of your employees.

Although you surely already know what a payroll consists of, it never hurts to review the basic concepts. The payroll is the document that employees receive from the company each month and which specifies the salary they have received that month for the work performed or their salary compensation.

But the payroll is much more than that, it is an invoice in which the relationship between company and employee is reflected and in which very important data appear to take into account for the employee as the contribution of the worker to the Social Security or the IRPF retention that is applied to him.

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Calculating employee payroll is one of the key functions of Human Resources Compensation. This document specifies not only the employee’s salary, but also the employee’s income tax deductions and Social Security contributions.

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This document specifies different contributions and deductions, key information for both the employee and the company. These aspects include the amount that goes to Social Security and Personal Income Tax (IRPF) withholdings. It is important for the employee to know in detail his net salary and the different contributions he makes.

But calculating the payroll properly is also important for the company, since it allows it to keep a correct order in the different documents that make up the internal accounting, from the payroll reports, the proper calculation of Personal Income Tax and other withholdings.

To carry out the calculation of a payroll, we must take into account that four elements must be included in it: company and employee data, payments, deductions, Social Security contribution bases and Personal Income Tax.

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When receiving the payroll, you must pay attention to several aspects, starting with its organization. The structure of the payroll consists of: company identification data, employee data, settlement period, payments, deductions, contribution bases, liquid to be received and place of issue, signature and stamp of the company and the employee.

What is payroll portability? In Mexico, payroll portability is defined by the Bank of Mexico as “an alternative available to the employee so that his or her wages can be deposited in an account in another bank without the authorization of the employer and without the employee having to pay commissions. For this purpose, it is sufficient for the employee to make a request, either to the receiving bank (where he/she wants his/her remunerations to be deposited) so that said bank carries out the corresponding procedure in his/her name, or to the ordering bank (where his/her employer deposits or disperses him/her) so that he/she may transfer his/her remunerations to the bank of his/her choice”.

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QuickBooks Payroll Reports helps you verify you can pay a month, a portion or a 12-month total to the federal government for taxes you can pay. In Payroll Summary Reports, dates are produced through Paycheck best and now not simply Pay Period dates. In addition, the Payroll Summary Report is a scientific investigation of the invoices made to the workers. In addition, the file can also be started for a single period or for a time period in Chronology.

In most of these studies, Gross Salary comprises the rate and different bonuses. In addition, each and every time you reduce pre-tax deductions, such as a worker’s contribution to a 401(k) Plan, the amount is named Adjusted Gross Pay. On the other hand, Net Pay is the amount a worker will receive after taxes and every different after-tax change.

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By Rachel Robison

Rachel Robison is a blogger who collects information on court filings and notices.