Payroll Terms & Definitions Every Business Owner Needs To Know

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Unless an employee is exempt, staff members must get overtime pay if they work more than 4o hours in the workweek. Different workweeks may be developed for different employees or groups of employees. There are a couple of things that determine a staff member’s withholdings, including the employee’s earnings, marital status, number of dependents, and number of jobs. The number and type of withholdings for a staff member are determined by the details noted on an employee’s W4. The W4, also called an Employee’s Withholding Allowance Certificate, is an IRS type that a worker uses to show their tax scenario( exemptions and marital status, and so on ).

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