What Is Included In Payroll?
Hey guys! In this video, we are going to discuss one of the most frequently asked questions that we get as agents…“What is included in payroll?”. The costs that are included in remuneration generally include, but are not limited to, the following:
- Gross salaries and wages
- Bonuses and Profit sharing
- Vacation, holiday and sick pay
- Overtime pay
- Tips and other gratuities up to minimum wage
- Payments to workers on a basis other than time worked
- Payments or allowances for hand tools or hand-held power tools that workers use to perform their jobs
- Rental value of an apartment or house provided to an employee
- Payments deducted from workers’ gross pay for retirement, cafeteria, or savings plans
- Payroll for employees of uninsured subcontractors
- Any adjustments necessary to bring included executive officers to the corporate minimum payroll of $58,760
We know that this list can be overwhelming and we are here to answer any of your questions!
See our fifth video on business audits.