One of the most important decisions businesses make is hiring employees. With the hiring of employees, comes the responsibility to adhere to labor laws and payroll regulations, the accurate calculation of wages and deductions as well as the submission of payroll taxes to government agencies. Business owners must decide whether to hire independent contractors or employees, withhold federal taxes, Social Security, Medicare taxes and state / local taxes. In addition, employers must file tax forms, such as Form 941 and issue Form W-2s at year-end.

This video provides knowledge about calculating employee earnings and understanding payroll taxes. It explains various methods of calculating wages and highlighting the importance of legal compliance with regulations such as the Fair Labor Standards Act (FLSA). By understanding payroll processes and tax regulations, businesses can mitigate financial risks and ensure fair compensation for employees. Your homework and the unit exam includes exercises / questions about the topic of payroll and payroll taxes.

Ask yourself:
Do you understand the different methods of calculating employee earnings, including hourly rates, salaries, commissions, and piece-rate basis?
Are you aware of the legal regulations surrounding payroll, such as the Fair Labor Standards Act (FLSA) and minimum wage laws?
Do you know how to calculate payroll taxes, including federal income tax, Social Security tax, and Medicare tax?
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