The following payroll statistics will help you work out how certain employee changes might affect your business. In addition, they’ll help you prepare and learn about various innovative solutions that have the potential to lower your payroll expenses.
Key Payroll Statistics and Facts 2023
Payroll Statistics by Industry 2023
Employee Payroll Statistics 2023
Effects of Payroll on Employee Statistics 2023
Many employers are now adopting payroll software because it makes the payroll process easier and faster while reducing the risk of errors. However, it’s still important to be aware of common payroll mistakes.
Small Business Payroll Statistics 2023
How many payroll weeks in a year?
There are 52 work weeks in one year and pay periods typically add up as follows: Weekly payouts – 52 payroll weeks Biweekly payouts – 26 payroll periods Semi-monthly – 24 payroll periods Monthly – 12 payroll periods
What percentage is payroll tax?
In the US, payroll tax rates are as follows: Social security: 6.2% for the employer Social security: 62.% for the employee Medicare: 2.9%, which is also split evenly between both employer and employee
What percentage of expenses should payroll be?
Generally, your business payroll expenses should be between 15 to 30% of gross revenue. This is considered the safe zone for most types of businesses.
Conclusion
The modern workforce is constantly changing but paying that workforce, whether they are company employees, independent contractors, or gig workers, will always be a vital part of running a business. If you’re not aware of payroll trends, you could find yourself and your company being left behind and exposed to various legal liabilities. When you internally formalize your payroll processes or partner with a reliable payroll service, it makes life easier and more cost-effective. Sources: FitSmallBusiness NetSuite Ilostat Zenefits Flexitime About
