Payroll Services

VSEM services private limited provides pay roll services in industries and gov. organization. Payroll management is an important part of any business because it helps improve employee engagement and regulatory compliance. Without an efficient, accurate means of paying employees, depositing and filing taxes, and maintaining records, employers could face wage claims and expensive penalties.

Our company follows the process of payroll

1. Pre-payroll

Employers gather relevant data for the pay period based on defined company policies and regulatory requirements, including hours worked by non-exempt employees, exception time (i.e., vacation,duty, etc.) and employee adjustments, such as new hires, separations, salary increases or changes to benefit deductions and tax withholdings. This information is then verified and used to process payroll.

2. Calculations

Employers calculate the total gross pay each employee earned during the pay period and withhold taxes and deductions, resulting in net pay. They also accrue their own tax liability for the same time frame.

Once gross wages are calculated for each employee, employers must process certain payroll deductions, including:
  • Taxes:- Employers deduct taxes based on their employees’ withholding certificates and total taxable wages.
  • Voluntary deductions:- Written authorization from employees is required before an employer can deduct retirement plan contributions, health or life insurance premiums, or union dues.
  • Mandatory deductions:- Employers will usually receive an official order from a government agency or court notifying them that they must withhold IRS or state tax levies, child support or other wage garnishments.
    When all deductions are subtracted from the gross wages, the result is the employee’s net or take home pay.

Strengths

  • Single Point of Contact.
  • Specialized in German Compliance
  • Modular approach for easy cost management
  • Reduction of transactional costs
  • Legal and risk management
  • Corporate Governance