Do you know the true cost of employees? Employees cost more than just their salaries. You should consider the cost of benefits, payroll taxes, and other payroll liabilities when considering the total cost of employing a person. The Payroll Summary Report displays the employers cost for an employee.
This report displays all the items that are included with a paycheck. It shows all the items for Gross Pay, any deductions from the employees pay, taxes withheld from the employees pay, any additions to pay, such as reimbursements, and the employer taxes and contribution. You are able to see how much your company pays per individual and the total amount paid for all employees. Each section has its own total so you can easily see the amount for each category.
The most common extra costs of employees include payroll taxes and liabilities. These are the employers share of FICA and medicare, federal unemployment, state unemployment, and workmen’s compensation insurance. These are items that have to be paid for each employee. Added costs that companies can choose to give employees include, employer paid portions of health insurance or life insurance, stipends and allowances. Not all companies can or choose to offer these benefits to employees, but they are important to consider as costs of employment.