WHAT ARE THE DIFFERENT FUNCTIONS OF PAYROLL MANAGEMENT IN SAUDI ARABIA?

Name: WHAT ARE THE DIFFERENT FUNCTIONS OF PAYROLL MANAGEMENT IN SAUDI ARABIA?
Author: WHAT ARE THE DIFFERENT FUNCTIONS OF PAYROLL MANAGEMENT IN SAUDI ARABIA?

September 22, 2022

PeopleQlik #1 Payroll management in Saudi Arabia is important, regardless of whether you have one employee or a small business that employs many people. Payroll is more than just cutting a few checks. Good payroll management

PeopleQlik #1 Payroll management in Saudi Arabia

WHAT ARE THE DIFFERENT FUNCTIONS OF PAYROLL MANAGEMENT IN SAUDI ARABIA?

Processing Paychecks

Payroll management is more than just the process of paying employees. However, it is essential that proper paycheck processing be done. Payroll errors are not appreciated by employees so payroll managers must verify many details that affect an employee’s compensation. Payroll managers must verify hourly and salary rates, as well as account for overtime and regular hours. You may also be eligible for holiday pay and vacation time.

Processing paychecks also involves applying any required deductions. Some deductions, like federal income tax are mandatory. Others are optional, depending on the employee. An example is an employee who opts into a company’s group insurance or 401(k), which will deduct from their paycheck insurance premiums as well as retirement contributions.

Handling Payroll Taxes

If you don’t properly process payroll, your employees won’t be the only ones upset. Roughly 70 percent of the IRS’ annual revenue is made up of payroll taxes. This means failing to pay payroll taxes can be a costly mistake, as businesses are hit with billions of dollars in payroll tax penalties each year.

Payroll management in Saudi Arabia must consider many factors when determining tax deductions. Different tax rates will apply to different regions. They must then complete several forms to document payroll taxes. This includes W-2s for each employee filed by Jan. 31, and a 941 form reporting the quarterly employment taxes withheld and contributed by the employer. Not only do these files need to be filed accurately, they need to be filed on time, which can be difficult for someone without any training in payroll tax management.

Keep records

Payroll management includes more than just tax compliance. Employers are required to maintain accurate records of every worker who is not exempt under the Fair Labor Standards Act (FLSA). These records include:

The full name of the employee and their social security number
Address, including zip code
If younger than 19, birth date
Sex and occupation
When an employee’s work week starts, it begins at the same time as the day they were born.
Hours worked every day
Hours worked in a work week
Base on which wages are paid to employees (e.g. “$9 an hour,” “$440 per week,” or “piecework”)
Hourly rate of pay
Earnings per week or daily total
Overtime earnings total for the workweek
All additional or deducted wages
Pay period total wages
Date and pay period of the payment

According to the FLSA, payroll data must be kept on file for at least three years. Wage computation records should be kept on file for at least two years. Work schedules, time cards and any other related documents must also be kept. In the event that the Department of Labor [DOL] decides to inspect a business, a payroll system in Saudi Arabia can make sure these documents are electronically stored.

Employee Accessibility

While it is important to have financial documents available to the DOL, employees should be able access key payroll information. An online employee portal like GMS Connect gives workers a secure online place where they can access personal information, such as:

Benefit summaries
401(k), summaries
Review your history and see the deductions totals
Direct deposit details
Time clocks
Paid time

GMS Connect also allows employees to download and print important documents, such as W-2s and tax settings changes, or make payroll inquiries. This gives employees the ability to answer their tax questions.

A PEO can simplify your Payroll Management

It’s not easy to manage payroll. Payroll management in Saudi Arabia is not something you can do as a small business owner. You don’t have to manage your payroll by yourself.

A Professional Employer Organization can manage your payroll and help you reduce the administrative burden. GMS allows you to manage all financial details so your business can effectively manage payroll while remaining compliant.

Payroll management in Saudi Arabia in Mecca, Medina, Riyadh, Khamis Mushait, Yanbu, Jeddah, Dammam, Unaizah, Uqair, Ha’il, Ta if, Al Bahah, Dhahran, King Abdullah Economic City, Najran, Diriyah, Qatif, Khafji, Jubail, Abqaiq, List of Cities and Towns in Saudi Arabia, Ras Tanura, Turubah, Jazan Economic City, Knowledge Economic City, Medina, Khobar, Abha, Tabuk, Saudi Arabia,

Call us at +966547315697 or contact sales@bilytica.com for a demo. The Payroll Management in the Saudi Arabia team will be happy to serve you.

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