Labor Day is just around the corner and this means summer is coming to an end, football season will be starting soon, and most importantly it’s time to celebrate National Payroll Week!
National Payroll Week was started by the American Payroll Association 22 years ago and always falls on the week of Labor Day each year to celebrate the partnership between employees, employers, payroll professionals, and the various government programs and agencies that the US payroll system funds. According to the National Payroll Week’s website, payroll professionals collect, contribute, report, and deposit 70% of the US Treasury’s annual revenue, which equals roughly $2.4 trillion per year.
National Payroll Week also serves as a great reminder for employees to review their paychecks. If you are an employee, take some time to look over your earnings, taxes, and other deductions listed on your paycheck stub. This year, it is especially important to review your Federal Tax withholdings due to the Tax Reform that was passed. If you have questions about what you should be withholding with the change that was made this year, please ask your tax preparer – or you can use the IRS Withholding Calculator to help guide you.
If you are looking for a great payroll service provider, please contact TEG’s Payroll Department at firstname.lastname@example.org.