It also includes payments paid in this current fiscal or calendar year, but not necessarily received this year. This is different than what it means for a business, where year-to-date represents the overall earnings all employees earned. This is important to note as independent contractors and freelancers are not your employees-they are self-employed people hired for a specific job, but are essential for you to include in your YTD.įor full-time employees, YTD payroll represents their gross income. In some cases, YTD may also include the amount of money paid to freelance or independent contractors. To calculate YTD, you must consider your employees' gross incomes, which an employee earns before subtracting taxes and deductions. Your company's year-to-date payroll (YTD) is the amount of money your company has spent on the payroll since the beginning of the calendar or fiscal year, up to the current payroll date. In this blog, we go through what is year-to-date payroll and how it impacts your business and Canadian payroll as a whole. As an employer, you must pay attention to a significant payroll expense: your cumulative year-to-date (YTD). If you are a business owner who employs staff, many of your business's expenses are paying employee wages.
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