Workful offers three different options for running payroll to provide you with the flexibility you need to run your small business. Each payroll type only takes a few minutes to run, but which payroll you choose will depend on whom you’re paying and when. Keep reading to learn more about each type of payroll.
1. Regular payroll
You’ll run regular payroll if you’re issuing your team’s regularly scheduled paychecks. We’ll calculate your pay period and payday based on your pay schedule. We’ll also automatically calculate each employee’s taxes and deductions.
Read also: How do I run regular payroll?
2. Off-cycle payroll
Sometimes, you might need to run payroll outside your regular pay schedule. For example, you may need to pay bonuses, severance pay, or to correct a mistake from a previous payroll run. You’ll also run off-cycle payroll to pay anyone on a different pay schedule than the one you set up for your company.
With off-cycle payroll, you may not always want to include deductions, or you might want to withhold different tax amounts. We’ll give you a chance to review each worker’s deductions and withholdings.
Read also: Why should I run an off-cycle payroll?
3. Contractor payroll
If you pay any independent contractors, you’ll run contractor payroll to issue their checks. Unlike employees, you may not pay them on a regular schedule. Because of that, you’ll be able to control the payday each time you run payroll.
Read also: How do I pay a contractor?