Eight Fascinating Facts About Payroll, and Why You Want to Be Warren Buffet

Federal tax payroll deductions

Payroll management can be on of the most stressful responsibilities any small business owner has to deal with. Oftentimes, the business owner is not particularly familiar with financial record-keeping, and may not be very organized or good with numbers, so keeping track of payroll proves to be a very difficult task.

Many business owners may choose to outsource their payroll responsibilities to a payroll processing company. Payroll software solutions will simplify the payroll management process, as well as streamlining the amount of paperwork in the office. The online payroll portal is not only more convenient for the business owner, but for employees as well, as they are able to access pay stubs and tax information on their own.

In appreciation of these payroll services, here are some interesting payroll facts you may not know:

  • The American Payroll Association founded National Payroll Week in 1996.
  • There are 156 million wage earners in America today. Through the payroll system, they contribute, collect, report, and deposit approximately $1.97 trillion or 68.9% of the annual revenue of the U.S. treasury.
  • The average orthodontist in the U.S. earns more than a C.E.O.
  • In the U.S., $34 billion was loaded onto 4.6 million active payroll cards in 2012, and that number is expected to reach $68.9 billion and 10.8 million cards by 2017.
  • Warren Buffet of Berkshire Hathaway is the richest person in the world, at $62 billion dollars and rising.
  • 66% of Americans would experience financial difficulty if their paycheck were delayed by one week.
  • More Americans fantasize about money than they do about sex.
  • Over 1 million accountants are hired every year in America to help with taxes.

If you’re starting your own business, or even if you’re been in business for a while, consider making your life easier by outsourcing your payroll management tasks to a payroll processing company. It will be less stressful for you, and will leave you with extra time to focus on your business, or to spend with family and friends.

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