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"In Memoriam of our Founder, our Patriarch, and my Partner...
Rest in peace, Dad"
Palestra Financial
1904 Duck Slough Blvd., Trinity, FL 34655
Phone: 844-WHY-PLAN™
Website: www.PalestraFinancial.com
June 2023
Employee Payroll Deductions
Deductions from your staff's pay are made at the employees' discretion.
Voluntary deductions include things like 401 (k) contributions, health and disability insurance premiums. Secure written authorization from your employees for any voluntary deductions.
Have team members review their voluntary withholdings each year and make changes on a new authorization form.
Involuntary deductions include things like income tax, court-ordered garnishments, and FICA tax. While taxes are an automatic involuntary deduction, you should require a written court order supporting the amount and duration of the deduction for garnishments.
Keep all payroll forms in employees' payroll files - separate from personnel files - for three years.
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