For any business to thrive, the payroll has to be gotten right for both employees and the firm. For this to be achieved, a professional has to do that, and that is where the payroll specialist comes in.
A payroll specialist’s ability and competence are to reimburse employees while adhering to tax requirements and keeping track of payment dates. Without the payroll specialist, there won’t be any procedures for saying employees or detecting problems. Perhaps, people may go underpaid or get paid wrongly.
What does a Payroll Specialist do?
A payroll specialist deals with the financial aspects of a firm, such as employee salaries and tax information. This expert may also work in human resources, establishing or maintaining work, vacation, and sick leave schedules.
Then, they will be disbursed according to tracked working hours by a payroll specialist.
Asides from that, the following are other responsibilities that a payroll specialist carries out.
- Keeping up with tax information so that staff follow the rules.
- Documenting and auditing payroll for employees.
- Getting banking information from employees, setting up direct deposit
- Creating audit reports and informing management of results
- Rectifying ledgers and other accounts by detecting and fixing inaccuracies in payroll
How much is a Payroll Specialist’s Salary in 2022?
As of June 2022, the average annual salary for a payroll specialist salary in the US is $47,693. This is according to ZipRecruiter.
If you need a quick salary calculation, that works out to be about $22.93 per hour, $917 weekly, and $3,974 monthly.
What are the Top 10 Highest Paying Cities for Payroll Specialist Jobs?
With the average salary of a payroll specialist at $47,693, there are yet cities that appear the highest-paying cities because they pay higher than the national average. What this means is that the prospects for financial progression as a payroll specialist are extremely promising.`
|City||Annual Salary||Hourly Wage|
|San Mateo, CA||$57,055||$27.43|
|Daly City, CA||$56,094||$26.97|
|Green River, WY||$54,764||$26.33|
What is the Pay by Experience Level for Payroll Specialists?
Based on 100 salaries, an entry-level specialist with less than 1-year of experience can expect to make an average salary of $18.21 per hour. Based on 1,393 salaries, an early career payroll specialist with 1-4 years of experience makes an average total salary of $19.47.
Payroll specialists with 5-9 years of experience make $21.67. It goes on and on for employees with a long career experience.
Factors that affect a Payroll Specialist’s Salary
Factors that can affect an employee’s salary who’s occupying the job position of a payroll specialist include:
Years of Experience
More experience usually equates to higher income up to a certain point. Similarly, if the job requires someone with ten years of expertise in the field and you don’t satisfy these qualifications, you may find yourself at the bottom end of the wage scale.
To help you scale up, you can have more experience than is required and emphasize it.
What you earn is also affected by the match between your education and what is normally required for your job position. A degree from a top program has a positive impact on your salary, but a degree from a school that is deemed weak in a certain field may have a negative impact on your pay.
So, if your degree is more than what’s required for the job and it is relevant, leverage it.
FAQs On Payroll Specialist Salary
A payroll specialist deals with the financial aspects of a firm, such as employee salaries and tax information.
The average annual salary for a payroll specialist salary in the US is $47,693.
The factors that affect your salary as a payroll specialist are education and years of experience.