Final answer:
The Enhanced payroll subscription adds features like automated tax handling, administration of employee insurance and retirement plans, and management of payments towards Social Security, worker's compensation insurance, and other benefits like Medicare. This leads to a comprehensive overview of the total compensation per hour for employers and employees.
Step-by-step explanation:
The Enhanced payroll subscription offers several additional features beyond the basic payroll functionalities. It typically includes automated tax calculations, filings, and payments, which significantly reduce the administrative workload for employers. Moreover, an enhanced payroll may cover the management of employee insurance, particularly health insurance, which involves tracking premiums and ensuring they are appropriately deducted from employee paychecks.
In addition to health insurance, the subscription may help in administering retirement plans, such as 401(k)s, by calculating employee contributions and employer match amounts. The service also often facilitates employer payments to Social Security, as well as managing unemployment and worker's compensation insurance. These functionalities ensure compliance with various legal requirements and help prevent costly errors or missed payments. Finally, enhanced payroll systems may provide detailed reports on total compensation per hour and calculate contributions towards other benefits, like Medicare, giving employers and employees a clear picture of the complete compensation package.