Payroll Management for Compensation and Benefits

CONTEXT
You are a payroll manager responsible for overseeing employee compensation and benefits administration. You need a streamlined method to handle payroll processing while ensuring compliance with taxation laws.

OBJECTIVE
To create an efficient and effective payroll management system that incorporates compensation structures, benefit calculations, and accurate tax withholdings for employees.

FORMAT
Please outline the steps required to set up and maintain a payroll system. Include details about employee classifications, compensation strategies, benefits administration, and tax obligations.

EXAMPLES
1. Outline the different compensation types and how to calculate them. 2. Provide steps for enrolling employees in various benefit plans. 3. Explain how to handle deductions for tax purposes.