Payroll Services
Whether you are a small business or a Fortune 500 company, your dedicated account manager will take the time to learn about your business and work with you to develop a custom payroll solution that meets Swedish regulatory requirements.
KagNag processes the payroll for your organization in full compliance with Swedish laws and regulations.
Our payroll processing solution includes the following services:
- Salary and Benefit Payments
- Electronic Payroll Payments
- Monthly Swedish Tax Declaration
- Salary and Benefit Reporting
- Monthly Invoicing and Consolidation
- Periodic Individual Payroll Statements
- Annual Swedish Tax Report
Payroll Processing
The payroll in Sweden must be processed within a certain timeframe determined by Swedish law and practices. As a rule, the employee payroll statement must be processed and bank electronic transfer must be scheduled for automatic payment on the 25th of each month, except in December when they are made on the 20th. This is why KagNag performs the following payroll transaction workflow each month:
1. Time Reporting
First week of each Month
The company or the employee sends KagNag a worksheet or other forms reporting the working hours, salary, vacation days, sick days and benefits to be paid to the employee for a given month.
The company or the employee sends KagNag a worksheet or other forms reporting the working hours, salary, vacation days, sick days and benefits to be paid to the employee for a given month.
2. Invoice and Payroll slips Preparation
Second Week of each Month
Based on the time reporting document, KagNag prepares an invoice for each employee outlining the employer costs for the month and an individual payroll slip for each employee. The invoice is e-mailed to the employer and the payroll slip is e-mailed to both the employer and the employee.
Based on the time reporting document, KagNag prepares an invoice for each employee outlining the employer costs for the month and an individual payroll slip for each employee. The invoice is e-mailed to the employer and the payroll slip is e-mailed to both the employer and the employee.
3. Payroll Payment Due Date
The 15th – 20th of each Month
Payroll payments are due from the employer on the 15th of each month or on the 20th at the latest, except for December when the payroll payments are due on the 10th or on the 15th at the latest.
Payroll payments are due from the employer on the 15th of each month or on the 20th at the latest, except for December when the payroll payments are due on the 10th or on the 15th at the latest.
4. Electronic Salary Payments
The 25th of each Month
Once the wire transfer arrives in the designated KagNag bank account (SE Kronor, EU Euro, or US Dollar), the employee payroll statement is processed and bank electronic transfer is scheduled for automatic payment on the 25th of each month except in December when it is scheduled for the 20th.
Once the wire transfer arrives in the designated KagNag bank account (SE Kronor, EU Euro, or US Dollar), the employee payroll statement is processed and bank electronic transfer is scheduled for automatic payment on the 25th of each month except in December when it is scheduled for the 20th.
5. Monthly Employer Tax Declaration
The 12th of the following Month
Employer Tax declarations are issued monthly and include the payroll taxes to be paid for a given Month. The payroll taxes are paid by the employer on the 15th of each Month and are kept in escrow in KagNag escrow account until the due date, which is the 12th of the following Month.
Employer Tax declarations are issued monthly and include the payroll taxes to be paid for a given Month. The payroll taxes are paid by the employer on the 15th of each Month and are kept in escrow in KagNag escrow account until the due date, which is the 12th of the following Month.
6. End-of-the-Year Consolidation
KagNag processes the end-of-year payroll and tax forms (called KU10 reports) and resolves any differences with the Swedish tax authority (any amounts owed will be billed to the employer for the quarter or at the end of the year in December as applicable).