PAYROLL definition


 Payroll is the total of all compensation a business must pay to its employees for a set period of time or on a given date. Usually, it is managed by the accounting or human resources department of a business. Small-business payrolls may be handled directly by the owner or an associate.


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In simple terms, payroll can be defined as the process of paying a company's employees. It includes collecting the list of employees to be paid, tracking the hours worked, calculating the employee's pay, distributing the salary on time, and recording the payroll expense


What is the difference between payroll & salary Salary is the fixed amount of money paid to an employee for their work, and payroll is the process of calculating and distributing employee wages


It involves calculating total wage earnings, withholding deductions, filing payroll taxes and delivering payment. These steps can be accomplished manually, but an automated process is usually more accurate and efficient and may help you comply with various payroll regulations


If an employee has logged 8 hours and 20 minutes, you need to divide 20 minutes by 60. The result is 0.33. So the time in decimal format is 8.33 employee hours. You can use this number in the next step, where you multiply by the wage rate.


Payroll Management: Not just a list of employees paid by the company. It includes the total amount of money paid to employees. Explore the process here.


Payroll systems handle tasks related to paying employees and submitting employment taxes. They track the number of hours worked.

#Paybooks #Payroll Tax #Payroll Attendance


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