Payroll

Published on June 2016 | Categories: Documents | Downloads: 33 | Comments: 0 | Views: 355
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In a company, payroll is the sum of all financial records of salaries for an emp loyee, wages, bonuses and deductions. In accounting, payroll refers to the amoun t paid to employees for services they provided during a certain period of time. Payroll plays a major role in a company for several reasons. From an accounting perspective, payroll is crucial because payroll and payroll taxes considerably a ffect the net income of most companies and they are subject to laws and regulati ons (e.g. in the US payroll is subject to federal and state regulations). From a n ethics in business viewpoint payroll is a critical department as employees are responsive to payroll errors and irregularities: good employee morale requires payroll to be paid timely and accurately. The primary mission of the payroll dep artment is to ensure that all employees are paid accurately and timely with the correct withholdings and deductions, and to ensure the withholdings and deductio ns are remitted in a timely manner. This includes salary payments, tax withholdi ngs, and deductions from a paycheck. differents types of payroll (1) (2) (3) (4) (5) law allowance disability end month longevity temporary

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