What is Payroll?
- Payroll refers to the list of employees of a company and the total amount of money that the company pays to those employees. It includes the salaries or wages, bonuses, commissions, and deductions such as taxes and benefits.
- Payroll also typically includes managing employee time and attendance records, ensuring compliance with labor laws, and maintaining accurate records of earnings and deductions. It is a vital function within organizations to ensure employees are paid accurately and on time.
- Payroll is managed by the human resources department or an outsourced payroll service provider, and it typically involves maintaining accurate records of employee attendance, hours worked, calculating the amount to be paid, and processing the payments.