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Meaning of payroll and how is it calculated in payroll?


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Wiki User
2011-05-10 13:44:26
2011-05-10 13:44:26

A payroll is, in layman's terms, the out goings a company has to spend on its staff or human resources. These are often very complicated and difficult to figure out due to factors such as staff illness, holiday pay and leaves of absence. It is important to make sure your pay roll is correctly administered as payroll's are used to help figure out company and personal taxes. Inability to keep these records properly can lead to big fines.

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According to me Third party Payroll means If we are not Organisation Payroll and are outsourced by Some consultancy and Consultancy is Paying .

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The meaning of a payroll system is an established structure used to pay employees on a regular basis. Most businesses have them in some form to streamline the payment process.

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Payroll is calculated by taking how many hours the employee worked and multiplying it by how much the employee gets paid per hour. Any money being withheld for taxes, insurance, retirement plans, etc should be subtracted from the employees pay. Most electronic time clocks that monitor when employees check in and out can be connected with payroll software to automatically calculate the payroll based on the employee's time worked.

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Usually hourly at time and a half. Can be banked, too.

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A payroll signature is the authorized signature for payroll checks.


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