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Q.

Can anybody tell me what's the payroll system?

Asked by lokesh kumra, 10 Mar '07 02:21 pm
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Answers (2)

1.

Definition: The administration of the financial record of employees' salaries, wages, bonuses, net pay, and deductions

An employer, regardless of the number of workers they employ, must maintain all records pertaining to payroll taxes (income tax withholding, Social Security and federal unemployment tax) for at least four years after the tax becomes due or is paid, whichever is later. Altogether, 20 different kinds of employment records must be kept just to satisfy federal requirements.

Income Tax Withholding Records
1. Name, address, and Social Security number of each employee
2. Amount and date of each payment for compensation
3. Amount of wages subject to withholding in each payment
4. Amount of withholding tax collected from each payment
5. Reason that the taxable amount is less than the total payment
6. Statements relating to employees' nonresident alien status
7. Market value and date of noncash compensation
8. Information about payments made under sick-pay plans
9. Withholdi ...more
Answered by Ramesh, 12 Mar '07 07:40 pm

 
  
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2.

T is a system every company uses to calculate the salary of each employee.
There are several criteria to cater for..
Some companies pay daily,some weekly some monthly and few yearly.
some pay bonus others don't , every company has its own over time system so the py role has to cater for that as well per employee.
it also have to take in account taxation if deducted by the company (paye) any perks those are either deductible or subsidized such as hotel expenses, company cars , business trips paid by the companey or otherwise.
It also has to keep record of employee details so that correct salary is paid to correct employee. etc.
And not to mention that the information is also used by the company accounts department.


The pay role system is unique to each company
Answered by Sheetal Kaur, 23 Jul '08 07:36 pm

 
  
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