Explain payroll concepts.

Question

Accepted Answer

Payroll concepts involve the calculation and distribution of employee wages and benefits.

Payroll is the process of calculating and distributing employee wages and benefits.
It includes tasks such as calculating gross pay, deducting taxes and other withholdings, and issuing paychecks or direct deposits.
Payroll also involves managing employee benefits, such as health insurance and retirement plans.
Compliance with labor laws and regulations is crucial in payroll processing.
Payroll systems and software automate and streamline the payroll process, reducing errors and saving time.

Accepted Answer

Payroll can be defined as the process of paying a company employees. It includes collecting the list of employees to be paid, Tracking the worked hours, Calculating employees pay, Distributing the salary on the time.