Payroll is one of many accounting transactions that manages the method of paying employees for their services. This happens after processing the several requirements for holding back money from the employee in order to pay payroll taxes, insurance premiums, employee benefits and other deductions. The process involves calculating the amount due to each employee, such as hourly wages, commission from sales, reimbursements and so on, either by using a standard per diem rate or based on amounts actually spent by the employee.
The term payroll takes into consideration every member of the company paid on a regular basis. Some employees are paid on an hourly basis or based on output, while yet others are paid on a monthly basis. A payroll specialist takes into account the various payment methods, and checks are issued appropriately.
Companies tend to use measuring tools that are neutral, such as timecards or timesheets filled out by supervisors, in order to ascertain the final amount of payroll due each payment cycle. Standard deductions such as social security, medical insurance, charitable contributions and the like are first deducted. The remaining amount is then...
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