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Question: What is payroll?

Answer: The term 'payroll' encompasses every employee of a company who receives a regular wage or other compensation. Some employees may be paid a steady salary while others are paid for hours worked or the number of items produced. All of these different payment methods are calculated by a payroll specialist and the appropriate paychecks are issued. Companies often use objective measuring tools such as timecards or timesheets completed by supervisors to determine the total amount of payroll due each pay period.



Category Payroll Interview Questions & Answers - Exam Mode / Learning Mode
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Question: What is payroll?
Answer:

The term 'payroll' encompasses every employee of a company who receives a regular wage or other compensation. Some employees may be paid a steady salary while others are paid for hours worked or the number of items produced. All of these different payment methods are calculated by a payroll specialist and the appropriate paychecks are issued. Companies often use objective measuring tools such as timecards or timesheets completed by supervisors to determine the total amount of payroll due each pay period. Source: CoolInterview.com

Answered by: Sumalina | Date: 4/23/2009 | Contact Sumalina Contact Sumalina

PAYROLL. PAYROLL USING FOR SALARY DEFINE WE MAKE A LOT OF CATEGOORY FOR EMPLOYER. Source: CoolInterview.com

Answered by: abbas | Date: 5/2/2009 | Contact abbas Contact abbas

The term 'payroll' encompasses every employee of a company who receives a regular wage or other compensation. Some employees may be paid a steady salary while others are paid for hours worked or the number of items produced. All of these different payment methods are calculated by a payroll specialist and the appropriate paychecks are issued. Companies often use objective measuring tools such as timecards or timesheets completed by supervisors to determine the total amount of payroll due each pay period.

After a payroll accountant multiplies an employee's hours by his or her pay rate, the gross income amount is entered into a calculator or computer program. Regular deductions such as tax withholdings, FICA payments (social security), medical insurance, union dues, charitable contributions and so on are then categorized and subtracted. The remaining balance is then converted to a check and becomes the employee's net pay for that time period. Payroll departments also identify the employer and employees by a federal code and keep a running tally on total income and deductions for the fiscal year.

For small business owners, keeping enough cash in a payroll account is often one of their highest priorities. Even if the business itself hasn't become profitable, employees must still be compensated for their services. This is why many smaller companies prefer to keep their payroll obligations as low as possible until they've reached a certain level of profitability. It's not unusual for small business owners to forego their own salaries in order to meet their payroll obligations.

Setting up an effective payroll system is not especially difficult for trained accountants, but it can be very time consuming. Some smaller businesses rely on user-friendly computer software to set up a simple payroll system complete with check printers and file storage. Larger companies may assign trained accountants to handle payroll issues as part of their overall duties. But many businesses without the means to maintain their own payroll systems choose to farm out this task to outside specialists.

Since payroll records are based on objective criteria such as timecards and federal tax forms, outside accountants can perform all of the calculations, store all of the year-to-date data and issue paychecks in a timely fashion. Employers simply need to update these payroll companies with changes in employee pay rates or deductions. Source: CoolInterview.com

Answered by: Abhishek K S Nair | Date: 5/14/2009 | Contact Abhishek K S Nair Contact Abhishek K S Nair

The term 'payroll' encompasses every employee of a company who receives a regular wage or other compensation. Some employees may be paid a steady salary while others are paid for hours worked or the number of items produced. All of these different payment methods are calculated by a payroll specialist and the appropriate paychecks are issued. Companies often use objective measuring tools such as timecards or timesheets completed by supervisors to determine the total amount of payroll due each pay period.

After a payroll accountant multiplies an employee's hours by his or her pay rate, the gross income amount is entered into a calculator or computer program. Regular deductions such as tax withholdings, FICA payments (social security), medical insurance, union dues, charitable contributions and so on are then categorized and subtracted. The remaining balance is then converted to a check and becomes the employee's net pay for that time period. Payroll departments also identify the employer and employees by a federal code and keep a running tally on total income and deductions for the fiscal year. Source: CoolInterview.com

Answered by: Velmurugan | Date: 5/18/2009 | Contact Velmurugan Contact Velmurugan

i Want to learn Indian Payroll about Statutory reports, comb and ben, erformance management, attendance,

you can help in referring books or course Source: CoolInterview.com

Answered by: Rajadurrai Thevar | Date: 5/26/2009 | Contact Rajadurrai Thevar Contact Rajadurrai Thevar

The term 'payroll' encompasses every employee of a company who receives a regular wage or other compensation. Some employees may be paid a steady salary while others are paid for hours worked or the number of items produced. All of these different payment methods are calculated by a payroll specialist and the appropriate paychecks are issued. Source: CoolInterview.com

Answered by: Vijay Chudasama | Date: 6/3/2009 | Contact Vijay Chudasama Contact Vijay Chudasama

Payroll defines that how much an employee receives compensation for their work.For some employees it will be a steady salary and for some it will be based on hours ,weeks and the days they worked .Payroll calculated these different payments methods . Source: CoolInterview.com

Answered by: Arshy | Date: 6/15/2009 | Contact Arshy Contact Arshy

In a company, payroll is the sum of all financial records of salaries, wages, bonuses and deductions Source: CoolInterview.com

Answered by: Nagaraju | Date: 7/7/2009 | Contact Nagaraju Contact Nagaraju

The financial record of employees' salaries, wages, bonuses, net pay, and deductions.
Source: CoolInterview.com

Answered by: Udhayaraj.A | Date: 7/17/2009 | Contact Udhayaraj.A Contact Udhayaraj.A

Salary Processing where effects of PF ,ESI , Income Tax , Legal Acts, Rules, Procedures, Forms, Formats Filings etc , Income Tax and Tax planning of salaried personnel & TDS on professional charges, consultancy charges and on other payments implied. Source: CoolInterview.com

Answered by: Gowri shankar | Date: 7/17/2009 | Contact Gowri shankar Contact Gowri shankar

In Short:
A computerized system which overcome the problem of calculation and preparing salary and leave statement, which is also accurate and convenient for the account section of the organization. Salary and leave reports can be made easily with the help of the system. Record maintenance can be done properly Source: CoolInterview.com

Answered by: Saytendra Pratap | Date: 7/20/2009 | Contact Saytendra Pratap Contact Saytendra Pratap

payroll is the sum of all financial records of salaries, wages, bonuses and deductions.
Payroll is one of a series of accounting transactions dealing with the process of paying employees for services rendered
Source: CoolInterview.com

Answered by: IRFAN ALI | Date: 7/30/2009 | Contact IRFAN ALI Contact IRFAN ALI

payroll is nothing but all the personal as well as Official information of an employee.It basically covers all the personal information such as Name ,address,DOB etc. and the Official Information such as Designation,department and salary structure of the employee.

Further the salary structure of an employee covers the Earning heads,deduction heads,leave allotment,increment arrears and income tax structure. Source: CoolInterview.com

Answered by: Onkar Medhekar | Date: 8/30/2009 | Contact Onkar Medhekar Contact Onkar Medhekar

its the package on which the co. hires a person.
it is fixed i.e(basic+ d.a + hra etc.) Source: CoolInterview.com

Answered by: Abhinav Asgola | Date: 9/1/2009 | Contact Abhinav Asgola Contact Abhinav Asgola

this a sheet of papper which contains the basic salary ,DA and other allowance of a employee... Source: CoolInterview.com

Answered by: sanskruti das | Date: 9/8/2009 | Contact sanskruti das Contact sanskruti das

in shortform payrole is the systamatic representation of individual employees salary(debit.credit and diductions ) Source: CoolInterview.com

Answered by: abhi | Date: 9/9/2009 | Contact abhi Contact abhi

A payroll is a set of employees whose pay you process with a single frequency, for
example, weekly or monthly. You can define as many payrolls as you require to meet
the pay policies of your enterprise. You put an employee on a payroll by making an
assignment to the payroll. Source: CoolInterview.com

Answered by: Vibha Pandey | Date: 9/15/2009 | Contact Vibha Pandey Contact Vibha Pandey

As this is combination of two words Pay & Roll means compensation, Roll means rotate after combinng both means regularly rotating compensation in fix pattern i.d monthly / haflyearly preparing in a set pattern as required by company Source: CoolInterview.com

Answered by: Pritpal Singh Gill | Date: 9/24/2009 | Contact Pritpal Singh Gill Contact Pritpal Singh Gill

The term 'payroll' encompasses every employee of a company who receives a regular wage or other compensation. Some employees may be paid a steady salary while others are paid for hours worked or the number of items produced. All of these different payment methods are calculated by a payroll specialist and the appropriate paychecks are issued. Companies often use objective measuring tools such as timecards or timesheets completed by supervisors to determine the total amount of payroll due each pay period. Source: CoolInterview.com

Answered by: Manish Singhania | Date: 9/29/2009 | Contact Manish Singhania Contact Manish Singhania

The Payroll program is run at aspecific point in time and calculate an employee's basic remuneration and any special payment also any kind of deductions. Source: CoolInterview.com

Answered by: Ardhra | Date: 10/7/2009 | Contact Ardhra Contact Ardhra

The term payroll constitutes every employee of a company who receives a remuneration or compensation. Some employees are being paid payment in terms of salary while others are paid for hours worked or the number of items produced. All these different payment methods are calculated by payroll team or payroll specialist and the appropriate paychecks are issued. Timecards or timesheets completed by supervisors or administratiors to determine the total amount of payroll due each pay period Source: CoolInterview.com

Answered by: Niharika | Date: 10/9/2009 | Contact Niharika Contact Niharika

Basically payroll is the group of earnings which employee are receive a remuneration or compensation in the organisation. Source: CoolInterview.com

Answered by: Divik Varshney | Date: 1/16/2010 | Contact Divik Varshney Contact Divik Varshney

it is a systematic record showing the computation of the net salary payble to employee for a particular period normally a month
.it disclose following information
1)Gross amt of wage and salary earned by every individual for specific preiod of time and its various components.
2)dedeuction to be made acc to rules and legislation
3)net amt payble to each employee Source: CoolInterview.com

Answered by: ekta | Date: 1/18/2010 | Contact ekta Contact ekta

Secondly Payroll is the total amount of money paid by a business to its employees over a set amount of time.
Source: CoolInterview.com

Answered by: Divik Varshney | Date: 5/1/2010 | Contact Divik Varshney Contact Divik Varshney

it is a systematic record showing the computation of the net salary payble to employee for a particular period normally a month
.it disclose following information
1)Gross amt of wage and salary earned by every individual for specific preiod of time and its various components.
2)dedeuction to be made acc to rules and legislation
3)net amt payble to each employee Source: CoolInterview.com

Answered by: surendrakumar | Date: 7/9/2016 | Contact surendrakumar Contact surendrakumar


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