Understanding Payroll Management

Payroll is part of the business accounting process that deals with paying remuneration to employees for the services they render to the company. Payroll management takes into consideration all the accounting regulations that dictate how and when to pay the employees. The payroll team is responsible for defining pay components, collection of payroll inputs, calculation of gross and net salary, …

Help Yourself with Tackling Your Payroll Rigmarole

KYC (aka) know your customer, or in this case, your employee You need to know some basic things about employees to be able to withhold a part of their salaries for income tax, social security or Medicare taxes. Basic information like social security number, address, marital status, number of children etc. are required (and need to be updated as and …