Payroll refers to the total compensation provided by a business to an employee for a fixed time period which includes fixed salary, bonuses and deductions. Payroll is important for a business from an accounting as well as ethical point of view. Payroll taxes affect the net income of a company and accurate and timely payroll payments are essential to keep up employee morale.
An employee payroll file provides the accounting staff with the information necessary to pay an employee but limits access to confidential information.
Contents of an Employee Payroll File:
Hence, this concludes the definition of Payroll along with its overview.
Browse the definition and meaning of more terms similar to Payroll. The Management Dictionary covers over 7000 business concepts from 6 categories.
Search & Explore : Management Dictionary
Quizzes!
Related Business Content
Top Companies Lists 2018
