Payroll software is a system used to handle various deductions that comes into play while handling payroll. HR employees must thoroughly understand how to do payroll, how to withhold taxes from each paycheck, and how to make sure taxes are paid to the correct government agency. Your HR department is also responsible for deducting and paying premiums for insurance and depositing funds into retirement accounts.
A payroll management system or payroll software is designed to organize all the tasks of employee payment and tax filing. There are different modules included in payroll software, they include keeping track of hours, calculating wages, tracking attendance, withholding taxes and deductions, printing and delivering checks, completing direct deposits, paying premiums to insurance carriers, and/or paying employment taxes to the government.
Also, See: Payroll
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