Payroll is defined as the function that helps you with understanding how and what a business is paying its employees. It includes distributing money in the form of checks and direct deposits to the employees. The payroll process includes keeping records on those payments and paying taxes on behalf of those employees. Payroll is used at the end of the fiscal year to assess annual employee wages, however, the payments are usually made monthly.
A business may refer to payroll as shorthand for the cost of that workforce. A business may also say that it’s “processing payroll,” which could mean that it’s processing paychecks or calculating the taxes it owes for those employees.
Also, See: Payroll Software
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