Payroll Interview Questions

Q:

What is Payroll Journal?

Answer

A payroll journal is like a payroll register. It has salary, bonuses, commission in other words earnings, any deductions such as 401k, fsa etc, state and income taxes etc.
It shows the gross salary less any deductions "Net pay" for the period.

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Q:

What report are provided to accounting dept. from payroll every month? What reports are generate at end month, qtr & year end in payroll dept?

Answer

For making accounting entries the accounting dept will need the total transactions of the particular payroll run grouped into various expenditure/liability/Income items like salary,loans,ees pension,ers pension,tax, PF/NI etc. This information should be employee wise & relevant cost center of the employee(in a large organisation).

Mostly payroll will have expenses/liabilities only. Few payrolls might have Income also.

To be specific to the reports bit of your question following reports are produced

1) Net pay reconciliations report
2) Deductions report comprising all voluntary and non voluntary deductions
3) Payments report
4) Costing report
5) Exceptions report
6) High pay salary report
7) No pay salary report

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Q:

What are the general deductions made while doing payroll for an employee in an organization?

Answer

Professional Tax


ESI


PF


Recoveries


Advances if any

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Q:

How do you calculate gratuity?

Answer

Gratuity is paid to all such employees after their resignation or retirement.Incase of resignation gratuity is paid to such employees who have completed 5 years of service.


Calculation of gratuity = Basic + DA x (15/26) x Total no. yrs service


15- Half month


26- Excluding 4 sundays

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Q:

What is the minimum period to revise the Basic Salary of Employees?

Answer

Wage Revisions as per wage policy every finanical year means April of the every year will revised.


At the same time Basic is revised as per appointment order like we are given probation period to every employee after completion of the employee probation than basic also revised and depends upon Organisation Structure also.

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Q:

How to define payroll?

Answer

Payroll is defined as its a remuneration given for work done by individuals on daily,monthly,weekly etc....

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Q:

What are the benefits achieved by payroll giving?

Answer

Payroll Giving enables employees to give to any UK charity straight from their gross salary (before tax is deducted), giving immediate tax relief of up to 40% on their donations

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Q:

Who is contingent worker? can we run payroll for a contingent worker?

Answer

Contingent or temporary workers have little or no job security as their employment is based on a temporary
Contingent workers are not committed to the organization for a long run, as they know that they will be out of there in very short period of time

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