Searching for "Payroll"

Q:

What are the activities present in payroll task?

Answer

1. Processing Payroll to generate Paycheck and Pay Stubs


2. Generating Tax reports and vouchers using which Taxes are deposited to Govt (Employee Tax).


3. Processing reports that are handed over to Accounting Dept.


4. Ensuring that the Deductions, Benefits, Acruals, Taxes and Salaries are accurate (


5. Posting the Journals to Finance


6. Processing Govt Reports and submitted to Govt


7. Entering interims (may also be done by HR in some Companies)


7. Year End Process to generate W2s

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Q:

How higher management in an organization gets benefited by payroll reports?

Answer

Payroll reports gives information about the total 'cost to Company' for the Employee Salary, Benefits (Cash and Non-Cash), Taxes, Total Hours worked. 


All these information is helpful for the Management decisions.

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Q:

what is the job description of a payroll officer?

Answer

1. Collection of attendance / collation of attendance


2. Scrutunizing the received attendance 


3. Calculating the salary as per the attendance, based on LOP received


4. Once the Payroll Processing is over, the gross salary should be checked with Master Data of salary.


5. Netpay has to request for bank transfers / cheque 


6. Need to take care of statutories like PF / ESI / PT / Income Tax


7. While processing salary, statutory deductions like PF / ESIC / PT and income tax calculations tobe taken care.


8. Arriving the salary structure for New Joiners


9. F&F tobe done for resigned employees


10. PF & ESI Nomination has to take care for the new joiners


11. PF Settlement / PF transfer has to take care for the resigned employees after 60days from the date of resignation.

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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:

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:

What are payroll inputs? Does it changes from company to company?

Answer

Payroll input includes: Monthly,Qtrly,Yearly payments,adjustements, recoveries etc.
Inputs can be received either from HR or finance or both.

Current month New joinees, resignees recovery's etc.

Yes, inputs changes company to company

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Q:

What is Payroll transaction?

Answer

Payroll Transaction is nothing but the calculation of salary for a month / week / day of an individual / group of employees depends upon the attendance / variable inputs / other benefits / salary component and generate the reports for IT / Statutory / PT payments.

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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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