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Q:

What is the difference between paycheck and payslip?

Answer

Paycheck - this is the method by which the Employee is paid (A Bank Check/Cheque or Direct Deposit to Bank)


Payslip - Also called as Pay Stub is the paper which will typically detail the gross income and all taxes and any other deductions such as retirement plan contributions, insurances, garnishments, or charitable contributions taken out of the gross amount to arrive at the final net amount of the pay, also including the year to date totals in some circumstances.

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Subject: Payroll Interview

Q:

What is exemption limit of gratuity

Answer

It is Rs. 10,00,000 now.

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Subject: Payroll Interview

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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Subject: Payroll Interview

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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Subject: Payroll Interview

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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Subject: Payroll Interview

Q:

what type of account appear on a post closing trial balance?

Answer

The types of accounts that appear on the post-closing trial balance are the permanent accounts, Assets, Liability and Owner's capital. Permanent accounts is also called real accounts.

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Subject: Accounts Payable

Q:

What entry is recorded when $75.00 worth of supplies are purchased on account?

Answer

Purchasing good two kinds of entry 


Either Cash or Credit 


 


If Cash


Purchase A/c ------ Dr  xx  To Cash A/c


(Being good purchase on cash)


 


If Credit 


Purchase A/c ---- Dr  To Supplier A/c


(Being goods purchase on Credit)

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Subject: Accounts Payable

Q:

What is the full form of the trem WIRE in wire payment ? Explain the process for making and receiving the payment through WIRE?

Answer

There is no specific abbreviation for the term WIRE because when the payment is being made using this option, you will not see the physical movement of funds. It is all electronic. It is just like a current passes through Wire. 


Therefore Electronic movement of funds is campared with WIRE.

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Subject: Accounts Payable