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Payroll is the financial list of the salaries, wages, bonuses, net pay and the deductions of the employees of a company. Payroll in terms of accounting is the amount which has been paid to the all the employees for their services which they have done for the company over a certain period of time. Payroll has a very important role in the accounting as payrolls and payroll taxes considerably affect the net income of most of the companies. Payrolls are subject to laws and regulations. In US the payroll is subject to the federal, state and local regulations). The accounting department of a business usually manages the payroll. While in many small businesses, the owner of the business or an associate can handle the payrolls. Payroll is also referred to the list of the company employees and to the amount of compensation which is due to each of the employee of the company. For most of the business payroll is almost deductible as such and is a major expense. Payrolls depend on the payroll periods. They differ from one pay period to another pay period. It can be due to overtime, sick pay or any other variables which can affect the payrolls.
We all know that in the business, every company has its own employees. For these employees, the company has to account the payroll and fringe the benefits. In payroll accounting, there are many things which are to be explained such as payroll, fringe benefits and the accounts related to the payroll. The company has to report all these topics on its financial income statement and the balance sheet. Payroll accounting is done when the employer pays to the employees. The gross income (the income which the employee earns) is totaled; from it other dedications such as taxes are subtracted. The employee receives the amount on his paycheck. This is known as net pay. Following is a list of items which are included in payrolls and benefits:
- Bonuses & commissions to employees
- Overtime pay
- Payroll taxes
- State income tax
- Federal unemployment tax
- Social security
- Federal income tax
- Worker compensation insurance
Employer paid benefits
- Sick days
- Insurance (health, dental, vision, life and disability)
- Retirement plans
- Profit – sharing plans
There are many reasons for which payroll is very important and an essential part of the company’s financial accounting. As in most of the companies, payrolls and payroll taxes show significant effect on the net income. Companies have to follow many rules and regulations which are subjected for payrolls and companies need to cooperate with them. Payroll is very important to the employees as they receive payrolls. If there is any error or irregularities in the payroll, it adversely affects the morale of the employees. So, the payrolls must be appropriately and precisely distributed to the employees by the company. Payroll accounting is an important part of financial accounting. All the employees get their pays accurately.
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