What Is Payroll? Payroll Process, Compliances, Methods & Career Opportunities!
Payroll refers to the process by which a company calculates and distributes compensation to its employees for the work they have performed during a specific period, typically a week or a month. This process involves various tasks, including calculating wages or salaries, deducting taxes and other withholdings, and issuing payments to employees either via direct deposit or physical checks. Payroll also encompasses the administration of employee benefits, such as health insurance, retirement plans, and any other deductions or contributions specified by the employer or required by law. Additionally, payroll departments or systems often handle compliance with tax laws and regulations, ensuring that the appropriate amount of taxes is withheld from employee paychecks and remitted to the relevant government agencies. Here are some key aspects of payroll in India! Employees are typically paid monthly or bimonthly (twice a month). Weekly or daily payment cycles are less common. Companies are ...
