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Payroll Consultants in Bangalore University
MS Legal Associates:We are payroll consultants in Bangalore University.
Payroll management is very important for the enterprises because maximum expenses are being incurred on the manpower so as to have more efficiency and output from the manpower employed. So, payroll management plays a very important role in each and every Organization.
What is payroll?
A payroll is a company's list of its employees, but the term is commonly used to refer to:
1. the total amount of money that a company pays to its employees
2. a company's records of its employees' salaries and wages, bonuses, and withheld taxes
3. the company's department that calculates and pays these.
From an accounting perspective, payroll is crucial because payroll and payroll taxes considerably affect the net income of most companies and because they are subject to laws and regulations.
From a human resources viewpoint, the payroll department is critical because employees are sensitive to payroll errors and irregularities: Good employee morale requires payroll to be paid timely and accurately. The primary mission of the payroll department is to ensure that all employees are paid accurately and timely with the correct withholdings and deductions, and that the withholdings and deductions are remitted in a timely manner. This includes salary payments, tax withholdings, and deductions from paychecks.
You will deduct payroll taxes from the wages of every employee. The amount you withhold from each employee will vary depending on total earnings and how many withholding allowances the employee claims.
Payroll taxes include federal income tax, state income tax, local income tax, federal unemployment tax, state unemployment tax, Medicare tax, and Social Security tax.