payrollˈpeɪˌroʊl
payroll (n)
- plural
- payrolls
English Definitions:
payroll, paysheet (noun)
a list of employees and their salaries
"the company had a long payroll"
payroll, paysheet (noun)
the total amount of money paid in wages
"the company had a large payroll"
payroll, payroll department (noun)
the department that determines the amounts of wage or salary due to each employee
payroll (Noun)
A list of employees who receive salary or wages, together with the amounts due to each.
payroll (Noun)
The total sum of money paid to employees.
payroll (Noun)
The series of accounting transactions that ensure that employees are paid correctly, and that all taxes etc are properly deducted; the department in a company responsible for it.
Payroll
In a company, payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time. Payroll plays a major role in a company for several reasons. From an accounting perspective, payroll is crucial because payroll and payroll taxes considerably affect the net income of most companies and they are subject to laws and regulations. From an ethics in business viewpoint payroll is a critical department as employees are responsive 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 to ensure the withholdings and deductions are remitted in a timely manner. This includes salary payments, tax withholdings, and deductions from a paycheck.
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"payroll." Kamus.net. STANDS4 LLC, 2024. Web. 20 Apr. 2024. <https://www.kamus.net/english/payroll>.
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