Definition of «payroll»

Usage examples

1. Running payroll: This involves processing and calculating employee's wages, salaries, deductions, and taxes, ensuring accurate and timely payment.
2. Payroll software: Utilizing specialized software to handle payroll tasks efficiently, such as generating pay stubs, calculating hours worked, and tracking leave balances.
3. Payroll taxes: Managing and remitting required taxes to relevant authorities, including income tax withholding, Social Security, Medicare, and unemployment taxes.
4. Payroll department: Maintaining a dedicated team responsible for managing all aspects of payroll functions, such as hiring, training, and overseeing payroll staff members.
5. Payroll processing: Handling the entire process of paying employees, which includes gathering and verifying timesheets, applying relevant deductions, and issuing direct deposits or physical checks.
6. Payroll deductions: Withholding amounts from employee's paychecks for various purposes, such as income tax, health insurance premiums, retirement plans, and voluntary contributions.
7. Payroll reports: Generating detailed reports that summarize payroll data and provide insights into labor costs, employee earnings, tax liabilities, and other related information.