A payroll is a company's list of its employees, but the term is commonly used to refer to: the total amount of money that a company pays to its employees a company's records of its employees' salaries and wages, bonuses, and withheld taxes the company's department that calculates funds and pays these.
A payroll system is software designed to organize all the tasks of employee payment and the filing of employee taxes. These tasks can include keeping track of hours, calculating wages, withholding taxes and deductions, printing and delivering checks, completing direct deposit, paying premiums to insurance carriers, and paying employment taxes to the government. Payroll software often requires very little input from the employer. The employer is required to input employee wage information and hours—then the software uses the information to perform calculations and deduct withholding's automatically.
For small businesses, payroll system software can mitigate errors in the payroll process and reduce the amount of effort involved in calculating employee hours, wages, and tax withholding's. Payroll software is easy to use and often times very affordable for small businesses. Small business owners can purchase an affordable system accessible on their local computer or via a cloud service, using a pay-as-you-go model in many cases. Purchasing software eliminates the expense of hiring an in-house accountant for payroll processing. Companies can also avoid working with a third party for payroll processing, keeping the information in-house.
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