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What is Payroll? | Definition | Importance | Explained

When you hear the term ‘payroll’, what pops up in your head? “Well… paying salary, keeping track of holidays…” you may say. But to be precise, payroll is defined as a financial list or record of payments that employers have to provide to employees as compensation.

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  • Payroll refers to the payment of employees by their employer. Payroll can be a noun when it describes a business's financial records on employee pay. It can also describe a business's process of paying employees and any corresponding taxes.

    Keep reading to learn all the basics of payroll, from the outline of the payroll process to some options for businesses who would rather let someone else deal with it all.

    What Is Pay slip?

    Pay Slip is the function of a business paying its employees.1 It includes distributing money in the form of checks and direct deposits. It also includes keeping records on those payments and paying taxes on behalf of those employees. Payroll is used at the end of the fiscal year to assess annual employee wages.

    A business may refer to payroll as shorthand for its total workforce or the cost of that workforce. A business may also say that it's "doing payroll," which could mean that it's processing paychecks or calculating the taxes it owes for those employees.

    Source PIFRA Pay Slip