What report are provided to accounting dept. from payroll every month? What reports are generate at end month, qtr & year end in payroll dept?

Correct Answer: Contingent or temporary workers have little or no job security as their employment is based on a temporary Contingent workers are not committed to the organization for a long run, as they know that they will be out of there in very short period of time

Correct Answer: Payroll is defined as its a remuneration given for work done by individuals on daily,monthly,weekly etc

Correct Answer: With the computerised payroll systems - =>You saved a lot of your time, =>Your accuracy and efficiency is increased by many times =>Your are free from small and small human mistakes in calculation and linking etc =>Once master data is updated(CTC,Reimbursement), rest is taken care by the systems once input is given as and when salary is processed =>Better control is exercised

Correct Answer: Payroll administrators process payroll tax information IRS forms W-2 and W-4 provide employers with the information needed to withhold income taxes from employees' wages Familiarity with these forms ensure the candidate understands how to properly prepare these documents

Correct Answer: Payroll systems accurately maintain data related to payroll processing Familiarity with formal payroll systems and computerized software ensure the candidate has experience with current payroll technology

Correct Answer: The Payroll source documents are the employee Time Sheets (or equivalent) that record when the employee worked and generally what they did These records are subject to audit by the Labor Department, EEOC and probably others that I haven't encountered These should be bound into a Payroll Source Document folder However, there are other employee documents that need to be retained, eg, their original employment application, employee reviews (if you do them),that record their federal/state tax exemption choices,reporting their annual wages and withholdings, etc These can be filed in separate Employee files (by employee name or number) -- or simply integrated into the Payroll Source Document folders (in the week in which they occur) I very much favor the latter -- especially if you're doing computer accounting -- in keeping with my "always file chronological" bias

Correct Answer: A payroll journal is like a payroll register It has salary, bonuses, commission in other words earnings, any deductions such as 401k, fsa etc, state and income taxes etc It shows the gross salary less any deductions "Net pay" for the period

Correct Answer: Payroll Transaction is nothing but the calculation of salary for a month / week / day of an individual / group of employees depends upon the attendance / variable inputs / other benefits / salary component and generate the reports for IT / Statutory / PT payments

Correct Answer: Payroll input includes: Monthly,Qtrly,Yearly payments,adjustements, recoveries etc Inputs can be received either from HR or finance or both Current month New joinees, resignees recovery's etc Yes, inputs changes company to company

Correct Answer: Payroll Giving enables employees to give to any UK charity straight from their gross salary (before tax is deducted), giving immediate tax relief of up to 40% on their donations