What are the benefits achieved by payroll giving?

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 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: 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: 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: For making accounting entries the accounting dept will need the total transactions of the particular payroll run grouped into various expenditure/liability/Income items like salary,loans,ees pension,ers pension,tax, PF/NI etc This information should be employee wise & relevant cost center of the employee(in a large organisation) Mostly payroll will have expenses/liabilities only Few payrolls might have Income also To be specific to the reports bit of your question following reports are produced 1) Net pay reconciliations report 2) Deductions report comprising all voluntary and non voluntary deductions 3) Payments report 4) Costing report 5) Exceptions report 6) High pay salary report 7) No pay salary report

Correct Answer: Professional Tax ESI PF Recoveries Advances if any

Correct Answer: Wage Revisions as per wage policy every finanical year means April of the every year will revised At the same time Basic is revised as per appointment order like we are given probation period to every employee after completion of the employee probation than basic also revised and depends upon Organisation Structure also

Correct Answer: It is Rs 10,00,000 now

Correct Answer: Paycheck - this is the method by which the Employee is paid (A Bank Check/Cheque or Direct Deposit to Bank) Payslip - Also called as Pay Stub is the paper which will typically detail the gross income and all taxes and any other deductions such as retirement plan contributions, insurances, garnishments, or charitable contributions taken out of the gross amount to arrive at the final net amount of the pay, also including the year to date totals in some circumstances

Correct Answer: Means whatever income any employee received from the organisation and on that tax to be deducted (eg Gross salary, Overtime, Bonus, Incentives etc)