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

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)

Correct Answer: 1 Processing Payroll to generate Paycheck and Pay Stubs 2 Generating Tax reports and vouchers using which Taxes are deposited to Govt (Employee Tax) 3 Processing reports that are handed over to Accounting Dept 4 Ensuring that the Deductions, Benefits, Acruals, Taxes and Salaries are accurate ( 5 Posting the Journals to Finance 6 Processing Govt Reports and submitted to Govt 7 Entering interims (may also be done by HR in some Companies) 7 Year End Process to generate W2s