Payroll
The total amount of money paid by a company to its employees.
Business Glossary provided by Plannit.ai
Payroll refers to the financial records of employees’ salaries, wages, bonuses, net pay, and deductions. It encompasses the process of calculating and distributing wages and taxes. This function is critical in any business and must comply with various legal requirements. Additionally, payroll is a major component of a business's financial statements, representing the cost of labor, which is often one of the largest expenses for a business.
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