Understanding payroll is crucial for any business. It's more than just issuing paychecks. It involves a comprehensive understanding of taxes, benefits, and labor laws. Let's delve into the benefits of focusing on this essential business function. The Scope of Payroll Payroll encompasses various functions that involve employees' payment. It includes calculating wages, withholding taxes and deductions, recording employees' time worked, and ensuring timely payment. It's also responsible for filing tax forms and managing benefits such as health insurance and retirement plans.
10 January 2024