PAYROLL Meaning and
Definition
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Payroll refers to the total amount of money that a company or organization pays its employees for a specific period of time. The term encompasses the financial record or calculation of those payments, including salaries, wages, bonuses, and deductions such as taxes, insurances, and retirement contributions. It is an essential aspect of business operations as it ensures that employees are compensated accurately and timely for their work.
In a broader sense, payroll also includes the administrative process involved in managing employee compensation. This involves activities such as calculating and determining wages, deducting applicable taxes and other mandated contributions, generating payment slips or checks, and maintaining relevant records for legal and financial purposes. Companies typically have dedicated payroll departments or utilize the services of specialized software or outsourced payroll providers to undertake these functions.
A well-managed and accurate payroll system is crucial for organizations of all sizes to maintain employee satisfaction, compliance with employment laws, and overall financial stability. It allows employers to fulfill their legal obligations, including the remittance of taxes and other deductions. Additionally, payroll systems aid in budgeting and forecasting costs related to employee compensation and can provide valuable data for financial analysis and decision-making.
Overall, payroll represents the financial lifeline between a company and its employees, encompassing both the financial record and administrative processes involved in compensating workers.
Top Common Misspellings for PAYROLL *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for PAYROLL
Etymology of PAYROLL
The word "payroll" originated from the Middle English term "paye" meaning "payment" or "reward", which was derived from the Old French word "paiement" with the same meaning. The second part of the word, "roll", refers to a list or register. This combination is said to have developed in the 18th century, referring specifically to the list of employees receiving payment. Eventually, "payroll" came to include both the list and the total amount of wages paid by a company to its employees.
Similar spelling words for PAYROLL
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