Payroll

Payroll is the process by which a company calculates and distributes wages to its employees. It involves determining salaries or hourly wages, deducting applicable taxes and other withholdings, and ensuring employees are paid accurately and on time. Payroll also manages related responsibilities like tracking hours worked, contributing to retirement or benefits plans, and maintaining records for legal and financial purposes. Essentially, payroll is the administrative system that handles all aspects of employee compensation, ensuring staff are paid correctly and compliantly.