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What is Payroll

Payroll refers to the complex process of calculating and distributing wages and salaries to employees. In addition to the actual calculation and distribution of pay to employees, a considerable amount of documentation, reporting and payments of other liabilities is involved. Other liabilities include federal, state and local taxes, insurances, and retirement.

The payroll process involves tracking employee time and attendance, calculating gross pay, determining and withholding taxes, and accurately distributing net pay to employees. It is a critical function of HR and finance departments to ensure that employees are paid accurately and on time, while maintaining compliance with tax laws and regulations.

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