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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.
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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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