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- Submitted by: raudha
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- Category: English: Authors
- Date Submitted: 07/09/2014 10:25 PM
- Pages: 14
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SECTION A
Question 1
DEFINITION
Payroll is the sum total of all compensation that a business must pay to its employees for a set period of time or on a given date. Payroll is usually managed by the accounting department of a business. Small-business payrolls may be handled directly by the owner or an associate. Payroll can also refer to the list of employees of a business and the amount of compensation that is due to each of them. Payroll is a major expense for most businesses and is almost always deductible as such. It can differ from one pay period to another due to overtime, sick pay and other variables. (investopedia, 2011)
OBJECTIVES AND PURPOSE OF PAYROLL
* Accuracy
A primary objective of the payroll department in an organization is to processes employee compensation timely and accurately. In processing compensation, the payroll department accurately withholds taxes and submits reports to federal and state agencies. To ensure the efficiency of the payroll function, payroll managers could establish goals to review payroll processes for any procedural weaknesses that may interfere with payroll accuracy and timeliness. (azcentral, 2009)
* Performance
To set performance goals, an organization could measure the amount of work conducted vs. the cost of payroll dollars. Measuring performance vs. income expense can help an organization determine which theory applies to its culture: The more an employee is paid the more they will work or, the more motivated and engaged an employee is, the more he is likely to perform well. An objective for an organization would be to take steps to evolve to the second theory of performance. (chron, 2014)
* Insurance
For employees to obtain private workers' compensation insurance, as is required in some states, can complicate payroll costing. The payroll department is responsible for tracking the amounts of insurance premiums and labor tax, and breaking down the labor tax between the employer and employee. To...
Question 1
DEFINITION
Payroll is the sum total of all compensation that a business must pay to its employees for a set period of time or on a given date. Payroll is usually managed by the accounting department of a business. Small-business payrolls may be handled directly by the owner or an associate. Payroll can also refer to the list of employees of a business and the amount of compensation that is due to each of them. Payroll is a major expense for most businesses and is almost always deductible as such. It can differ from one pay period to another due to overtime, sick pay and other variables. (investopedia, 2011)
OBJECTIVES AND PURPOSE OF PAYROLL
* Accuracy
A primary objective of the payroll department in an organization is to processes employee compensation timely and accurately. In processing compensation, the payroll department accurately withholds taxes and submits reports to federal and state agencies. To ensure the efficiency of the payroll function, payroll managers could establish goals to review payroll processes for any procedural weaknesses that may interfere with payroll accuracy and timeliness. (azcentral, 2009)
* Performance
To set performance goals, an organization could measure the amount of work conducted vs. the cost of payroll dollars. Measuring performance vs. income expense can help an organization determine which theory applies to its culture: The more an employee is paid the more they will work or, the more motivated and engaged an employee is, the more he is likely to perform well. An objective for an organization would be to take steps to evolve to the second theory of performance. (chron, 2014)
* Insurance
For employees to obtain private workers' compensation insurance, as is required in some states, can complicate payroll costing. The payroll department is responsible for tracking the amounts of insurance premiums and labor tax, and breaking down the labor tax between the employer and employee. To...