Payroll

Payroll refers to the process by which employers compensate their employees for work performed. It involves calculating and distributing wages, salaries, bonuses, commissions, and deductions, such as taxes, benefits, and retirement contributions. Payroll also includes ensuring compliance with labor laws and tax regulations, as well as maintaining accurate records for reporting purposes. Efficient payroll management is crucial for employee satisfaction and organizational efficiency, ensuring timely payments and accurate tax filings. Many companies use payroll software or outsourcing services to streamline the process and reduce the risk of errors.