Payroll is the payment employees receive for their work in a company. It describes both the financial records regarding employee pay but also the process through which employers pay their staff. Payroll may be distributed to employees through direct deposits to their bank accounts, or it can be given as checks.
Businesses must keep records of these payments in addition to the taxes they have paid for those staff members. Annual wages can be calculated through the sum of payroll throughout the year. The cost of a workforce may also be referred to as payroll, so it has many definitions.