What is payroll?
Payroll is a term used to describe the meaning of employees within an organisation and the amount that they are paid. However, nowadays it is more likely used to refer to staff wages and creating a record of the total of money that a worker has made over a period of time.
In a business where people are employed as workers, payroll is essential in any company. Payroll can be needed to:
- To pay your employees their salary.
- The calculation of the amount your employees need to be paid.
- The calculation of the amount of tax and NIC that you need to take away from a worker gross pay.
- A report of workers pays information to HMRC.