Finance

Basics Of Payroll Calculation Hong Kong

Payroll can be defined as the total of the overall compensation a company or business must pay to its employees for a given time span on a particular date. In simpler terms, it is the total money that the employer is responsible for going to a list of employees as part of the business functioning.

Who is responsible for the management of the payroll?

  • In the case of bigger companies and business organisations, the payroll account will be maintained and managed by the accountant or the human resource of the company.
  • For smaller businesses, it may be handled directly by the business owner himself/herself or maybe by one of his/her associates.

Payroll calculation hong kong: What should be included in a typical business payroll?

As part of the business function, a typical business payroll must involve the following: –

  • The exact calculation of the salaries of each employee.
  • Amount of lawful deductions (if there are any).
  • Basic Payslip components including variable pay, LTA and HRA.
  • Releasing employee salary.
  • Filing returns and deposits of dues such as PF and TDS with their respective concerned authorities.

To conclude, every business or organisation must have a proper team to carry out the payroll calculation hong kong to avoid all kinds of financial and salary-related errors in the business.

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