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.