payroll is the combination of all of the financial records of their employees’ salaries, wages, bonuses and deductions. In accounting, the term payroll signifies the amount that has been paid out to employees for the services they have done for the organization within a certain period of time. Payroll accounting involves a company’s recording of its employees’ compensation including: gross wages, salaries, bonuses, commissions, and so on that have been earned by its employees. withholding of payroll taxes such as federal income taxes, Social Security taxes, Medicare taxes, state income taxes.
- October 14, 2017
- Payroll Services