Payroll Accounting refers to the purpose of calculating and distributing salaries, wages and withholdings to certain agencies as well as employees. The accounting for payroll includes the paying of compensation and benefits to employees. The end result of this process is accurate records concerning the expenses linked with all types of compensation, as well as on-time fees to employees. Payroll accounting is how a business records employee compensation and keeps track of amounts that are withheld from employees paychecks for taxes and benefit plans.
- Processing Monthly Salaries and re-imbursements – Processing your payroll based on the latest legislative updates.
- Computation of gross pay (hourly, monthly, etc)
- Computation of the total amount of deductions (Taxes, etc)
- Computation of total amount due to employees i.e. the gross pay minus the amount of deductions.
- Authorize the amount of payments due to employees.
- Distribution of payroll after it has been authorized.
- Issuance of reports to upper management concerning labour-cost data.
- Payroll Compliance – ensuring accurate processing of PF, ESI, Professional tax, Labour welfare laws.
- TDS filing
- Issuance of Form 16 (TDS Certificate)
Issuance of Form 16 (TDS Certificate)
Often times many companies outsource their payroll accounting to specialized firms. These firms can perform the same function for a much lower cost than if the company generated them in-house.
We at UnfoldingTax.com provide assistance in managing payroll to different entities.
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