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In: Accounting

what information is necessary to prepare for the processing of payroll?

what information is necessary to prepare for the processing of payroll?

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Expert Solution

There are some important fctors to be considered while processing a payroll system:

First will be ensure that there should be a system to Log all data regarding employees wage and compensation. For example should record for check-in and check-out tiem, Recording of overtime employed.

If employer paying tax behalf of employees make sure that to record documents regarding individual employee taxation has been entred into the system.

From employee salary there are some deductions before payout such as With-holding for social health scheme and pension funds such a data should be kept.

Finally it is important to make sure the Gross pay is calculaated in the right way and log in the information regarding individual Gross Pay in payroll system.

Ensure the system follows Post Pay/Processing of Payroll that is by filing(promotes) respective files with autthorities for Taxation and with-held balance mintained withon the company.

ekkarill92 answered 1 year ago
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