Payroll Management Flashcard

Front

What is payroll?

Back

The compensation a company pays to its employees for a specified period of time.

Front

What does gross income include?

Back

Regular income, allowances, and other one-time benefits.

Front

What is the equation to calculate net pay?

Back

Net pay = Gross income – Gross deduction

Front

What are the three main stages in the payroll management process?

Back

Before, during, and after the process.

Front

What is the purpose of defining payroll policy?

Back

To ensure the payout process goes smoothly.

Front

What is the benefit of using payroll software?

Back

It saves time and manages employee details.

Front

What is the importance of payroll management?

Back

It ensures security and stability.

Front

What are the methods of payroll management?

Back

Excel-based, outsourced, or payroll management software.

Front

What is the first step in payroll processing?

Back

Choose a payroll system.

Front

What should be included in a payroll policy?

Back

Pay dates and length of pay period.