What are the general deductions made while doing payroll for an employee in an o

rganization?
Provident Fund, Employer state Insurance Corporation, Tax deduct at Source, Prof
essional Tax, Medical Claim. It depends
upon company HR rules
How payroll works?
Payroll, at its most basic, is the process by which an employer pays an employee
for work performed. If you own your own
business, but don't have any employees, then you don't have to worry about payr
..
While calculating salary, we should consider the following
1. upload attendance
2. LOP of employees
3.Increment
4.Deductions like TDS,PT,PF,ESI,etc
What are the benefits achieved by computerized payroll system?
Every business needs a payroll computation or an expert. No doubt in that, but w
hen the business expands into numerous
workforce paperwork calculation does not help and computerized payroll become o
ne.
Benefits
1 Accuracy
2.Speed
3.Time save
Disadvantages
1. Unemployment problem(This system is reduce the manpower, so it cause to unemp
loyment.
2.Risky(sometimes difficult to find out errors

Who is contingent worker? can we run payroll for a contingent worker?

In that situation, we can take them as daily wage basis.
Contingent or temporary workers have little or no job security as their employme
nt is based on a temporary Contingent
workers are not committed to the organization for a long run, as they know that
they will be out of there in very short
period of time
What report are provided to accounting dept. from payroll every month? What repo
rts are generate at end month, qtr & year
end in payroll dept?
Every month the following are the details given to Accounts Dept regarding payro
ll
1. Total amount of salary credited to Employees
2. total PT
3.Total PF amount(Employees & Employers)
4.ESI amount (Employees & Employers)
5. salary payable through cheque, cash

What are the rates (Percentages) paid as Employer's Share of PF in A/C No.1, A/C
No.10 & A/C NO.21

PF Employer contribution
12% of Basic+DA+1.61%
Out of this 12%
3.67% will go to Povident Fund (Ac No: 1)
8.33% will go to Pension Fund ( Ac No: 10)
And
1.61% on PF contribution is Bifurcated into 3 parts
1.1% Admin charges
0.01% Admin on EDLI
0.5% EDLI
PF Employee Contribution
12% of Basic+DA
Entair amount will deposited to PF (Ac NO: 1)
Employee can make higher contribution but he can't contribute less than employer
s contribution.

What is the minimum period to revise the Basic Salary of Employees?

Changes in Basic salary depends on designation and According to the Minimum wage
s ACT.
Wage Revisions as per wage policy every finanical year means April of the every
year will revised.at the same time Basic
is revised as per appointment order like we are given probation period to every
.

When u say you do end to end payroll.. can you explain it in brief
As the name only states that,starts from salary/payroll calculation to disclose
payslip to the employees.
What is the difference between Paper accounting and Computer accounting in payro
ll?
Accounting is an intrinsic part of any business, large or small--owners and othe
r interested parties want to know whether
they are making a profit or not. Many small businesses do their accounting man

How to define payroll?

Payroll is a record of company employees and the salary that each of them is pai
d
What is the difference between paycheck and Payslip?
Pay check is a mode of payment.
Payslip is a report given to the employee which inform him of income, deduction
and net pay

What is exemption limit of gratuity

10 LAKHS ONLY

What do you understand by Variance Report in payroll?

Variance Report is to know what is the difference between last month salary and
the current month salary you can also
check in that report all input which you have considered its captured or not?

What is the journal entry at the end of the year for the 13th salary provision
or some companies don't pay bonus they pay it as incentive/Performance Bonus
Incentive/Performance Bonus Dr.
Incentive Payable/ Performance Bonus Payable Cr.