Payroll

From Encyclopedia Jr, free information reference for Kids

In a company, payroll is the sum of all financial records of salaries, wages, bonuses, and deductions.

[edit] Paycheck

A paycheck is traditionally a paper document issued by an employer to pay an employee for services rendered. While most common being used in the United States, recently the physical paycheck has been increasingly replaced by electronic direct deposit.

In most countries with a developed wire transfer system, e.g. in Europe, using a physical cheque for paying wages and salaries is most uncommon for the past several decades. However, vocabulary referring to the figurative "paycheck" does exist in some languages, e.g. German (Gehaltsscheck), partially due to the influence of US popular media.

[edit] Payroll savings program

A payroll savings program is a method of automatically deducting money from one's paycheck and depositing it into a savings account. Since these funds are made less available there is a reduced chance that they will be spent.

[edit] Payroll card

A payroll card is a card that allows an employee to access their paycheck by using a card that looks like a bank debit card. A payroll card can be more convenient than using a check casher, because it can be used at participating automatic teller machines to withdraw cash, or in retail environments to make purchases. Some payroll cards also are cheaper than Payday loans available from retail check cashing stores, but others are not. Most payroll cards will charge a fee if used at an ATM more than once per pay period.

The payroll card account usually is held as a single account in the employer's name. That account holds the payroll funds for all employees using the payroll card system. Some payroll card programs establish a separate account for each employee, but others do not.

[edit] Payroll Professionals

In Canada Payroll Professionals are Certified by the Canadian Payroll Association. They are qualified as either 'Payroll Compliance Practitioners(PCP)' or as 'Certified Payroll Managers(CPM)'

Upon completion of the required course material and with continuing Education and membership fees the person is then entitled to the Post-nominal letters associated with their current level of accomplishment.