Financial Definition of payroll. What It Is. Payroll is the total of the compensation a company pays to its employees. In the accounting world, it is also a term used for calculating and processing paychecks (as in, "doing payroll"). How It Works. On the income statement, payroll expenses are part of labor costs.
A payroll is a company's list of its employees, but the term is commonly used to refer to: the total amount of money that a company pays to its employees; a company's records of its employees' salaries and wages, bonuses, and withheld taxes;
Define payroll. payroll synonyms, payroll pronunciation, payroll translation, English dictionary definition of payroll. also pay roll n. 1. A list of employees receiving wages or salaries, with the amounts due to each. 2. The total sum of money to be paid out to employees at...
Payroll refers to the employees you pay, along with employee information. Payroll is also the amount you pay employees during each pay period. Or payroll can refer to the process of actually calculating and distributing wages and taxes.
Employees are hired to do a specific job at a specific rate of pay. Some employees are paid a salary which is the same amount every payday. Other employees are paid by the hour, so their pay for the pay period changes based on the number of hours worked.
payroll definition: 1. a list of the people employed by a company showing how much each one earns: 2. the total amount of money paid to the people employed by a particular company: 3. a list of a company’s employees and the amount each earns, or the total earnings a business gives to its employees.
Payroll definition, a list of employees to be paid, with the amount due to each. See more.
Payroll is the sum total of all compensation a business must pay to its employees for a set period of time or on a given date. It is usually managed by the accounting or human resources department ...
Legal Definition of employee: a person usually below the executive level who is hired by another to perform a service especially for wages or salary and is under the other's control — see also respondeat superior — compare independent contractor.
Payroll Definition. Payroll is defined as the total amount of wages paid by a company to its employees and other workers. Your company’s payroll may be your firm’s largest business expense, and processing payroll is complicated.