Payroll Register Definition
A payroll register is a crucial tool that HR professionals use to track and manage employee compensation. This comprehensive record provides a detailed breakdown of each employee’s salary, wages, bonuses, benefits, taxes, and deductions.
How Does Payroll Register Work?
The payroll register is typically generated by payroll software or systems, where HR professionals input and update employee compensation information. This data is then calculated and stored in an organized format, which can be easily accessed and analyzed as needed.
Payroll Register Key Features:
– Employee Information: The payroll register contains essential details about each employee, such as their name, employee ID, department, and position.
– Earnings: It includes information about the employee’s regular salary, overtime pay, bonuses, commissions, and other forms of compensation.
– Deductions: The payroll register lists deductions from an employee’s paycheck, such as taxes, insurance premiums, retirement contributions, and other withholdings.
– Benefits: It also includes information about employee benefits, such as health insurance, retirement plans, paid time off, and other perks.
– Taxes: The payroll register tracks tax withholdings for federal, state, and local taxes, as well as Social Security and Medicare contributions.