Payroll Interview Questions

A payroll journal is like a payroll register. It has salary, bonuses, commission in other words earnings, any deductions such as 401k, fsa etc, state and income taxes etc.
It shows the gross salary less any deductions "Net pay" for the period.

Professional Tax

ESI

PF

Recoveries

Advances if any

For making accounting entries the accounting dept will need the total transactions of the particular payroll run grouped into various expenditure/liability/Income items like salary,loans,ees pension,ers pension,tax, PF/NI etc. This information should be employee wise & relevant cost center of the employee(in a large organisation).

Mostly payroll will have expenses/liabilities only. Few payrolls might have Income also.

To be specific to the reports bit of your question following reports are produced

1) Net pay reconciliations report
2) Deductions report comprising all voluntary and non voluntary deductions
3) Payments report
4) Costing report
5) Exceptions report
6) High pay salary report
7) No pay salary report

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 employee after completion of the employee probation than basic also revised and depends upon Organisation Structure also.

Gratuity is paid to all such employees after their resignation or retirement.Incase of resignation gratuity is paid to such employees who have completed 5 years of service.

Calculation of gratuity = Basic + DA x (15/26) x Total no. yrs service

15- Half month

26- Excluding 4 sundays

Payroll is defined as its a remuneration given for work done by individuals on daily,monthly,weekly etc....

Payroll Giving enables employees to give to any UK charity straight from their gross salary (before tax is deducted), giving immediate tax relief of up to 40% on their donations

Contingent or temporary workers have little or no job security as their employment 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