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Cards (6)
Payroll
register
A summary of
salary calculations
for each employee
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Payslip
Given to each employee with the
calculations
of their cash/cheque pay and
deductions
View source
Calculations
of Pay
1.
Fixed
rate - based on an agreed amount for a set period of time
2.
Overtime
- based on the number of hours worked beyond normal hours
3.
Piece rate
- based on the work done in terms of products made or process completed
4.
Commission-based
- based on individual contribution to the business' performance
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The different ways highlighted are used to calculate
gross pay
, which is the
entire
amount the employee has worked for
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Deductions
Statutory - the amount the employer is legally required to take from the employee's
gross
pay, payable to the
state
eg. PAYE, NIS, HS, social security
Voluntary - only occur when the employee indicates (in
writing
) to the employer, e.g.
Loan
payments, union dues, etc.
View source
Accounting
software used for payroll
Quickbooks
Peachtree Accounting
View source
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