In a company, payroll is the sum of all financial records of salaries, wages, bonuses, and deductions. Generally a company is a form of Business organization. The precise definition varies The field of finance refers to the concepts of Time, Money and Risk and how they are interrelated A salary is a form of periodic payment from an Employer to an Employee, which may be specified in an Employment contract. A wage is a compensation workers receive in exchange for their labor.

Paycheck

A paycheck is traditionally a paper document issued by an employer to pay an employee for services rendered. A cheque (spelled check in American English) is a Negotiable instrument instructing a Financial institution to pay a specific amount of Employment is a Contract between two parties, one being the employer and the other being the employee. Income, refers to consumption opportunity gained by an entity within a specified time frame which is generally expressed in monetary terms Employment is a Contract between two parties, one being the employer and the other being the employee. While most commonly used in the United States, recently the physical paycheck has been increasingly replaced by electronic direct deposit to bank accounts. The United States of America —commonly referred to as the

In most countries with a developed wire transfer system, using a physical check for paying wages and salaries has been uncommon for the past several decades. Wire transfer is a method of transferring money from one entity to another A decade is a period of 10 Years (since 1594 a factor of 10 difference between two numbers, or sometimes a set or a group of ten (since 1451 However, vocabulary referring to the figurative "paycheck" does exist in some languages, like German (Gehaltsscheck), partially due to the influence of US popular media but this commonly refers to a payslip or stub rather than an actual check. Literal and Figurative Languages have been divided into two separate classes by more traditional systems for analyzing Language. The German language (de ''Deutsch'') is a West Germanic language and one of the world's major languages.

Pay slip

An example of a payslip from the John Lewis Partnership, showing gross salary, tax and National Insurance paid and yearly bonus entitlement, among other things

A pay stub, paystub, pay slip, pay advice, or sometimes paycheck stub, is a document an employee receives either as a notice that the direct deposit transaction has gone through, or as part of their paycheck. The John Lewis Partnership is a major United Kingdom retailer which operates John Lewis Department stores Waitrose Supermarkets and National Insurance (NI is a system of taxes and related Social security benefits in the United Kingdom. It will typically detail the gross income and all taxes and any other deductions such as retirement plan contributions, insurances, garnishments, or charitable contributions taken out of the gross amount to arrive at the final net amount of the pay, also including the year to date totals in some circumstances. Withholding tax is an amount withheld by the party making payment to another (payee and paid to the taxation authorities Individual taxpayers in the United States are allowed a choice when preparing their Federal income Tax returns After computing their Adjusted gross income (AGI taxpayers A pension is a steady income given to a person upon Retirement, typically in the form of a guaranteed annuity. Insurance, in Law and Economics, is a form of Risk management primarily used to hedge against the Risk of a contingent loss A garnishment is a means of collecting a monetary Judgment against a Defendant by ordering a third party (the garnishee) to pay money otherwise owed to

Payroll card

A payroll card is a plastic card allowing an employee to access their pay by using a 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 are cheaper than payday loans available from retail check cashing stores, but others are not. A payday loan (also called a paycheck advance or payday advance) is a small short-term Loan that is intended to cover a borrower's expenses until 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.

Payroll Professionals

In Canada Payroll Professionals are Certified by the Canadian Payroll Association. The Canadian Payroll Association (CPA is an organization of payroll managers and practitioners in Canada They are qualified as either 'Payroll Compliance Practitioners (PCP)' or as 'Certified Payroll Managers(CPM)'.

In the United States Payroll Professionals are Certified by the American Payroll Association. They are designated as Fundamental Payroll Consultant (FPC) or Certified Payroll Professional (CPP) after passing the appropriate certification exam.

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. Post-nominal letters, also called " post-nominal initials " or " post-nominal titles " are letters placed after the name of a person to indicate that

In the United Kingdom, payroll professionals are represented by the Institute of Payroll Professionals. The Institute of Payroll Professionals (IPP is a professional body representing payroll professionals in the United Kingdom [1]

Warrants

Payroll warrants look like checks and clear through the banking system like checks, but are not drawn against cleared funds in a deposit account. A cheque (spelled check in American English) is a Negotiable instrument instructing a Financial institution to pay a specific amount of A deposit account is a current account at a Banking institution that allows money to be deposited and withdrawn by the account holder with the transactions and resulting balance Instead they are drawn against "available funds" that are not in the bank so the issuer can collect interest on the float. In the US, warrants are issued by government entities such as the military and state and county governments. Warrants are issued for payroll to individuals and for accounts payable to vendors. Technically a warrant is not payable on demand and may not be negotiable. Glossary of Accounting Terms Deposited warrants are routed to a collecting bank which processes them as collection items like maturing treasury bills and presents the warrants to the government entity's Treasury Department for payment each business day.

In the UK, warrants are issued as payment by the NS&I when a Premium Bond is chosen. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located National Savings and Investments (NS&I) formerly called the National Savings Bank, is a state-owned savings bank in the United Kingdom. A Premium Bond is a lottery bond issued by the United Kingdom government's National Savings and Investments scheme

See also

• Cheque

References

1. Payslips Professionals official website
2. Institute of Payroll Professionals official website
3. Glossary of Accounting Terms
4. Payroll Company
5. The Payroll Company