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Payroll
Intreasury management, apayrollis the list of employees of some company that is entitled to receive payments as well as other work benefits and the amounts that each should receive.[1]Along with the amounts that each employee should receive for time worked or tasks performed, payroll can also refer to a company's records of payments that were previously made to employees, includingsalariesandwages,bonuses, andwithheld taxes,[2]or the company's department that deals with compensation. One way that payroll can be handled is in-house, meaning that a company handles all aspects of the payroll process on its own, including timesheets, calculating wages, producing paychecks, sending the ACH (Automated Clearing House), for any direct deposits, and remitting any tax payments necessary[citation needed]. Payroll can also be outsourced to a full-service payroll processing company. When a company chooses to outsource their payroll, timesheets, wage calculations, creating paychecks, direct deposits, and tax payments can be handled all, or in part, by the payroll company[citation needed].
Payroll plays a major role in the internal operations of a business for several reasons. From the perspective ofaccounting, payroll and payroll taxes are subject to laws and regulations. Payroll in the U.S. is subject to federal, state, and local regulations includingemployee exemptions,record keeping, andtax requirements.[3]Payroll also plays a large role from thehuman resourcespoint of view. Payroll errors, such as late or incorrect paychecks, are a sensitive topic that can cause tension between employees and their employers. One requirement to maintaining highemployee moraleis that payroll must be paid accurately and promptly because employees are very sensitive to any payroll errors.[4]
Bury St Edmunds (/ˈbɛri/), commonly referred to locally as Bury, is a historic market town and civil parish in Suffolk, England.[2] Bury St Edmunds Abbey is near the town centre. Bury is the seat of the Diocese of St Edmundsbury and Ipswich of the Church of England, with the episcopal see at St Edmundsbury Cathedral.
The town, originally called Beodericsworth,[3] was built on a grid pattern by Abbot Baldwin around 1080.[4] It is known for brewing and malting (Greene King brewery)[5] and for a British Sugar processing factory, where Silver Spoon sugar is produced. The town is the cultural and retail centre for West Suffolk and tourism is a major part of the economy.
