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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]
Fakenham is a market town and civil parish in Norfolk, England. It is situated on the River Wensum, about 25 miles (40 kilometres) north west of Norwich. The town is the junction of several local roads, including the A148 from King's Lynn to Cromer, the A1067 to Norwich and the A1065 to Swaffham.
The civil parish has an area of 3.49 sq mi (9.0 km2) and in the 2001 census had a population of 7,357 in 3,292 households, the population increasing to 7,617 at the 2011 census.[1] For the purposes of local government, the parish falls within the district of North Norfolk.[2]
Fakenham has been a market town since 1250, particularly known for its corn, barley and wheat trading, and in the 19th century it became noted for its printing. Fakenham Racecourse is a thoroughbred horse racing venue to the south of Fakenham, of which Charles, Prince of Wales is patron.
The town has a long name of Fakenham Lancaster which derives from the ownership of the manor in 1377 being transferred to John of Gaunt, the Duke of Lancaster. The name continues to be used today, including on recently placed history trail plaques around the town,[3] and also the two wards that cover the town, for the purpose of electing councillors to North Norfolk District Council, are called Lancaster North and Lancaster South.