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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]
Worcester (/ˈwʊstər/ (About this soundlisten) WUUS-tər) is a cathedral city in Worcestershire, England, 30 miles (48 km) south-west of Birmingham, 101 miles (163 km) west-north-west of London, 27 miles (43 km) north of Gloucester and 23 miles (37 km) north-east of Hereford. The population is about 100,000. The River Severn flanks the western side of the city centre, which is overlooked by Worcester Cathedral. The Battle of Worcester in 1651 was the final one in the English Civil War, where Oliver Cromwell's New Model Army defeated King Charles I's Royalists. Worcester is the home of Royal Worcester Porcelain, composer Edward Elgar,[1] Lea & Perrins, makers of traditional Worcestershire sauce, University of Worcester, and Berrow's Worcester Journal, claimed as the world's oldest newspaper.