Question

enter employee hours recorded on time cards in the payroll transaction file maintained on disk and update wage data maintained on the payroll master file.

Answer 1

1) Generally every company will pay the wages on the basis of number of hours worked by an employee during the period. In case of manufacturing companies if number of hours are not able to calculate then on the basis production we can pay the wages.

But in Information Technology industry with out having time cards or time sheets or Any software using for tracking the number of hours then it is very difficult to pay the wages or salary to the employees.

Even in some industries they if any employee works more than the target number of hours then they will pay over time allowances also.

A time card is a cardboard ticket on which is printed the hours worked by an employee during a week.

The card is usually inserted into a time clock that prints onto it the time at which an employee begins and stops work.

A time card differs from a timesheet in that employees enter their own hours worked on a timesheet, and the timesheet frequently contains additional information, such as the jobs on which a person worked for example like Actual production or Process Training or Break or Meetings like that it will be recorded.

With the help of time card, we can easily calculate the Efficiency of an employee.

Once the employee worked hours has been taken from time cards then they will process the payroll.

Payroll has been processed with the help of rate per hour or rate per day like that on the basis of number of hours worked or number of days worked. Once it is completed the we have to see the deductions like Employee contribution to provident fund or advance of any salary.

Then the net amount has been deposited in the respective employee bank account.

Once all the individual employee pay roll has been processed then the Entire company payroll has been processed.

Then the company should pay the contributions of employee and employer to the respective government account with in the duedate of respective law or act.

Once we have been updated the wage data maintained on the payroll master file, we have to analysis the budgeted or planned wages and actual amount of wages paid.

If any major discrepancies found then we have to take initiatives quickly as much as possible.

Amount of wages has to been made in the prescribed mode specified by the employee and it should in accordance of requirements of any law.

As per income tax act, company should not pay an amount through cash for an amount more than 10000 to an any employee.

If it is paid against this law then such expenses shall not be allowed as per income tax act.

Maintain Payroll Records:

There are no federal laws says what payroll records must be retained. However, there are requirements for what payroll information needs to be retained, such as full employee name, W-4 tax withholdings, full mailing address, and more. Most employers keep copies of the employee’s pay stub for this purpose after running the payroll process.

Because if any employee will come ask the details it is very easily we can discuss them.

It is not only employee but also some times if any authority will ask then also we can provide the details to them.