There are five major sources of input to the payroll system.1.HRM department provides information aboutHiringsTerminationsPay-rate changes. 2.Employees provide changes in discretionary deductions 3.Various departments provide data about the actual hours worked by employees. 4.Government agencies provide tax rates and regulatory instructions.5. Insurance companies and other organizations provide instructions for calculating and remitting various withholdings. Principal outputs of the payroll system are checks. Employees receive individual paychecks. A payroll checkis sent to the bank to transfer funds from the company’s regular account to its payroll account. Checks are also issued to government agencies, insurance companies, etc., to remit employee and employer taxes, insurance premiums, union dues, etc. The payroll system also produces a variety of reports. Revenue CyclePrimary activitiesProvide Goods and services to customersCollect cash in payment for goods and services deliveredPrimary Exchanges of InformationExternal – CustomersInternal – Expenditure CycleProduction CycleInventory Control Human ResourcesPrimary ResponsibilitiesProvideRight product at the right priceThe right timeCollect cash on a timely basis Each Cycle has its own accounting subsystemCycles provide transaction and allocation information to the subsystemOther areas within the firmTreasurerfinancing and investingBudgeting DirectorPlanning information (in and out)ControllerAdjusting EntriesFinancial Statement Presentation Which of the following is the input of a payroll system?The inputs to a payroll system are: Employee code (used to lookup the employee's other details, e.g. name, bank account, etc.) Hours worked. Rate of pay (e.g. $25 per hour)
What are 4 parts of payroll?So that's the four components. Gross Compensation, Recurring Items, Ad Hoc Items, and Government Deductions. If you are designing your own payroll process, or trying to improve your current one categorize your payroll items into these four areas.
Which of the following is not included in the payroll system?Answer and Explanation: The correct answer is a. Payroll sinking fund . Payroll sinking fund is not a component of the company's payroll system because it is not required to be put up by the companies in its payroll.
What is payroll input source?Gathering inputs
Income tax declaration, facilities availed, and more. HR team. Salary structure, eligibility for benefits, etc. Finance team. Deduction for recoveries.
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Which of the following is not one of the major sources of input to the payroll system?
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