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By obtaining a national tax number (NTN) for employees who do not already have one. Understanding the client’s payroll and wage types involved, as well as setting them up in the payroll software. Agree on a reporting schedule with the client based on their needs.
Obtain monthly payroll information in a prescribed format from management regarding:
- Attendance \Deductions
- Salary changes
- Other relevant information
- Prepare employee tax computations
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Prepare a monthly payroll for the staff based on information provided by management, including salary and deduction details. Payroll should be sent to management for approval and the transfer of funds for salary payments and withholding tax payments. After management has approved the payroll, transfer salaries to the employees’ individual accounts after deducting taxes and other authorized deductions.
Prepare and distribute monthly payroll payslips to employees. Payroll withholding taxes should be deposited into the government’s treasury on a monthly basis. Keep track of your monthly withholding tax deductions and remittances. Send a copy of the monthly payroll for the records of the company
Payroll is the process by which an employer compensates his employees for their efforts. Earnings and deductions make up the majority of payroll. Earnings are the funds received by the employee, which include salary or wages, allowances, bonuses, medical benefits, and so on
Salary refers to the compensation that an employee receives, or, to put it another way, the amount of pay that the employee receives. Payroll, on the other hand, is the process of paying employees’ salaries.
Payroll structure refers to the details of the salary offered in terms of the breakdown of various components constituting the compensation. Knowledge of the components is critical for the employee because it gives him an idea of how much money goes into forced savings and what kind of tax breaks he can claim.