What are Pay Runs in South Africa
We refer to a payroll as a pay run. Pay runs encompass various components needed to compensate your workers. When you're prepared to handle your payroll for a particular paycheck date, you initiate your pay run.
Frequently asked questions
What does "pay run date" mean
A pay date refers to the day employees receive their wages (either through printed paper checks or direct deposits into their accounts). This happens after the payroll run date, the day when a payroll administrator processes the payroll.
What are the steps to run payroll
Here are the eight essential steps to run payroll on your own:
- Set the Process Up
- Review and Approve Time Sheets
- Calculate Gross Pay
- Calculate and Withhold Income Taxes
- Determine Other Deductions
- Pay Employees and issue payslips
- Do Year-end Payroll Tax Reports
- Store Payroll Records
What is a payroll example
An illustration of payroll pertains to a particular case of a corporation's payroll management. It usually encompasses information such as employee identities, hours of work, earnings or salaries, deductions (like taxes and benefits), and the total sum paid to each worker for a certain pay cycle, typically on a weekly or monthly schedule.
How to calculate monthly income
Initially, calculate your yearly salary by multiplying your hourly pay by the hours you work each week, then multiply this sum by 52. Having determined your yearly gross income, divide this figure by 12 to ascertain your monthly earnings.
Who is responsible for payroll
Payroll processing is one of many responsibilities your HR department may take on. Business owners and HR leaders often choose this option because HR is skilled at managing employees with a people-first approach. This can lead to better employee experiences than finance's financial data handling expertise.
Who controls payroll
HR professionals do important tasks every day and create the pay periods. These tasks include hiring, managing performance, and processing payroll changes. Payroll changes can involve pay, bonuses, hours, and benefits for employees.
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