What is Payroll in South Africa
Payroll generally denotes the remuneration given to employees for their services in a firm. It encompasses salaries, wages, perks, and extra hours worked. Documented as a cost, payroll frequently constitutes one of the most significant expenses for a business.
Keeping an accurate record and ensuring the pay runs are operating smoothly is of utmost importance for most companies. For this reason, companies often outsource their pay runs, meaning they utilize a third-party pay run service to handle payroll matters. Other options for managing payroll are to handle it manually, in-house, or through the use of payroll software.
Depending on context, individuals often define payroll in different terms. Payroll can refer to the department that pays employees or just the list of paid workers. It includes employee compensation records.
Zeelie Professional Accountants offers amongst others the following payroll services:
- Administration of Salaries and Wages
- Compensation and Benefits structuring
- Employment Contracts
- Full payroll function using high-quality payroll software
- Provision of a list of amounts payable to:
- - Employees
- - SARS
- - UIF
- - SDL
- - Third parties
- Payslips for employees before payday, which is a statutory requirement.
- Provision of annual IRP5's for all employees
- Registration for PAYE, UIF and Skills Development Levies
- Registration for UIF with Department of Labour
- Salary Reporting Packs on monthly, quarterly and annual basis
- Submission of statutory tax returns (EMP201 and EMP 501)
Frequently asked questions
What is a payroll example
A payroll example refers to a specific instance of a company's payroll administration. It typically includes details such as employee names, hours worked, their pay or wages, deductions (such as taxes and benefits), and the ultimate sum each worker gets for a specific pay period, usually on a weekly or monthly basis.
What is a payroll system and how does it work
A payroll system is a software tool utilized by companies to oversee and streamline the process of compensating employees. It computes employee wages and taxes, monitors hours worked, and disburses payments via direct deposit or check.
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