hi, could anybody explain what is the payroll process.. Thanks
From India, Madras
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1From India, Madras
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HI, U can a get a brief idea of payroll from this attachment... Hope it will b beneficial. Regards Aranyak.
From India, Thana
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From India, Thana
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Hi. I am new to this group. I hope this payroll calculator helps. The salary components can be modified as required. Regards, MR
From India, Ahmadabad
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From India, Ahmadabad
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My CTC is Rs. 5,49,996.00 per annum. My Net Pay is Rs. 45,833 per month.
Basic - 27,500
HRA - ??
Conveyance Allowance - ??
Medical Allowance - ??
Other Allowance - ??
DEDUCTIONS
PF Contributions - ??
Professional Tax - Rs. 200
Please guide Salary Calculator above Salary breakup.
Regards,
Manoj
From India, Mumbai
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Basic - 27,500
HRA - ??
Conveyance Allowance - ??
Medical Allowance - ??
Other Allowance - ??
DEDUCTIONS
PF Contributions - ??
Professional Tax - Rs. 200
Please guide Salary Calculator above Salary breakup.
Regards,
Manoj
From India, Mumbai
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Dear Mr. Manoj,
Your salary structure is as follows:
Basic - 27500
HRA - 11000
CCA - 800
Medical Allowance - 1250
Other Allowance - 5283
Gross/Month = 45833
Gross/Annum = 12 * 45833 = 5,49,996/-
Regards,
Amit Seth.
From India, Ahmadabad
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Your salary structure is as follows:
Basic - 27500
HRA - 11000
CCA - 800
Medical Allowance - 1250
Other Allowance - 5283
Gross/Month = 45833
Gross/Annum = 12 * 45833 = 5,49,996/-
Regards,
Amit Seth.
From India, Ahmadabad
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Hi All,
Payroll is the salary processing system. Payroll can be seen from two aspects: one is from the HR side, and the other from the commercial people's side. The HR personnel process the payroll by sending attendance details or, better put, Leave Without Pay (LWP) details and other complete information that an employee will receive in a particular month. After receiving these details, the commercial team starts entering them into the payroll software, initiating the salary processing.
While processing the salary for a specific month, we in HR provide comprehensive LWP (Leave Without Pay) details to the commercial department. When calculating LWP, we prepare the attendance sheet with the weekly offs. Besides weekly offs, we review the employee's absences, cross-referencing with leave applications to determine how many days an employee was on leave. If an employee has submitted an approved leave application and has sufficient leave balance, we mark them as on leave. However, if there is no leave application submitted or there is no leave balance, the employee is considered absent for that day, and their salary is deducted accordingly.
Furthermore, if there is a provision to provide one day's extra salary for a specific day when an employee does come to work, we calculate the additional salary for those employees present on that day.
I hope this clarifies the process for you.
Regards,
Amit Seth
From India, Ahmadabad
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Payroll is the salary processing system. Payroll can be seen from two aspects: one is from the HR side, and the other from the commercial people's side. The HR personnel process the payroll by sending attendance details or, better put, Leave Without Pay (LWP) details and other complete information that an employee will receive in a particular month. After receiving these details, the commercial team starts entering them into the payroll software, initiating the salary processing.
While processing the salary for a specific month, we in HR provide comprehensive LWP (Leave Without Pay) details to the commercial department. When calculating LWP, we prepare the attendance sheet with the weekly offs. Besides weekly offs, we review the employee's absences, cross-referencing with leave applications to determine how many days an employee was on leave. If an employee has submitted an approved leave application and has sufficient leave balance, we mark them as on leave. However, if there is no leave application submitted or there is no leave balance, the employee is considered absent for that day, and their salary is deducted accordingly.
Furthermore, if there is a provision to provide one day's extra salary for a specific day when an employee does come to work, we calculate the additional salary for those employees present on that day.
I hope this clarifies the process for you.
Regards,
Amit Seth
From India, Ahmadabad
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Dear Manoj,
HRA is 40% of the basic salary.
CCA is fixed at 800/- as it is exempted from taxes.
Medical allowance of 1250/- is exempted from taxes after producing a bill for the same, so it is also fixed.
The rest of the basic salary would be considered as Special allowance.
Regards,
Amit Seth.
From India, Ahmadabad
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HRA is 40% of the basic salary.
CCA is fixed at 800/- as it is exempted from taxes.
Medical allowance of 1250/- is exempted from taxes after producing a bill for the same, so it is also fixed.
The rest of the basic salary would be considered as Special allowance.
Regards,
Amit Seth.
From India, Ahmadabad
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Hi Vij,
If you are looking for US payroll, this would definetely help you buddy!
1. US Payroll Services
IBSN Payroll offers an array of services from which to choose to help small and midsize businesses.
ü Direct deposit
ü Computerized Paychecks
ü Handwritten Paychecks
ü Tax payments and filings
ü 940/941 forms
ü W2’s and 1099’s
ü Comprehensive services like 401K etc
ü Guaranteed Accurate
a) Hassle free Payroll
If you're like most small to midsize business people, you wear many hats and time is a precious commodity. Therefore, you, and your staff, need to spend your time on those areas that are most essential to your business - producing your product or service and selling it at a reasonable profit.
Processing payroll is time consuming both in terms of the actual processing time and in keeping up with IRS regulations. Outsourcing your payroll and payroll tax administration to IBSN allows you to handle your payroll obligations in an effective manner while allowing you to focus your time and energy where it should be on managing your business.
b) Total Pay
On Pay day, Paychecks are handed out, or they can be electronically deposited into employee bank accounts with our Direct Deposit service, which your employees embrace it. We also provide professional pay stubs detailing the current as well as year to date withholdings, vacation and sick time.
c) Employee Benefit Options
In today's tight labor market, employee benefits are one of the tools used by employers to attract and retain employees. IBSN offers both Section 125 Plan services as well as 401(k) plan record keeping.
TAX PAYMENTS AND FILINGS
A critical component of payroll is complying with IRS tax laws and filing requirements. Payroll Management assumes full responsibility for both the timeliness and accuracy of all payroll tax deposits and filings, so you never need to worry about it again. In the unlikely event that Payroll Management makes an error, we will pay all penalties; interest imposed, and responds to all inquiries on your behalf.
We prepare tax filings for the following forms: 940/Schedule A, 941/Schedule B, W-3, and state tax filings. We also submit your filings, payments, and deposits by the deadlines, to help you avoid penalties. We prepare W-2s for you and make them available for printing through a protected Web site.
Escrow and Payments of:
ü Federal withholding Taxes: In the United States income tax system, employers are required to withhold portion of each employee’s income and pay it directly to the US Internal Revenue service. This withholding act as a prepayment of tax they will owe at the end of the year, as well as direct payment of certain other taxes.
ü Social Security (FICA): A U.S. federal benefits program developed in 1935. The program includes retirement benefits, disability income, veteran's pension, public housing and even the food stamp program.
ü State and Federal Unemployment Act: Social Security legislation affecting labor costs and payroll records. Unlike the Federal Insurance Contribution Act (FICA) which is strictly a federal program, FUTA provides for cooperation between state and federal governments in the establishment and administration of unemployment insurance. While the federal act requires no employee contribution, some states levy an unemployment tax on the employee.
SUTA is part of the joint federal / state unemployment system. It provides for payments of unemployment compensation to workers who have lost their jobs. Most employers pay both a Federal and a state unemployment tax. In all but three states (Alaska, New Jersey and Pennsylvania) this tax is not deducted from the employee’s wages. The taxable wage base varies from state to state.
ü State and Local Taxes: Ever since the beginning of US history, the states have maintained the right to impose taxes. The Federal Government has always recognized this right. When US Constitution was adopted, the Federal Government was granted the authority to impose taxes. The states, however, retained the right to impose any type of tax except those taxes that are clearly forbidden by the United States Constitution and their own state constitutions.
ü Workers Compensation: Payments required by law to be made to an employee who is injured or disabled in connection with work.
Workers' compensation is a mandatory type of business insurance that provides employees who become injured or ill while on the job with medical coverage and income replacement. It also protects companies from being sued by employees for the workplace conditions that caused such an injury or illness
No More IRS Penalties!
With our payroll service, you'll never miss a tax deadline or pay the wrong amount
We Offers:
Reports:
Each Pay Period:
we prepare these tax forms, and provide supporting information for quick and easy reference.
We provide these important, completed forms.
These reports are always available, although some reports require an additional fee.
From India, Hyderabad
Acknowledge(0)Amend(0)
If you are looking for US payroll, this would definetely help you buddy!
1. US Payroll Services
IBSN Payroll offers an array of services from which to choose to help small and midsize businesses.
ü Direct deposit
ü Computerized Paychecks
ü Handwritten Paychecks
ü Tax payments and filings
ü 940/941 forms
ü W2’s and 1099’s
ü Comprehensive services like 401K etc
ü Guaranteed Accurate
a) Hassle free Payroll
If you're like most small to midsize business people, you wear many hats and time is a precious commodity. Therefore, you, and your staff, need to spend your time on those areas that are most essential to your business - producing your product or service and selling it at a reasonable profit.
Processing payroll is time consuming both in terms of the actual processing time and in keeping up with IRS regulations. Outsourcing your payroll and payroll tax administration to IBSN allows you to handle your payroll obligations in an effective manner while allowing you to focus your time and energy where it should be on managing your business.
b) Total Pay
On Pay day, Paychecks are handed out, or they can be electronically deposited into employee bank accounts with our Direct Deposit service, which your employees embrace it. We also provide professional pay stubs detailing the current as well as year to date withholdings, vacation and sick time.
c) Employee Benefit Options
In today's tight labor market, employee benefits are one of the tools used by employers to attract and retain employees. IBSN offers both Section 125 Plan services as well as 401(k) plan record keeping.
TAX PAYMENTS AND FILINGS
A critical component of payroll is complying with IRS tax laws and filing requirements. Payroll Management assumes full responsibility for both the timeliness and accuracy of all payroll tax deposits and filings, so you never need to worry about it again. In the unlikely event that Payroll Management makes an error, we will pay all penalties; interest imposed, and responds to all inquiries on your behalf.
We prepare tax filings for the following forms: 940/Schedule A, 941/Schedule B, W-3, and state tax filings. We also submit your filings, payments, and deposits by the deadlines, to help you avoid penalties. We prepare W-2s for you and make them available for printing through a protected Web site.
Escrow and Payments of:
ü Federal withholding Taxes: In the United States income tax system, employers are required to withhold portion of each employee’s income and pay it directly to the US Internal Revenue service. This withholding act as a prepayment of tax they will owe at the end of the year, as well as direct payment of certain other taxes.
ü Social Security (FICA): A U.S. federal benefits program developed in 1935. The program includes retirement benefits, disability income, veteran's pension, public housing and even the food stamp program.
ü State and Federal Unemployment Act: Social Security legislation affecting labor costs and payroll records. Unlike the Federal Insurance Contribution Act (FICA) which is strictly a federal program, FUTA provides for cooperation between state and federal governments in the establishment and administration of unemployment insurance. While the federal act requires no employee contribution, some states levy an unemployment tax on the employee.
SUTA is part of the joint federal / state unemployment system. It provides for payments of unemployment compensation to workers who have lost their jobs. Most employers pay both a Federal and a state unemployment tax. In all but three states (Alaska, New Jersey and Pennsylvania) this tax is not deducted from the employee’s wages. The taxable wage base varies from state to state.
ü State and Local Taxes: Ever since the beginning of US history, the states have maintained the right to impose taxes. The Federal Government has always recognized this right. When US Constitution was adopted, the Federal Government was granted the authority to impose taxes. The states, however, retained the right to impose any type of tax except those taxes that are clearly forbidden by the United States Constitution and their own state constitutions.
ü Workers Compensation: Payments required by law to be made to an employee who is injured or disabled in connection with work.
Workers' compensation is a mandatory type of business insurance that provides employees who become injured or ill while on the job with medical coverage and income replacement. It also protects companies from being sued by employees for the workplace conditions that caused such an injury or illness
No More IRS Penalties!
With our payroll service, you'll never miss a tax deadline or pay the wrong amount
We Offers:
IBSN offers
Each Payroll
Each Quarter
- Payroll Checks
- Employee Earnings Statements
- Payroll Journal
- Departmental Cost Summary
- Payroll Tax Summary
- 941 Federal Tax Return
- State Unemployment Tax Return
- 940 Federal Unemployment Deposit
- Local Tax Returns (as required)
Each Month
Each Year
- Month-End Departmental Summary
- Payroll Tax Summary
- W-2's for all Employees
- W-3's Federal Withholding Recap
- 940 Federal Unemployment Tax Return
- State/Local Withholding Recap
- 943 for Agricultural Clients
Reports:
Each Pay Period:
- Payroll Checks with Earnings Statement
- Worksheet
- Payroll Journal
- Departmental Earnings and Deduction Summaries
- Tax Summary Report
- Federal/State/Local Tax Filing Services
- Payroll Deduction Report (as required)
we prepare these tax forms, and provide supporting information for quick and easy reference.
- 941 Federal Tax Return
- State Unemployment Tax Forms
- Taxable Wages Recap Report
- Detailed Employee Earning Histories
We provide these important, completed forms.
- W-2 Forms
- Federal W-3 Form
- Federal Unemployment 940 Form
- Federal/State/Local Tax Recaps
- Federal 1099 Forms
These reports are always available, although some reports require an additional fee.
- Direct Deposit
- General Ledger Posting Report/Interface
- Labor Distribution Report
- Sick/Vacation Accrual Reports
- Workers' Compensation Report
- 401K Report
- Customized Management Reports
- Check Signing
- PC Entry
- Time Clock Interface
- Employee Benefits Reports
- Monthly Reports and more!!
From India, Hyderabad
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HRA is 34.5% of basic pay medical n conyvance allowance is fixed(as per ur company). PF is 12% of basic pay of employee +12% of employer may be its useful for u.
From India
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From India
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Thank you all... :)
Up to 1.5 Lacs is exempted for tax calculation for males. Up to 1 Lac is exempted from taxes under Section 80C. Up to 15K is exempted under Section 80D. Deduction under Section 80G is allowed in respect of donations.
Regards,
Amit Seth.
From India, Ahmadabad
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Up to 1.5 Lacs is exempted for tax calculation for males. Up to 1 Lac is exempted from taxes under Section 80C. Up to 15K is exempted under Section 80D. Deduction under Section 80G is allowed in respect of donations.
Regards,
Amit Seth.
From India, Ahmadabad
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SALARY CAN BE SPLIT INTO COMPONENTS BUT NOT LESS THAN THE MINIMUM WAGES.docx
Salary Master payroll.zip