Payroll Interview Questions

Q. My question is that what is the 15 nos in given formula.

If D.A. is not given then gratuity is calculated as follow :

= Last Month Basic / 26 * 15 * No. of Year Service

Last drawn Salary * 15 days / 26 days * no of years

last basic+D.A*15*no of year of service /26
more than 6 month of service is calculated as next year
less than six month of service is calculated as previous year
like: 5 year 8 month will be treated as 6 year

PF,
ESI,
PT,
Loans,
EMI

Travelling allowances & Canteen Charges for contract labour and if any loan like housing loan

The answer is 10 lacs is the maximum gratuity exemption for individuals who are eligible.

The tax exemption limit for Gratuity is Rs.10 Lacs in India.
Earlier the tax exemption was Rs.350000.

Regards,
Prachi

Provident Fund Payment from employ 2.5 and employer 2.5 on basic salary totally 5%

11% and 4%

With the computerised payroll systems, You saved a lot of your time, Your accuracy and efficiency is increased by many times. Your are free from small and small human mistakes in calculation and l...

-the user will save a lot of time w/ less effort in calculating

-efficiency and accuracy

-reduces burden of work

Hi it is right
Bonus Dr.
Bonus Payable Cr

or some companies don't pay bonus they pay it as incentive/Performance Bonus
Incentive/Performance Bonus Dr.
Incentive Payable/ Performance Bonus Payable Cr.

Regards
Puran Dangwal

cr.provision for bonus
dr.bonus
(one month salary pd as bonus)
*pls comment is it correct

Hi it works as under mentioned.
-the input (Attendance with new joinee,left) is received.
-On the base of the same is salary is processed and
Sent to the clients.


Regards
Puran Dangwal

An employe works his/her hours which are designated by the company, which in turn makes up your wages (Over-Time). Deductions are made accordingly and recorderd. Tax and NI are paid to HRMC, Monthly, Quarterly, End of year.

Payroll is the financial record of employee salaries , wages , bonuses , net pay and deductions.

It is a contract of service.  It is paying a salary and making appropriate deductions.

Deductions in Tax, NI, Pensions which differ from the total.

Wage Revisions as per wage policy every finanical year means April of the every year will revised.at the same time Basic is revised as per appointment order like we are given probation period to every...

Basic is revised as per appointment condition under the employer.
i.e. Six months to One year as per organisation rules.

From
Santosh
 

For making accounting entries the accounting dept will need the total transactions of the particular payroll run grouped into various expenditure/liability/Income items like salary,loans,ees pension,e...

Normally details about Earnings and deductions

Earning : Structure of Income
Deduction: PF, ESI, Income Tax, TDS, P Tax, Loans, Other advances if any

41 years and 6 months count as a 42 yeare

Contingent or temporary workers have little or no job security as their employment is based on a temporary
Contingent workers are not committed to the organization for a long run, as they know that they will be out of there in very short period of time

depends on whether the contingent worker is a employee or not, can be temporary employee.

If he is, then pay them through payroll, issue W-2, otherise, pay through A/P, issue 1099 if over $600 a yr.

Payroll cards are used for clocking in/out, determins the pay, weekly/monthly/fortnight pay.

A payroll card is a plastic card allowing an employee to access their pay by using a debit card. A payroll card can be more convenient than using a check casher, because it can be used at participatin...

5 years in payroll, sole in charge, as well as a team member.

Deduction of tax to date.

Tax accrued on the Income-To-Date or Year-To-Date (whichever applicable), but which is paid at the end of the Accounting Period

Income Tax
Professional Tax
Fringe Benefit Tax for Non-payroll reimbursements.