Payroll Cycle Law & Legal Definition
Payroll cycle refers to the length of time between payrolls. For example, if an employer processes payroll every week, each week is considered a new payroll cycle. The payroll cycle may include processes for recording time and attendance and converting that data into payroll calculations and disbursements. The cycle may also include related internal controls over the eligibility of employees, accuracy of amounts paid, appropriate segregation of duties, and safeguarding over cash and checks held.
.The payroll cycle starts with hiring (and firing) people and determining their wage rates and deductions, then proceeds to attendance and work (timekeeping), and ends with payment followed by preparation of governmental (tax) and internal reports. Some of the main payment cycle steps include gathering employee time, running earnings and deduction calculation and payment print.
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