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4 Cards in this Set
The more important tasks performed in the HRM/payroll cycle are
Recruiting and hiring new employees
Discharge of employees (voluntarily or involuntarily)
Payroll costs are also allocated to products and departments for use in product pricing and mix decisions.
The payroll system handles compensation and comes under the purview of the controller.
HR is everything else.
There are five major sources of input to the payroll system
HRM department provides information about hiring, terminations, and pay-rate changes.
Employees provide changes in discretionary deductions (e.g., optional life insurance).
Various departments provide data about the actual hours worked by employees.
Government agencies provide tax rates and regulatory instructions.
Insurance companies and other organizations provide instructions for calculating and remitting various withholdings.
The seven basic activities in the payroll cycle are:
Update payroll master file
Update tax rates and deductions
Validate time and attendance data
Calculate employer-paid benefits and taxes
Disburse payroll taxes and miscellaneous deductions