What steps should be followed for operation of payroll?

[accountingbyte]

how to do payroll? You need to record employee details and their tax and bank data to do payroll. Work out the amount of gross pay due to each employee by looking at the hours they worked or the salary agreed on. After that, deduct taxes and other amounts such as income tax, National Insurance, pensions or healthcare, from the employee’s pay. After the deductions have been made, calculate the remaining net pay and pay employees either by direct deposit or by check. Payroll taxes should be sent to the appropriate tax authority (HMRC in the UK or IRS in the US). In the end, give your employees payslips and keep payroll records up to date. Payroll software takes care of the whole process automatically and simply.