Payroll

A payroll is a list of <a href="/facts/Employment/pqEUAhNv">employees</a> of a <a href="/facts/Company/psBVz9jr">company</a> who are entitled to receive compensation as well as other work benefits, as well as the amounts that each should obtain. Along with the amounts that each employee should receive for time worked or tasks performed, payroll can also refer to a company's records of payments that were previously made to employees, including <a href="/facts/Salary/W4rYGjhe">salaries</a> and <a href="/facts/Wage/3fS9dRMf">wages</a>, <a href="/facts/Bonus_payment/GTLMrlg8">bonuses</a>, and <a href="/facts/Withholding_tax/Yo3Q8hg1">withheld taxes</a>, or the company's department that deals with <a href="/facts/Remuneration/tgBka10a">compensation</a>. A company may handle all aspects of the payroll process in-house or can <a href="/facts/Outsource/qa3WgJ7u">outsource</a> aspects to a payroll processing company.
Payroll in the U.S. is subject to federal, state and local regulations including <a href="/facts/Fair_Labor_Standards_Act_of_1938/cHdvz44w">employee exemptions</a>, <a href="/facts/Records_management/TFtnlxYB">record keeping</a>, and <a href="/facts/Taxation_in_the_United_States/Ym3wD9w1">tax requirements</a>.
In recent years, there has been a significant shift towards cloud-based payroll solutions. These platforms offer advantages such as cost savings, scalability, and real-time data access, making them increasingly popular among businesses of all sizes. According to a report by USD Analytics, the global cloud-based payroll software market is projected to grow from $10.8 billion in 2023 to $20.5 billion by 2030, reflecting a compound annual growth rate (CAGR) of 9.6%.

Payroll open-in-new

Payroll