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Key Components of Payroll Processing: GrossPay: The total amount of money earned by an employee before deductions. Net Pay: The amount employees receive after all deductions are subtracted from their grosspay. Calculating GrossPay: Multiplying hours worked by the hourly rate or using a fixed salary.
This would ordinarily be submitted through payrollsoftware each time an employee is paid. G: GDPR Standing for General Data Protection Regulation, this is an EU provision around how data is stored and protected. Often people will be drawn from other functions such as HR or finance. The UK has retained the GDPR post-Brexit.
When handled manually, calculating wages, taxes and other payroll deductions can be a tedious and time-consuming process that requires precision to ensure your employees are paid fairly, and that the company complies with all regulations. Easily generate financial reports, track expenses, and manage employee payroll all in one place.
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