Multiple Choice
Which term best describes the payment made to an employee for the hours they have worked?
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9. Current Liabilities
Payroll and Payroll Taxes
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Which payroll function primarily involves determining the amount of compensation each employee should receive for a given pay period?
A
Payroll computation
B
Payroll reporting
C
Payroll tax remittance
D
Payroll recordkeeping
Verified step by step guidance1
Understand the key payroll functions listed in the problem: Payroll computation, Payroll reporting, Payroll tax remittance, and Payroll recordkeeping.
Define 'Payroll computation': This function involves calculating the amount of compensation each employee should receive for a given pay period. It includes determining gross pay, deductions (such as taxes, benefits, etc.), and net pay.
Define 'Payroll reporting': This function involves preparing reports related to payroll, such as summaries for management or compliance with regulatory requirements.
Define 'Payroll tax remittance': This function involves ensuring that payroll taxes withheld from employees are properly remitted to the appropriate tax authorities.
Define 'Payroll recordkeeping': This function involves maintaining accurate and organized records of payroll transactions for future reference and compliance purposes.
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