Payroll Definition
Payroll is the process of paying employees. It is the total amount of salaries, wages, and/or additional compensation owed to employees for a specific period of time (e.g., weekly, biweekly, semimonthly, monthly).
Payroll Extended Definition
Payroll refers to the process of producing and distributing paychecks or stubs. You will also find the word payroll used to refer to the employee records an employer must maintain in order to track payroll expenses (e.g., taxes, deductions, wages).
For small businesses, payroll can be a major expense.
Related Articles
What Is Payroll? The Employer’s Must-have Guide to Paying Employees
How to Do Payroll: Your Step-by-step Guide on Paying Employees
Last Updated By
Rachel Blakely-Gray | Apr 28, 2023
