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Payroll Meaning: Definition, Examples, and Translations

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payroll

[ˈpeɪˌroʊl ]

Definition

Context #1 | Noun

business management

Payroll refers to the process by which employers compensate their employees for work performed. It involves calculating wages, withholding taxes, and distributing payments. The payroll process can vary in complexity depending on the size of the organization and the employment regulations in place. Proper management of payroll is crucial for maintaining employee satisfaction and ensuring compliance with financial laws.

Synonyms

payment schedule, salary list, wage sheet.

Examples of usage

  • The finance department is responsible for managing the payroll.
  • He reviewed the payroll to ensure all employees were paid accurately.
  • Our company switched to an automated payroll system last year.
  • Every month, we have to submit the payroll reports to the government.

Translations

To see the translation, please select a language from the options available.

Interesting Facts

Business Practices

  • Modern payroll systems often use software to help companies calculate wages accurately and on time.
  • Hourly and salaried compensation is differentiated in payroll, with unique calculations for overtime or bonuses.

Economic Impact

  • Payroll is crucial for local economies, as it directly influences consumer spending and overall economic health.
  • Tax contributions from payroll help fund public services like education and infrastructure.

Cultural Perspectives

  • In many cultures, payday is a celebrated event, often marked by special traditions or treats.
  • Cultural attitudes toward salary transparency can vary, affecting how businesses manage their payroll.

Legal Considerations

  • There are strict regulations regarding payroll, including minimum wage laws and tax withholding requirements.
  • Failure to comply with payroll regulations can result in penalties and legal issues for businesses.

Origin of 'payroll'

Main points about word origin

  • The term 'payroll' originated from the combination of 'pay', meaning to give money, and 'roll', referring to a list of names.
  • Historically, 'payroll' referred to a physical roll of paper where workers' names and wages were written down.

The term 'payroll' originated in the early 20th century, combining the words 'pay' and 'roll'. The word 'pay' comes from the Old French 'paier', meaning 'to satisfy' or 'to pay off', which itself is derived from the Latin 'pacare', meaning 'to pacify'. The word 'roll' in this context refers to a list or a register of names, a term also taken from the Old French 'rolle'. Early payroll systems were primarily manual, and records were maintained on paper rolls or lists, detailing what was owed to each employee. Over time, with the development of accounting practices and the rise of computer technology, payroll systems became more sophisticated, leading to the creation of automated payroll software and processes.

Word Frequency Rank

At #6,935 in frequency, this word belongs to advanced vocabulary. It's less common than core vocabulary but important for sophisticated expression.