payroll-service

Vocabulary Word

Definition

'Payroll service' is all about managing workers' pay. It's companies that run payroll for other companies, making sure everyone gets paid right, on time, and with the correct taxes taken out.

Examples in Different Contexts

For small businesses, a 'payroll service' handles employee salary calculations, tax withholdings, and payments. A business owner might state, 'Using a payroll service has simplified our HR processes.'

Practice Scenarios

Accounting

Scenario:

Managing payroll internally has led to some costly mistakes recently. It's clearly time for us to rethink our approach.

Response:

Employing a payroll service seems prudent. It can help us avoid such mistakes in the future.

Public-Policy

Scenario:

Questions are being raised about the transparency and timing of paychecks from some corporations. It's crucial we address these issues.

Response:

Can we consider developing stricter policies for payroll services as a deterrent for such oversights?