A Payroll consists of Basic Pay, Allowances, Gross Salary, Deductions and Net Salary.  The Allowances are 23% of the Basic Pay while the Deductions are 12% of the Gross Salary.   Calculate the total salary for given 3 names Find out who has the maximum net salary Calculate how much money company has to spend on all the 3 employees.         A B C D E F 1 Stationery Supplies Ltd       2             3 Name Basic Pay Allowances Gross Salary Deductions Net Salary 4 Lewis 80000         5 Francis 18000         6 Edwin 23000

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Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.