Find the remuneration of Mr. Karthik a worker on the basis of (1) Time rate, (2) Piece rate, (3) Hallsay Plan and (4) Rowan Plan. From the following nformation (1) Name of the worker- Karthik, (2) Ticket No. 60, (3) Work started 1-4- 17 at 8 A.M., (4) Work finished- 54-17 at 12 Noon, (5) Work allowed production of 1,080 units, (6) work done and approved 1000 units, (7) Time and units allowed - 20 units per hour, (8) Wage rate Rs. 1.60 per hour, (9) Bonus 40% of time saved, and worker Karthik worked for 9 hours a day.

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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.