Unit 16 Reading Activity Plus Questions

Read the following text and then complete the activities that follow.
UK

Payroll

While many aspects of accounting vary between companies, there is one constant - if your company has employees, it will need to account for these employees' payroll.

Payroll is one of the areas of accounting which small business owners find especially difficult, and as such is often dealt with by an external firm of accountants.

Accountants working in payroll face many challenges associated with the accurate and timely processing of employee compensation, which is often the single largest expense of an organization and as such must be rigorously controlled.

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Quiz: Reading Questions

1. Basic salaries, overtime, commissions, and other fringe benefits are parts of an employee compensation and must be rigorously controlled.
2. Checking the tax code that applies to employees’ wages and trying to curb the payroll tax can save money.
3. Salaries tied to company performance, return on investment, reimbursement of business expenses, statutory sick, are all ad hoc tasks needs to be calculated in payrolls.
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