Monthly Salary Processing & Payments

Monthly salary processing

• Gather Employee Data: Collect all relevant employee information, including personal details, tax information, bank account details, and any changes or updates since the last payroll cycle.
• Verify Attendance and Work Hours: Determine the number of hours each employee has worked during the pay period. This may involve using attendance records, time-tracking systems, or input from supervisors.
• Calculate Gross Salary: Calculate the gross salary for each employee based on their employment agreement, including base salary, overtime, commissions, bonuses, and any other applicable earnings.
• Deductions and Withholdings: Deduct various taxes and withholdings from the gross salary. This typically includes income tax, social security contributions, healthcare premiums, retirement fund contributions, and other authorized deductions (such as loan repayments or wage garnishments).
• Net Salary Calculation: Subtract the deductions and withholdings from the gross salary to calculate the net salary—the amount the employee will receive in their bank account.
• Generate Payroll Reports: Generate payroll reports that detail the breakdown of each employee's earnings, deductions, and net pay. These reports serve as records for both the employer and employees.