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TAXATION OBLIGATION FOR ENTREPRENEURS OR COMPANIES - Coggle Diagram
TAXATION OBLIGATION FOR ENTREPRENEURS OR COMPANIES
PAYROLL DEFINITION
A payroll is a financial record about the employees of a company and their salaries.
PAYROLL STRUCTURE
Address of the work center
Company’s name
The Contribution
Account Code
Employee names and last names
The settlement period to which the payroll corresponds
The deductions made from the base salary
The employee´s total remuneration with data of the salary payments and bonuses
BASIC ELEMENTS
NET SALARY
Net pay is the final amount of money that you will receive after all taxes and deductions have been subtracted. Net pay is the amount that’s actually deposited into your bank account or the value of your paycheck.
DEDUCTIONS
Payroll deductions are wages withheld from an employee's total earnings for the purpose of paying taxes
Garnishments
Social Insurance
GROSS SALARY
Gross pay is the total amount an employee receives before taxes and deductions. For example, when an employer pays a salary of $1,000 per month, this means you have earned $1,000 in gross pay.
BENEFITS
Payroll involves payments of regular salary and wages, commissions and bonuses. It also includes all of the benefits and perks that companies provide to employees on top of income.
Short- term paid leave such as paid sick leave.
Non-monetary benefits to current workers such as medical care.