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Payroll Basics The employer must calculate an employee's pay, deduct taxes, and give him his paycheck on schedule. The company then needs to pay the federal and state taxes withheld from an employee's paycheck as well as payroll taxes.

The payroll or wage sheet is a consolidated list of workers, which shows the gross deductions and net wages payable to them. Moreover, the payroll shows the details like ticket numbers, trades, grades and rates of pay of the workers.

Divide your annual salary by your hours worked in a year. For instance, if you work 40 hours a week, or 2,080 hours a year, and make $50,000 a year, your calculation would be $50,000 divided by 2,080 equals 24.038, which would convert into $24.04 per hour. This makes your rate of pay $24.04 per hour.

Wages are compensation for an employee's personal services, whether paid by check or cash, or the fair cash value of noncash payments such as meals and lodging.

A wage is the remuneration paid to an employee, usually on an hourly, daily, or piece rate basis. Wages are one of the primary expenses of an organization, comprising an especially high proportion of total expenses in service-oriented firms. Wages are more likely to be paid for unskilled or manual labor.

Employers must give employees pay stubs when paying their wages. The pay stub must show: the pay period the employee is being paid for. the number of hours the employee is being paid for.

Wage costs include all expenses that an employer must bear for the employment of an employee. It is divided into : a direct cost, primarily composed of gross salaries plus various benefits ; an indirect cost formed mainly of legal and conventional employer contributions and various charges.