salary , also spelled pay check or pay check , is not
paper documents (checks) issued by the company to pay employees for the services provided. Recently, physical salaries have been increasingly replaced by electronic deposits directly into employee-appointed bank accounts or loaded onto payroll cards. Employees can still receive a payment slip to detail the final payment amount calculation.
A payslip , pay stub , paystub , payment suggestions , or sometimes paycheck , is a document that employees receive as a notice that direct deposit transactions have been passed, or attached to the salary. Each country has laws on what should be included in the payment slip, but that usually includes details of gross wages for the pay and tax period and other deductions that the employer must take by law; as well as other personal pieces such as pension plans or pension contributions, insurance, garnishments, or charitable contributions taken from gross amounts to achieve the final net amount of payments, also including the year to date under certain circumstances.
Video Paycheck
Gaji elektronik
In most countries with wire transfer systems developed, wage and salary payments are increasingly influenced by electronic means, not by the use of physical examinations. This saves companies money to print and process checks and reduce fraud issues.
However, the vocabulary that refers to a figurative "pay check" persists in several languages, but this usually refers to a payslip or stub rather than an actual check. Some payroll companies have eliminated both check paper and stub, in this case the electronic images of the stub are available on the website. Most provinces and territories in Canada allow employers to issue electronic payment sheets if employees have secret access and can print them.
Maps Paycheck
Payroll
For those employees who do not have access to a personal bank account, most major payroll service providers can arrange a payee to be loaded onto a paycheck, which is a plastic card similar to a debit card. Payroll card functions are like a debit card and allow employees to access their pay. Payroll cards are usually less convenient than cashing in check papers, as cards can be used at participating cash register machines to withdraw cash (which usually requires employees to pay a hefty fee to access their own money and always have a daily limit on how much of their own money is can be accessed by an employee every day) or in store to make a purchase. Most payroll cards will charge a fee if used at an ATM more than once per payment period.
Payroll card accounts can be deposited as a single bank account in the employer's name. In this case, the bank account holds a payroll for all employees of the company using a payroll system, and the intermediary limits each employee's draw to the amount specified by the company for a particular payment period. Some payroll card programs form separate accounts for each employee. Most payroll card accounts in the United States are insured by the Federal Deposit Insurance Corporation.
Before a company can provide payroll cards to workers, the business must first contract with the payment card program manager. Payroll card companies do a "know-your-customer" due diligence as a condition for receiving applications. Some very small businesses can decide that the cost to build a new relationship is too time consuming. Small businesses sometimes tell applicants who do not have a bank account to sign up for prepaid debit cards rather than giving them a paycheck. But even small businesses should still consider using a payroll card, even if it has only four or five workers who do not have a bank account. Since payroll companies provide a set of ready-made plastic cards for every small business customer, entrepreneurs can register new workers who do not have direct bank accounts into deposits as soon as they are hired.
In the United States, payroll cards are governed by the country's wage-and-hours laws and by various federal laws including the Electronic Funds Transfer Act and the Consumer Financial Protection Act.
Businesses may choose to use a payroll card program to reduce payroll costs. According to VISA, it costs an employer about 35 cents to issue payments electronically, but two dollars to write paper pay.
Payroll salary
Payroll salaries look like checks and clear through the banking system such as checks and therefore are often called checks of payments by their beneficiaries. But they are not checks because they are not interested in checking accounts. Instead, they are withdrawn from "available funds" that are not in the bank account so that the publisher can delay the redemption. In the US, warrants are issued by government entities such as the military and state and local governments for payment of salaries to individuals and for indebtedness to vendors. A deposit order is transferred to a collecting bank that processes it as a collectible item such as a matured treasury bill and gives a letter to the government department's financial department for the payment of each business day.
In the UK, warrants are issued as payment by National Savings and Investments when premium bonds are selected.
References
Source of the article : Wikipedia
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