PAYROLL

PAYROLL

In a company, payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time. Payroll plays a major role in a company for several reasons. From an accounting point of view, payroll is crucial because payroll taxes and payroll considerably affect the net income of most companies and are subject to the laws and regulations (eg, on the payroll of USA is subject to federal and state regulations). From an ethical point in the payroll business perspective is a key department employees respond to payroll errors and irregularities: good employee morale requires payroll to be paid timely and accurately. The primary mission of the payroll department is to ensure that all employees are paid on time and in shape with the correct withholdings and deductions, and to ensure the withholdings and deductions are remitted in a timely manner. This includes salary payments, tax withholdings and deductions from a paycheck, as is repeated this includes timely payment of salary

 


The minimum wage is the minimum wage workes That All Have the right, With Which it has meet Their basic needs for Both you and your family Which has-been in September at $ 616,000, $ 72,000 and transportation allowance




The law seeks to ensure that the employee receives as remuneration for their work, the minimum required allowing you to survive with his family in decent conditions. 

Although the purpose of the minimum wage is to ensure coverage of basic needs for food, health education, housing, clothing and recreation worker, certainly not meeting its goals, since the value of the minimum wage is not possible to cover all these needs.


Payroll taxes: 

• Sena 2% 
• ICBF 3% 
• Family Compensation 4% 

loads prestacionales 

• Severance 8.33% 
• Premium services 8.33% 
• Holidays 4.17% 
• Interest on Severance 1% per month

social Security 

• God bless you 
• Business 8.5%. 
• Employee 4% 
• Board: 
• Company 12% 
• Employee 4% 

Overtime and night surcharge 

• Night time work: Ordinary Time x 1.35 
• Extra Day time that takes place between 6:00 am and 10:00 pm: Ordinary Time x 1.25 
• Extra night time between 10:00 pm and 6:00 am: Ordinary Time x 1.75 
• Ordinary Sunday or holiday time: ordinary time x 1.75 
• Extra Sunday and feast day in Time: Ordinary Time x 2.00 
• Extra Night time on Sundays or holidays: Ordinary Time x 2.50

overtime 

• Overtime: Additional to the workday hours. 
• Workshop: 
• Daytime: 6:00 a.m - 10:00 p.m 
• Night: 10:00 pm - 6:00 am 
• The daytime Overtime is paid at 25%, additional to the normal time.