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Payroll tax refers to taxes withheld by an employer from an employee's salary. The tax is on par with tax deducted at source (TDS) and has to be remitted to the government.

Payroll accounting involves calculating, managing, recording, and analysing employee compensation, including wages, taxes, and benefits

Payroll accounting is the process of managing and recording all financial aspects related to employee compensation, including wages, salaries, bonuses, benefits, and deductions.

To calculate payroll, you first determine each employee's gross pay, then subtract taxes and other deductions to arrive at the net pay. Gross pay for hourly employees is calculated by multiplying hours worked by the hourly rate, while for salaried employees, it's the annual salary divided by the number of pay periods. Deductions include items like taxes, retirement contributions, and insurance premiums