SYNOPSIS

TITLE: PAYROLL SYSTEM TEAM: Disha Sharma(0909013030) Divyang Pandey(0909013031) OBJECTIVE & AIM: 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 and payroll taxes considerably affect the net income of most companies. The primary mission of the payroll department is to ensure that all employees are paid accurately and timely 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.

Business owners must be meticulous with every aspect of their endeavor. Sloppy or lazy entrepreneurs lose time and money sorting through loose ends; further, if the business records and accounting systems are not accurate, the owner could be charged with violating state

and federal labor laws. One such system that needs to be accurate is the payroll system. Generate Incomeo

Accurate

Year-to-Date

Reports

for

Employee

A payroll system must be able to keep and generate accurate reports on employee income. From the business owner's standpoint, being able to generate year-to-date income reports makes filing business taxes a little easier: the amount used to calculate tax deductions for business expenses regarding employees (specifically, the employee's income) can be readily accessible. From an employee's point of view, being able to ask the employer for a record of his income could be critical for securing loans or state assistance (such as disability or unemployment benefits).

Generate Paychecks and Pay Stubso

An equally important objective of any payroll system is to generate paychecks and pay stubs. Computerizing this task saves managers and business owners time and money; rather than reviewing time cards manually and calculating a check amount based on the hours worked, the payroll system should be designed to automatically calculate these figures. Employees appreciate a timely payroll system as well: it reduces anxiety about receiving

checks on time and any anxiety about receiving a check for the wrong amount.

Help Owners Comply with Labor Lawso

A payroll system must make complying with state and federal labor laws easier, while at the same time helping the owner reduce overhead. For example, federal law mandates that employees be paid overtime if they work over 40 hours in one work week.

A payroll system must automatically factor in the overtime pay. This helps employers stay within the law when it comes time to pay overtime. Additionally, since an employer can use the system to check the number of hours an employee works, the employer can shift schedules to avoid paying additional overtime (thereby helping the employer keep costs lower). Further, a payroll system should be able to print tax forms and other state-required figures (such as FICA amounts) to make complying with labor laws easier.

TECHNICAL DETAILS:
Hardware Requirements:

Intel Pentium processor: 450MHz or equivalent

512 MB RAM 10 GB Hard Disk Color Monitor of 800X600 resolution CD-ROM Drive

Software Requirements: Windows XP / windows 7 Non Functional Requirements: ReliabilityThe web application designed herein will have high degree reliability. The employees can have full faith in the information provided on the web application. AvailabilityThe web application will be available 24*7 to the users. Access to the content is made is easy by the use of easy navigation details. Performance related issuesAll possible attempts have been made to provide high performance to the web application. This will provide reliable information to the users which they can trust. AgilityThe web application offers high agility to the users. The responsiveness of the web application would be kept to an acceptable optimum. The time to get access to any information will be very less.

ScalabilityThe scalability of the project is very high. A large number of users would be accessing the web application everyday for their horoscope checking.

SCOPE: Rapidly expanding world of educational technology has proved to be a

boon in todays scenario. Nowadays, all the systems are getting computerized and this way only the efficiency and the output is increasing tremendously. In this application, PAYROLL SYSTEM, the same phenomenon has been followed. It provides information in real time to the user. The page updates automatically without the need for the user to reload or refresh the page. The website has following benefits

Accurate-

This software provides the ability for an organization to make payment efficiently to their employee i.e. personal disposal income accurately.

Efficient-

The website is user-friendly and the user can easily understand its contents without much effort. Thus, it acts as a tutorial. It is time-saving, reduces paper work and offers better linkage between the modules. The website is a keen effort to obtain the expected results and fulfill all the requirements of the student. It

even decrease the Interactive-

hectic schedule of the teacher who have to

waste their energy in solving quiz paper.

The website has a separate link for feedback and welcomes the suggestions from the users so as to live up to their expectations.

CONCLUSION: The execution of payroll is critical to a company's survival. The

inability to pay completely and in a timely manner can result in the rapid exodus of a company's work force. However, there's more to payroll than simply delivering checks on time. Although the principles behind payroll don't occupy academic tomes with formal theories, companies around the world share them when developing and executing payroll systems. Our project covers all these requirements:

Cost-

Payroll encompasses more than the cost of paychecks themselves. Creating and delivering pay has transaction costs. For examples, many companies use payroll services, which charge fees per paycheck. However, in many cases, the service fees are less than the cost of having full-time employees dedicated to the complete execution of payroll. Paper checks involve the cost of paper and printing. That's why many organizations strongly encourage, if not mandate, direct deposit. Additionally, businesses frequently embrace new payroll software, services and equipment to streamline the process, improve accuracy and reduce costs of running payroll.

Accuracy-

Mistakes not only cost money but employee confidence. Employees depend on their paychecks to arrive in full, on designated paydays. Employers who don't take payroll seriously jeopardize their relationship with workers and may soon find tension, poor morale and attrition. Additionally, correcting inaccurate payrolls costs time and money.

Withholding and Taxes-

Labor laws protect the rights of both employers and employees. Worker rights to accurate and timely wages and hours are safeguarded by both federal and state laws. Employers must keep accurate accounting and timely delivery of pay in part to satisfy legal requirements. Additionally, laws require employers to deduct employee withholding for Medicare and Social Security taxes and to offer withholding for federal and state income taxes. Most states also levy payroll taxes in which employers must pay based on their labor consumption. Among other things, payroll taxes fund state and federal unemployment insurance programs.

Payroll Tax Theory-

Some economic theorists argue that payroll taxes can impact employment and the work force in broad and important ways. For example, a reduction of payroll taxes alleviates employers' financial burdens and may create incentives for them to hire more employees using their cost savings. Similarly, lower payroll withholding may

encourage employees to work more during a given tax year, improving industrial output for the entire country.