NFORMATION The following details relate to Judith, an employee of Saffron Limited, for 2021: Monthly salary after deductions....................................................................24 000 Employee's monthly deductions....................................................................16 000 Annual bonus.................................................................................................36 000 Employer's contribution to pension and medical aid funds per month...........3 600 Employee's contribution to pension and medical aid funds per month..........3 000 2. Calculate the total labour cost of Judith to Saffron Limited for 2021.

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Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.