Payroll System  A Payroll System is a structured software or service designed to manage the calculation, distribution, and reporting of employee compensation. It ensures employees are paid accurately and on time, while also complying with tax, labor, and benefits regulations. Core functions of a payroll system include: 

• Processing salaries, wages, commissions, and bonuses. 

• Calculating deductions (taxes, insurance, pension, garnishments). 

• Issuing payslips and bank transfers. 

• Handling tax filings and statutory reporting. 

• Managing employee records and benefits. 

Modern payroll systems often integrate with HR, accounting, and compliance tools for streamlined operations, especially in businesses with complex payroll structures or multi-location operations.