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A payroll is a company's list of its employees, but the term is commonly used to refer to: the total amount of money that a company pays to its employees a company's records of its employees' salaries and wages, bonuses, and withheld taxes the company's department that calculates funds and pays these.In the sense of treasury management, payroll plays a major role in a company for several reasons. From an accounting perspective, payroll and payroll taxes are subject to laws and regulations and can considerably affect the net income of most companies. For example, payroll in the United States is subject to federal, state, and local regulations. From a human resources viewpoint, employees are sensitive to payroll errors and irregularities, such as late paychecks. As such, maintaining 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 accurately and timely with the correct withholdings and deductions, and that the withholdings and deductions are remitted in a timely manner. This includes salary payments, tax withholdings, and deductions from paychecks.