Here are the summary titles with time for the provided video information:
Introduction to Payroll Basics 00:05
Understanding Company Structure in Workday Payroll 01:25
Pay Groups and Pay Frequencies 02:46
Distinguishing Between Bi-weekly Salaried and Hourly Employees 04:43
Components of Payroll: Earnings, Deductions, Benefits, Taxes, Garnishment, Pay Accumulators 06:15
Navigating Workday Payroll Dashboard 13:11
Running Retro Pay Calculation in Workday 17:38
Completing Retro Pay Process in Workday 23:52
A: Payroll in a company is a system or process through which the company pays its employees. It involves calculating and processing employees’ earnings, deductions, taxes, and other components to determine their net pay for a specific period.
A: Pay groups are a way of grouping employees with similar pay characteristics or pay frequencies, such as weekly, bi-weekly, or monthly. Within a company, there can be multiple pay groups to accommodate different payment frequencies. This grouping is essential for processing payroll efficiently and ensuring that employees with similar pay structures are handled together.
A: The key difference lies in how base pay is calculated. For bi-weekly salaried employees, the base pay is a fixed amount, while for bi-weekly hourly employees, it is calculated based on the number of hours worked during the period multiplied by the hourly rate. This distinction is crucial in understanding the varied nature of pay structures within a company.
A: Retro pay, or retroactive pay, involves processing payments retroactively for a specific period, usually when adjustments are made to an employee’s earnings. In the video, a scenario is created where retro pay is calculated for an employee named Ami Frost. This step is crucial to include any additional payments or adjustments that were not accounted for in the initial payroll run.