Reflective Journal Payroll on weekly basis for staff wages
In this week, I participated in the activity of preparing payroll on weekly basis for staff wages in Visa Edge Australia as an intern. It enabled me to learn different practical and professional aspects of the workplace as well as accounting.
I critically observed the policy and working style of the accounting department while preparing payroll for staff wages weekly. During this, I found that the firm is using the proper policy to decide the payroll for the staff member on weekly basis.
It was amazing experience for me to work in Visa Edge to learn how to decide payroll on weekly basis for staff wages. I discussed with my seniors and colleagues to learn how to develop payroll for each staff member.
I came to know the payroll process of the company that was effective in terms of paying its employees accurately and consistently and keeping them satisfied. I also learned how the payroll is determined for each member with deductions, and taxes and accurate funds that need to be paid to the proper government agency.
During this week, I also learned that it is responsibility of the employer to deduct and pay the premiums for insurance and deposit funds into retirement account. It was not easy to develop payroll because it created huge burden in form of the payroll processing duties.
It is because a missed deadline and incorrect tax filling may cause fine and litigation issue for the employer.
Apart from this, I also learned that how the all tasks of payment to employees and filling the employee taxes are performed in the firm including tracking hours, wage calculation, tax withholding and tax deduction and check delivery and deposit and premium payment to insurance providers and payment of employment tax.
During this week, I learned different elements of deciding payroll like wages, deductions, overtime or sick days, bonus and net pay. At the same time, i also learned to deduce the taxes in deciding payroll like Withholding taxes or Pay-As-You-Earn (PAYE) taxes.
I learned that these taxes are withheld from the employee wage by the employer. In addition, this also developed my understanding that there is need for the employee as well as employer to pay payroll taxes like Social Security and Medicare.
All these understanding can be helpful for me to make a good professional career in this financial job. I raised some queries regarding the payroll determination with seniors and recorded their responses for using in my report.
It helped me to develop practical understanding because I knew only theoretical aspects before participating in this job. In addition, it also helped me to develop my team working skills as I learned how to work in a team that can be beneficial for me to work efficiently in a team in future.
In next placement, I would like to learn each and every aspects of payroll like rate of taxes and any complexity related to leaves and taxes with the closer view and observation. I will help me to handle the future challenges in HR or finance job in relation to payroll determination and make a bright career in this area.
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