The timely payment of employee salary at the end of a company’s pay period is one of the many payroll tasks that must be performed to ensure the smooth operation of a business. The Juslaws & Consult Accounting and Auditing Services team handles the banking of employee net salary for its clients, often by means of electronic funds transfer.
We provide our clients with a full range of payroll service options that includes making arrangements for payments such as the banking of employee net salary.
The net salary that employees receive is determined by calculating personal income tax (PIT) and deducting this amount along with other withholding requirements and agreed deductions from their gross income. The gross income amount is the total of salary of wages, plus bonus, overtime, and other income earned during the pay period. Personal income tax (PIT), Social Security, Provident Fund Tax, Provident Fund, and other deductions are made from that amount, yielding the employee’s net income.
Juslaws & Consult is able to set up employee net salary payments as well as other regularly-occurring payments or funds transfers. We also keep all related accounting records up-to-date to reflect the payments that have been made.