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Payroll Interview Questions

Here are some sample payroll interview questions which you may face in your banking job interview. Let us have a look at these sample questions and answers in order to have an idea about how to face these interview questions.

Question 1: State the payroll forms that you must be familiar with?

Answer: Personal data forms, expense reimbursement forms, overtime or absence approval forms, and the time sheets are the various forms that are included under the payroll system. It is mandatory for every payroll administrator to understand the function of each of these forms properly so that he or she can make use of the appropriate form at appropriate times.

Question 2: Why is it necessary to be familiar with the computerized payroll systems and softwares?

Answer: The computerized payroll systems are responsible for maintaining all the data related to the payroll in a more efficient and accurate manner as compared to the other methods. Hence, it is very necessary for all the payroll administrators to be familiar with the computerized payroll systems and softwares so that they can maintain their records in a more organized and accurate manner.

Question 3: Define the term “payroll” with respect to accounting.

Answer: In terms of accounting, the amount or the money that is paid to the employees in return of the services rendered by them to their employer for a certain period of time is referred to as payroll. It is very essential from the accounting point of view because it has a considerable effect on the gross income of the majority of the business organizations since the payroll terms and conditions are in accordance with certain rules and regulations. Moreover, these terms and conditions are subject to change.

Question 4: What does variance report in terms of payroll stand for?

Answer: In order to keep track of the differences between the salaries for the months of the year starting form the time of employment till the last working month, the accounts department maintains a report. This report is known as the “variance report”. This report gives a clear understanding about the all salary calculations.

Question 5: What is the meaning of vouching in terms of accounting?

Answer:

The process by which the authentication of the voucher which is maintained by the organization is cross checked in accordance with the respective supporting documents is referred to as vouching in terms of accounting.

Question 6: Name the documents which come under the payroll source documents.

Answer:

The documents which come under the payroll source documents are stated as follows:

  • Job sheets
  • Time sheets
  • Time records
  • Pay slip and
  • Payroll registers

These documents serve as evidence at the time of salary calculations of the employees by showing all the details of their work as well as the deductions made by the employer. Hence, it is mandatory for the business units to maintain these documents at regular time intervals.

Question 7: State the advantages of computerized payroll systems.

Answer: The data required for calculating the payroll packages can be maintained manually or in a computerized format. This data includes values such as what are the salaries to be paid to the employers, what are the tax payables etc. all this data when maintained manually will give the exact values. But, we need to round them off before making all the payments. Computerized payroll systems can efficiently round them with proper formatting and hence it is advisable to use these systems.

Question 8: In what way the internal audit can prove to be helpful to the accounts department of an organization?

Answer: The management of any business organization establishes an appraisal function which is independent of the external audits. This independent appraisal function is termed as internal audit. The internal audit is helpful to the accounts department of an organization because it reviews the internal control of the organization as a service to that particular business entity.

Question 9: Which are the reports that the accounts department must be provided with at the time of payroll?

Answer: When the accounts department is preparing the payroll of an employee, it must be provided with the reports stating the employees information. For instance, whether the employee is on a permanent or a temporary basis, whether the employee is working as a part time or full time employee, whether he is serving his notice period or not, whether the employee deserves any bonus or not, and any other documents that the department deems fit .

Question 10: What is meant by W2 in terms of payroll?

Answer: According to the W2 format, the business organization is responsible for payment of all the relevant taxes that are applicable to the employee such as medical benefits, social security taxes, and other relevant documents . This format is mostly used in the United States.

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