The sum of all financial records of salaries (a form of payment on a periodic basis instead of an hourly rate), earnings, and wages for an employee (a form of payment based on an hourly rate), bonuses, and deductions (payment’s taxable amount). In accounting, payroll refers to the amount paid to employees for services they provide during a certain time period. The primary mission of the payroll department is to ensure all employees are paid accurately and timely with the correct withholdings and deductions, and to ensure the withholdings and deductions are remitted to government agencies promptly.