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State laws and collective bargaining agreements with unions may dictate how often a business runs its payroll. However, in the absence of these, employers may choose a payroll calendar that works best for them and their employees. The most common are monthly, semi-monthly and weekly. Hence, a payroll should be prepared for every period of payment of employees’ remuneration (salary).

• Gross pay/salary – Total pay before taxes and deductions.
• Deductions – These are portions deducted from an employee’s earnings for the purpose of paying taxes and other statutory contributions e.g. National Housing Fund, Pension Contribution, and Voluntary contributions).
• Net pay – Pay after taxes and deductions are subtracted from earnings. It is otherwise known as take-home pay.
• Payments – All emoluments payable to employees by their employer.
• Payslips/Paystubs – This is a summary document that shows the components of an employee’s pay for a particular period of time. These components include the number of hours/days worked, deductions for taxes, benefits paid, and other payments.

One-time payments signify all emoluments that employees are entitled to receive only once. They include Mobile Phone Allowance, Wi-Fi Modem Allowance, Long Service Award, Shift Allowance etc. While Recurrent payment as the name denotes refers to all payments and allowances to which employees are entitled on a repeated basis, either monthly, quarterly, etc. They include Monthly Data Allowance, Lunch Allowance, Motor Vehicle Maintenance Allowance, and so on.

Disbursements refer to all payments (salary and all other allowances) to be received by employees in different currencies (NGN, USD, GBP etc).

Pre-tax deductions are taken from employees’ pay before any taxes are deducted. That is, they are excluded from Gross salary before computation of tax. Hence, they reduce taxable pay and by extension, the amount of tax to be paid. In Nigeria, pre-tax deductions/tax relief items include Consolidated Relief Allowance (CRA), Pension, NHF contributions and Life Assurance Premium, Mortgage Interest and so on.