payroll costs
/ˈpeɪrɔl kɒsts/ · pay·roll·costs
noun
- The total expenses incurred by an employer for employee compensation, including salaries, wages, benefits, and taxes. The company's payroll costs have increased significantly due to the recent hiring of new staff.
- The costs associated with the administration and management of employee compensation, such as payroll processing fees and software expenses. The small business owner was surprised by the high payroll costs associated with outsourcing their payroll processing to a third-party service.
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Did you know? The phrase 'payroll costs' is often used in business and accounting contexts to refer to the expenses associated with employee compensation, but it can also be used in everyday conversation to discuss the financial implications of hiring and retaining employees.