ECONOMICS

Detailed explanation-1: -The cost of labour is the amount of all salaries paid to the workers, as well as the employee benefits and payroll taxes charged by an employer. The labour costs are broken down into direct and indirect (overhead) costs.

Detailed explanation-2: -A time card, also called a timesheet, is a method for recording and tracking the amount of an employee’s time spent on each job.

Detailed explanation-3: -The cost of labor is the sum of all wages paid to employees, as well as the cost of employee benefits and payroll taxes paid by an employer. The cost of labor is broken into direct and indirect (overhead) costs.

Detailed explanation-4: -Read this article to learn about the following five departments of labour cost control, viz., (1) Personnel Department, (2) Engineering and Work Study Department, (3) Time Keeping Department, (4) Payroll Department, and (5) Cost Accounting Department.