A payroll is a company's list of its employees, but the term is commonly used to refer to: 1  the total amount of money that a company pays to its employees.2  a company's records of its employees' salaries and wages, bonuses, and withheld taxes. the total amount of money that a company pays to its employees. 2  a company's records of its employees' salaries and wages, bonuses, and withheld taxes. 3  the company's department that calculates and pays these.