Final answer:
The statement is false as payroll settings are not located in the Preferences menu under Your Company, instead, they are found within accounting or payroll software solutions, often under the Employees menu.
Step-by-step explanation:
The statement that payroll settings are found on the Preferences menu under Your Company is false. Payroll settings are typically found within either the payroll software that a company is using or its accounting software. In software like QuickBooks, for instance, payroll settings can be accessed through the Employees menu. After selecting Payroll Settings, you can adjust various settings related to how payroll is processed, including how employees are paid, tax settings, payroll deductions, and contributions among other aspects.