Payroll Records and Procedures

Name: Payroll Records and Procedures
Availability: OutOfStock
ISBN: 9780028048345

ISBN-10: 0028048342

ISBN-13: 9780028048345

Edition: 4th 2001

Authors: Merle W. Wood, Sherry Cohen

List price: $30.50

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Description:

This book/workbook introduces the basics of establishing and maintaining payroll records. Each chapter covers an area of payroll through examples, illustrations, and exercises that provide immediate feedback. Payroll laws, taxes, and accounting practices are all covered in detail. Exercises include all aspects of typical procedures such as creating new records, determining deductions, and paying taxes.Copyright © Libri GmbH. All rights reserved.

Book details

List price: $30.50
Edition: 4th
Copyright year: 2001
Publisher: Glencoe/McGraw-Hill
Binding: Hardcover
Pages: 316
Size: 8.25" wide x 10.50" long x 0.25" tall
Weight: 0.550
Language: English

Preface	p. vii
Introduction	p. 1
The Nature of Payroll Work	p. 1
Payroll Systems	p. 1
The People Who Do Payroll Work	p. 1
Payroll Laws and Regulations	p. 3
Federal Income Tax Laws	p. 3
State and Local Income Tax Laws	p. 4
Social Security Laws	p. 4
The Fair Labor Standards Act	p. 4
State Minimum Wage Laws	p. 5
Other Laws Affecting Wages	p. 5
Worker's Compensation Laws	p. 5
State Disability Benefit Laws	p. 5
Fair Employment Laws	p. 6
Pension Security Laws	p. 6
It's a Fact/The Immigration Reform Act	p. 6
Study Questions	p. 7
Discussion Questions	p. 7
New Employee Records	p. 8
The Job Application Form	p. 8
The Personnel File	p. 9
The Social Security Number	p. 9
It's a Fact/Now Even Children Can Apply	p. 13
The Withholding Allowance Certificate	p. 13
The Employee Earnings Record	p. 16
The Need for Confidentiality/The Case of the Payroll Leak That Became a Flood	p. 17
Study Questions	p. 18
Discussion Questions	p. 18
Review Exercises	p. 19
Time and Work Records	p. 20
Payroll Periods	p. 20
Time Records	p. 20
Time Cards
Computing Time Worked
Time Sheets
Filing Time Records
It's a Fact/Living...and Working...at Home	p. 23
Work Records	p. 24
Production Records
Sales Records
Labor Distribution	p. 26
The Need for Efficiency/The Case of the Late Time Cards	p. 26
Study Questions	p. 27
Review Exercises	p. 28
Determining Gross Earnings	p. 31
The Hourly-Rate Plan	p. 31
It's a Fact/Big Business or Small, You Still Get Paid	p. 33
The Salary Plan	p. 33
The Piece-Rate Plan	p. 35
The Commission Plan	p. 38
The Salary-Commission Plan	p. 38
It's a Fact/Flex-Time for Flex-Needs	p. 39
Bonuses and Profit-Sharing Payments	p. 40
Bonuses
Profit-Sharing Payments
Tips	p. 40
Developing Efficient Working Procedures/The Use of the Electronic Calculator in Payroll Work	p. 41
Study Questions	p. 42
Review Exercises	p. 43
Problems	p. 43
Determining Payroll Deductions	p. 46
Deductions Required by Law	p. 46
Federal Income Tax
Social Security (FICA) Tax
State and Local Income Taxes
State Disability Insurance Tax
State Unemployment Compensation Tax
Garnishments
Developing Efficient Working Procedures/The Use of Tax Tables	p. 49
It's a Fact/Publishing Tax Tables Is Big Business--For Business	p. 54
Treatment of Tips for Federal Withholding Taxes	p. 56
Deductions Required by Union Contracts	p. 56
Voluntary Deductions	p. 57
Insurance
Pension Plans
Savings Plans
Charitable Contributions
Changes in Payroll Deductions	p. 59
Computing Net Pay	p. 59
The Need for Clear Communication/The Case of the Withholding Allowance That Disappeared	p. 60
Study Questions	p. 61
Review Exercises	p. 61
Problems	p. 64
The Payroll Register	p. 67
The Format of the Payroll Register	p. 67
Making Entries in the Payroll Register	p. 67
Totaling and Proving the Payroll Register	p. 70
Developing Efficient Working Procedures/Checking Payroll Computations for Accuracy	p. 72
Using the Payroll Register	p. 73
The Need for Clear Writing/The Case of the Payroll Register That No One Could Read	p. 74
Study Questions	p. 75
Review Exercises	p. 75
Problems	p. 77
Employee Earnings Records	p. 79
The Format of the Employee Earnings Record	p. 79
Making Entries in the Employee Earnings Records	p. 81
Totaling the Employee Earnings Records	p. 82
Using Employee Earnings Records	p. 84
Authorization to Make Payroll Changes	p. 84
Retention of Payroll Records	p. 85
Study Questions	p. 86
Problems	p. 86
Paying the Payroll	p. 88
Payment in Cash	p. 88
Payroll Change Sheet
Payroll Requisition for the Bank
Pay Envelopes for Employees
Employee Receipts
Payment by Check	p. 92
Payroll Checks
The Use of a Special Payroll Account
Developing Efficient Working Procedures/Preparing Payroll Checks	p. 94
Payment by Direct Deposit in Employee Checking Accounts	p. 96
The Bank Transfer Form
Employee Statements
It's a Fact/Checkless Payments	p. 98
The Need for Accuracy/The Case of the Little Error That Grew and Grew	p. 99
Study Questions	p. 100
Discussion Questions	p. 100
Problems	p. 101
Federal Payroll Taxes and Tax Returns	p. 102
The Employer's Share of the FICA Tax	p. 102
Computing the Tax
FICA Tax on Tips
Depositing FICA Taxes and Federal Income Taxes
Federal Tax Deposit, Form 8109
Reporting FICA Taxes and Federal Income Taxes
Employer's Quarterly Federal Tax Return, Form 941
Wage and Tax Statement, Form W-2
Transmittal of Income and Tax Statements, Form W-3
It's a Fact/Financing the Federal Government	p. 111
Federal Unemployment Compensation Tax	p. 111
The Unemployment Insurance System
Computing the FUTA Tax
Depositing the FUTA Tax
Using Form 8109 for Quarterly FUTA Deposits
Reporting the FUTA Tax
Employer's Annual Federal Unemployment Tax Return, Form 940
The Need for Orderly Procedures/The Case of the Forgotten Tax Payment	p. 116
Study Questions	p. 117
Review Exercises	p. 117
Problems	p. 120
State Payroll Taxes and Tax Returns	p. 121
State Unemployment Compensation Tax	p. 121
Computing the SUTA Tax
Responding to Unemployment Benefit Claims
State Disability Insurance Tax	p. 123
Worker's Compensation Insurance	p. 123
State Income Tax	p. 124
Obtaining Information About State Income Tax
Reporting and Paying State Payroll Taxes	p. 125
Reporting and Paying the SUTA Tax
Reporting and Paying State Disability Insurance and Income Taxes	p. 127
Issuing Wage and Tax Statements	p. 128
Local Income Tax	p. 129
Developing Efficient Working Procedures/Setting Up a Tax Calendar	p. 131
Study Questions	p. 132
Discussion Questions	p. 132
Review Exercises	p. 133
Payroll Systems	p. 135
Manual Payroll Systems	p. 135
Standard Payroll Forms
Custom-Made Payroll Forms
Pegboard System
Electronic Aids
Computerized Payroll Systems	p. 138
Computer Components
Input Devices
Central Processing Unit
External Storage Devices
Output Devices
Types of Computers
Mainframe Computers
Minicomputers
Microcomputers
Payroll Processing by Service Bureaus
Computerized Payroll Procedures
Flowcharts
It's a Fact/Smart Clocks Make Better Payroll Records	p. 146
Illustrative Case/A Computerized Payroll System in a Large Business	p. 146
Illustrative Case/A Computerized Payroll System in a Small Business	p. 148
Study Questions	p. 149
Discussion Questions	p. 149
Review Exercises	p. 150
Accounting for Payroll	p. 151
Accounting Records for Payroll	p. 151
Effects of Payroll Transactions on the Ledger Accounts	p. 152
Payroll Entries	p. 155
Recording the Payroll
Recording the Employer's Payroll Taxes
Recording Payment of the Payroll
Recording Deposits of Payroll Taxes
Recording Payment of Amounts Withheld for Voluntary Deductions
Study Questions	p. 162
Review Exercises	p. 163
Problems	p. 163
Tax Tables	p. 237
Glossary	p. 247
Index	p. 251
Table of Contents provided by Syndetics. All Rights Reserved.