Payroll Records and Procedures

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ISBN: 9780072982435 | 0072982438
Cover: Paperback
Copyright: 4/26/2005

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Payroll Records and Procedures, 5e, by Haddock/Cohen consists of a student text-workbook, and practice set. The program presents payroll activities and related materials as a single unit and includes a comprehensive practice set that is available separately or shrink-wrapped with the text-workbook. The easy-to-read presentation of topics helps students develop efficient working procedures. Numerous illustrations and examples using federal and state forms support content.

Payroll Laws and Regulations

(16)

Federal Income Tax Laws

(1)

State and Local Income Tax Laws

(1)

Social Security Laws

(2)

Required Payroll Records

(1)

Federal Unemployment Tax Act and State Unemployment Tax Acts

(1)

The Fair Labor Standards Act

(1)

State Minimum Wage Laws

(1)

Other Laws Affecting Wages

(1)

Workers' Compensation Insurance

(1)

State Disability Benefit Laws

(1)

Fair Employment Laws

(1)

Pension Security Laws

(1)

The Immigration Reform Act

(1)

New Hire Reporting

(1)

Summary

(1)

Study Questions

(1)

Discussion Questions

(2)

Learning Through Practice Exercises

(2)

Alternate Learning Through Practice Exercises

(2)

New Employee Records

(37)

Ingram Heating and Cooling

(1)

A New Employee Joins the Company

(4)

The Personnel File

(1)

The Social Security Number

(2)

Employment Eligibility Verification

(3)

The Withholding Allowance Certificate

(3)

New Hire Reporting to the States

(1)

The Employee Earnings Record

(1)

Confidentiality

(1)

Summary

(1)

Study Questions

(1)

Discussion Questions

(1)

Review Exercises

(1)

Learning Through Practice Exercises

(10)

Alternate Learning Through Practice Exercises

(9)

Time and Work Records

(24)

Payroll Periods

(1)

The Need for Time Records

(1)

Timekeeping Devices and Systems

(1)

Time Clocks and Time Cards

(1)

Computing Time Worked

(3)

Time Sheets

(2)

Filing Time Records

(1)

Dealing with Lateness to Work

(2)

Finding a Solution

(1)

Work-at-Home Arrangements

(1)

Flextime Systems

(1)

Work Records

(2)

Production Records

(1)

Sales Records

(1)

Labor Distribution

(2)

Other Kinds of Workers

(2)

Temporary Workers

(1)

Contract Workers

(1)

Summary

(1)

Study Questions

(1)

Review Exercises

(4)

Learning Through Practice Exercises

(4)

Alternate Learning Through Practice Exercises

(3)

Determining Gross Earnings

(22)

Computing Gross Earnings

(1)

The Hourly Rate Plan

(1)

Handling Overtime Payments

(2)

Night Bonus

(1)

Meal Break

(1)

The Salary Plan

(2)

Adjusting the Pay of Salaried Employees

(1)

Biweekly, Semimonthly, and Monthly Salaries

(1)

The Piece-Rate Plan

(1)

Meeting FLSA Minimum Wage Requirements

(1)

The Commission Plan

(1)

The Salary-Plus-Commission Plan

(1)

Bonuses and Profit-Sharing Payments

(1)

Bonuses

(1)

Profit-Sharing Payments

(1)

Tips

(1)

Accuracy in Payroll Work

(1)

Summary

(1)

Study Questions

(1)

Review Exercises

(1)

Problems

(2)

Learning Through Practice Exercises

(4)

Alternate Learning Through Practice Exercises

(3)

Determining Payroll Deductions

100

(27)

Determining Federal Income Tax

101

(2)

The Wage-Bracket Method

101

(2)

Other Systems for Determining Withholding Tax

103

(1)

Reading the Wage-Bracket Tables Properly

103

(3)

The Zero Allowance Column

103

(2)

The Wage-Bracket Lines

105

(1)

Using a Guide to Read the Wage-Bracket Lines

105

(1)

Determining Social Security Tax

106

(1)

Computing Social Security Tax

106

(1)

Maximum Social Security Tax

107

(1)

Determining Medicare Tax

107

(1)

Earnings Not Subject to Social Security and Medicare Taxes

108

(1)

State and Local Income Taxes

108

(2)

Computing State Withholding Tax

108

(1)

State Disability Insurance Tax

109

(1)

State Unemployment Compensation Tax

110

(1)

Garnishments

110

(1)

Treatment of Tips for Federal Withholding Taxes

110

(1)

Deductions Required by Union Contracts

110

(2)

Voluntary Deductions

112

(2)

Insurance

113

(1)

Pension Plans

113

(1)

Savings Plans

114

(1)

Charitable Contributions

114

(1)

Computing Net Pay

114

(1)

Summary

115

(1)

Study Questions

116

(1)

Review Exercises

116

(2)

Problems

118

(5)

Learning Through Practice Exercises

123

(2)

Alternate Learning Through Practice Exercises

125

(2)

The Payroll Register

127

(28)

Using the Percentage Method with the Wage-Bracket Tables

127

(3)

Computing California Income Tax when Earnings Exceed the Wage Brackets

130

(1)

Format of the Payroll Register

130

(7)

Making Entries in the Payroll Register

130

(1)

Recording Hours Worked

131

(2)

Entering Employee Earnings

133

(1)

Dealing With Different Payroll Needs

133

(1)

Payroll Deductions

134

(1)

Computing and Recording Net Pay

135

(1)

Totaling and Proving the Payroll Register

135

(1)

Proving the Payroll Register

135

(2)

Checking Payroll Computations for Accuracy

137

(1)

Reading the Payroll Register

137

(1)

Using the Payroll Register

138

(1)

Summary

139

(1)

Study Questions

139

(1)

Review Exercises

140

(1)

Problems

141

(6)

Learning Through Practice Exercises

147

(4)

Alternate Learning Through Practice Exercises

151

(4)

Employee Earnings Records

155

(17)

The Format of the Employee Earnings Record

156

(2)

Making Entries in the Employee Earnings Records

158

(1)

Nearing Maximum Taxes

159

(1)

Care in Making Entries

159

(1)

Totaling the Employee Earnings Records

159

(2)

Using Employee Earnings Records

161

(1)

Internal Control of Payroll Records

161

(1)

Retention of Payroll Records

162

(1)

Summary

162

(1)

Study Questions

162

(1)

Discussion Questions

162

(1)

Review Exercises

163

(1)

Problems

164

(3)

Learning Through Practice Exercises

167

(2)

Alternate Learning Through Practice Exercises

169

(3)

Paying Employees

172

(22)

Paying in Cash

172

(2)

Employee Receipts

173

(1)

The Risks of Paying in Cash

174

(1)

Paying by Check

174

(2)

The Use of a Special Payroll Account

176

(1)

Preparing Payroll Checks

176

(1)

Writing Checks by Hand

176

(1)

Typing Checks

176

(1)

Voiding Checks

176

(1)

Verifying the Accuracy of Checks

177

(1)

Paying by Direct Deposit in Employee Checking Accounts

177

(1)

Employee Pay Statements

177

(1)

Payroll Processing by Service Bureaus

177

(2)

A Service Bureau Client

178

(1)

Computerized Payroll Procedures

179

(1)

A Computerized Payroll System in a Small Business

179

(2)

Computerized Payroll Accounting

181

(1)

Internal Control

182

(1)

Summary

183

(1)

Study Questions

183

(1)

Discussion Questions

183

(1)

Review Exercises

184

(1)

Problems

185

(2)

Learning Through Practice Exercises

187

(4)

Alternate Learning Through Practice Exercises

191

(3)

Federal Payroll Taxes and Tax Returns

194

(40)

The Employer's Share of Social Security and Medicare Taxes

195

(1)

Computing the Tax

195

(1)

Social Security and Medicare Taxes on Tips

196

(1)

Depositing Social Security and Medicare Taxes and Federal Income Taxes

196

(1)

When to Deposit

196

(1)

The Lookback Period

197

(1)

Monthly Deposit Example

197

(1)

Semiweekly Deposit Examples

198

(1)

Deposits Made by Electronic Funds Transfer and by Check

198

(2)

IRS Ruling Reduces Number of Deposits by Small Businesses

200

(1)

Reporting Social Security, Medicare, and Federal Income Taxes

200

(5)

Schedule B of Form 941, Employer's Record of Federal Tax Liability

200

(1)

Form 941, Employer's Quarterly Federal Tax Return

200

(4)

Form 941-V, Payment Voucher

204

(1)

Form 8109, Federal Tax Deposit Coupon

204

(1)

Completing Form 8109

205

(1)

Deposit Exceptions

205

(1)

Deposits on Banking Days

205

(1)

Authorized Depositaries

205

(1)

Forms W-2 and W-3

206

(4)

Form W-2, Wage and Tax Statement

206

(2)

Form W-3, Transmittal of Wage and Tax Statements

208

(2)

Federal Unemployment Compensation Tax

210

(5)

The Unemployment Insurance System

210

(1)

Computing the FUTA Tax

210

(1)

Depositing the FUTA Tax

211

(1)

Reporting the FUTA Tax

211

(1)

Completing Form 940-EZ, Employer's Annual Federal Unemployment (FUTA) Tax Return

212

(3)

Summary

215

(1)

Study Questions

215

(1)

Review Exercises

216

(1)

Problems

217

(2)

Learning Through Practice Exercises

219

(8)

Alternate Learning Through Practice Exercises

227

(7)

State Payroll Taxes and Tax Reports

234

(29)

Reporting Newly Hired Employees

234

(1)

State Unemployment Compensation Tax

235

(3)

Computing the SUTA Tax

235

(2)

Responding to Unemployment Benefit Claims

237

(1)

State Disability Insurance Tax

237

(1)

Workers' Compensation Insurance

238

(1)

An Example of Workers' Compensation Insurance

238

(1)

Special State Payroll Taxes

239

(1)

State Income Tax

239

(3)

Obtaining Information About State Income Tax

239

(1)

Depositing and Reporting State Withholding and Payroll Taxes

240

(1)

Due Dates for Depositing State Withholding and Payroll Taxes

241

(1)

Quarterly Wage and Withholding Report

242

(1)

Annual Reconciliation Statement

242

(1)

Wage and Tax Statements

242

(1)

Local Income Tax

243

(2)

Setting Up a Payroll Calendar

245

(2)

Summary

247

(1)

Study Questions

247

(1)

Discussion Questions

247

(1)

Review Exercises

248

(1)

Problems

249

(2)

Learning Through Practice Exercises

251

(6)

Alternate Learning Through Practice Exercises

257

(6)

Accounting for Payroll

263

(36)

The Subsidiary Payroll Module Within the Accounting System

263

(1)

Accounting Records for Payroll

264

(1)

Double-Entry Accounting

264

(2)

Chart of Accounts

266

(1)

Understanding the Ledger Accounts

267

(3)

Salaries and Wages

268

(1)

Amounts Withheld from Salaries and Wages

268

(2)

The Employer's Payroll Taxes

270

(1)

Journalizing and Posting Entries for Payroll

270

(5)

Recording Employee Earnings and Deductions

271

(1)

Computing the Employer's Payroll Taxes

271

(1)

Social Security and Medicare Taxes

271

(1)

Federal and State Unemployment Taxes

272

(2)

Other Employer Taxes

274

(1)

Recording the Employer's Payroll Taxes

274

(1)

Journalizing and Posting Payment of the Payroll

275

(1)

Journalizing and Posting Deposits of Payroll Taxes

276

(3)

Frequency of Tax Deposits

276

(1)

Remitting Federal Withholding Taxes

276

(1)

Remitting State Withholding Taxes

277

(1)

Remitting Federal Unemployment Tax

277

(1)

Remitting State Unemployment Tax and ETT Tax

278

(1)

Journalizing and Posting Payment of Amounts Withheld for Voluntary Deductions

279

(1)

Accounting for Employee Bonus Payments

280

(1)

Summary

280

(1)

Study Questions

281

(1)

Review Exercises

281

(1)

Problems

282

(5)

Learning Through Practice Exercises

287

(6)

Alternate Learning Through Practice Exercises

293

(6)

Appendix

299

(9)

Tax Tables

Glossary of Payroll Terms

308

(3)

Index

311

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Payroll Records and Procedures

Summary

Table of Contents

Supplemental Materials

FREE SHIPPING

Rent More, Save More! Use code: BBRENTAL

5% off 1 book, 7% off 2 books, 10% off 3+ books

Payroll Records and Procedures

Summary

Table of Contents

Supplemental Materials

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