HOW MAKE FORM W 4 FIT AN EXECUTIVE S REQUEST
|
|
- Nathaniel Griffith
- 6 years ago
- Views:
Transcription
1 Larry White, CPP Dir. Payroll Training American Payroll Association 1 HOW MAKE FORM W 4 FIT AN EXECUTIVE S REQUEST 2 FLEXIBLE FORM W 4: For regular wages, withholding must be based on allowances you claimed and may not be a flat amount or percentage of wages
2 FLEXIBLE FORM W 4: MR. BIGG: Annual salary: $338,000 4 FIT per B/W pay period = $3, I need 38% in Federal Income Tax to be withheld from each paycheck! MR. BIGG: Wants 38% in FIT withheld each pay period FIT per B/W pay period = $4,
3 I only need $3,000 in Federal Income Tax to be withheld from each paycheck! MR. BIGG: Wants only $3,000 in FIT withheld each pay period FIT per B/W pay period = $3, Remember: DO NOT give tax advice to employees IRS Withholding Tax Calculator: apps.irs.gov/app/withholdingcalculator/ IRS Publication 505, Tax Withholding and Estimated Tax HOW CALCULATE A REFERRAL BONUS
4 This is Marvin Marvin is a nonexempt employee who works for Umart Umart offers a $1,000 bonus to any employee who refers a person who is hired by Umart
5 and remains employed for at least 6 months Marvin referred Donnell to Umart who just exceeded 6 months of employment at Umart
6 which means Marvin gets a bonus! This is Mindy, the Payroll Manager at Umart Mindy will pay Marvin his bonus, but first she must recalculate any overtime paid to Marvin for the past six months
7 This is because the FLSA requires overtime pay based on the regular rate of pay and Marvin s bonus actually increases his total pay over the past six months Mindy must adjust Marvin s pay for any week he worked overtime for the past 26 weeks Mindy identified 6 of Marvin s 26 weeks that included overtime Wk Hours Pay Rate Regular Pay OT prem pay 5 45 $9.50 $ $ $9.50 $ $ $9.50 $ $ $9.50 $ $
8 Marvin s bonus must be divided over the 26 weeks applied to each overtime week and recalculated with the difference for each week totaled and added to the bonus payment Wk Hours Pay Rate Regular Pay OT prem pay Addtl OT 5 45 $9.50 $ $ $9.50 $ $ $9.50 $ $ $9.50 $ $
9 To avoid all those recalculations, Umart could have offered a % of Marvin s total wages instead of a flat dollar amount Marvin s bonus: $ x 53% = $1, Mandatory Tax Withholding On supplemental wages over $1 million HOW TAX SUPPLEMENTAL WAGES USING THE AGGREGATE METHOD
10 Supplemental Wage Tax Withholding Optional Flat Rate Optional flat rate method Aggregate method $1,000,000 or less Optional Flat Rate $2,000 bonus $2,000 x 25% = $500 (FIT) Aggregate Based on an employee s $50 bonus $50 x 25% = $12.50 (FIT)
11 Choosing the Aggregate Method: Employer s choice 1) Add the supplemental wages to the regular wages 2) Calculate the FIT on the combined total Choosing the Aggregate Method: Employee is paid $2,000 biweekly claiming Married and 0 allowances on Form W 4 Employee receives a $500 bonus in same pay period Calculate taxes on aggregate total of $2,500 Tax amount (wage/bracket method) = $292 (Compare to using optional flat rate total of $342) 43 Choosing the Aggregate Method: Employee is paid $2,000 biweekly claiming Married and 0 allowances on Form W 4 Employee receives a $500 bonus as a separate off cycle payment Calculate taxes on aggregate total of $2,500 Tax amount (wage/bracket method) = $292 Subtract tax deducted from regular $2,000 payment = $217 Subtract $217 from $292 = $75 (FIT to withhold from separate $500 bonus) 44 11
12 Aggregate method must be used: If taxes have not been withheld from regular wages during the current or past year. If the optional flat rate tax amount cannot be specified separately on the employee s payment information report HOW GROSS UP EMPLOYEE PAYMENTS THE FORMULA: THE FORMULA: Dividend Divisor Quotient Desired Pay Tax% Gross Up
13 3 STEPS: 1. Add the Total Tax % % Total Tax% 3. Desired Pay Net tax% = Gross Pay GROSSING UP GRISELDA: $1,000 bonus Employer will pay all taxes YTD wages = $40, GROSSING UP GRISELDA: $1,000 bonus = Supplemental wages Use 25% Optional flat rate for FIT YTD wages don t exceed SS limit SS 6.2% Medicare 1.45% Tax total: 25% + 6.2% % = 32.65% 100% 32.65% = 67.35% THE FORMULA: $1, % (.6735) $1,
14 IF THE BONUS CAUSES THE YTD TO EXCEED THE SS WAGE LIMIT: Determine the amount subject to the SS tax and multiply times 6.2% Add that amount to the desired net Don t include the 6.2% in the net tax GROSS UP CALCULATOR Paycheckcity.com Section 125 Benefits Not taxable for FIT, SS, or Medicare withholding HOW CALCULATE PRE TAX BENEFITS
15 Post tax benefits Action Amount Gross pay $1, FIT ($150.00) SS ($62.00) MC ($14.50) Insurance (post tax) ($100.00) Net pay $ Pre tax benefits Action Amount Gross pay $1, Insurance (pre tax) ($100.00) Taxable gross pay $ FIT ($135.00) SS ($55.80) MC ($13.05) Net pay $ Dare to Compare Post-Tax Pre-Tax Action Amount Action Amount Gross pay $1, Gross pay $1, FIT ($150.00) Insurance (pre tax) ($100.00) SS ($62.00) Taxable gross pay $ FIT ($135.00) MC ($14.50) SS ($55.80) Insurance (post tax) ($100.00) MC ($13.05) Net pay $ Net pay $
16 125 Qualified Benefits More Information Accident and health benefits Adoption assistance Dependent care assistance Group Term life insurance coverage Health savings accounts (HSAs) 401(k) plan (pre taxed for FIT only) HOW CALCULATE DEFERRED COMPENSATION Deferred Comp 401(k) for Kay: Kay earns a $1, biweekly salary She wants to defer 3% of her income into her company s 401(k) plan Over the year, Kay s employer will deduct $1, from her earnings This amount is not subject to FIT but is subject to SS and Medicare taxes
17 Kay s biweekly earnings Action Amount Gross earnings $1, (k) 3% $38.59 FIT taxable earnings $1, SS & Medicare taxable earnings $1, Kay s biweekly earnings Action Amount Gross earnings $1, (k) 3% ($38.59) FIT ($187.16) SS tax ($79.75) Medicare tax ($18.65) Net pay $ KAY D HOW CALCULATE ALTERNATIVE TAX WITHHOLDING
18 Sometimes the normal way of doing things just doesn t fit ANNUALIZED WAGES Employee: Julie Works: Irregularly, 16 to 75 hours per month Rate: $32 per hour W-4: Married, Zero Paid: Biweekly Payroll: Julie, Biweekly January: 0 hours 0 hours 40 hours 17 hours Total pay: $1,824 x 26 = $47,424 FIT (Biweekly Table 2): $ FIT (Annualized Table 7 Month): $
19 Payroll: Julie, Biweekly TABLE 7 ANNUAL Payroll Period February: 20 hours 0 hours 0 hours 0 hours Total pay: $640 x 26 = $16,640 FIT (Biweekly Table 2): $31.10 FIT (Annualized Table 7 Month): $ CUMULATIVE WAGES WRITTEN REQUEST
20 Commissions STEPS: Cumulative Wages 1. Add YTD paid wages to the current pay period amount 2. Divide total by # of calendar year pay periods, including current period 3. Calculate the withholding on this amount STEPS: Cumulative Wages 4. Withhold excess amount from current payment PART YEAR EMPLOYMENT 5. Using Percentage Method, subtract total tax already deducted from total tax 6. Withhold excess amount from current payment
21 WRITTEN REQUEST The request must include: The last day of employment during the calendar year with any employer A statement that the employee uses the calendar year accounting period A statement of reasonable anticipation that employee will be employed no more than 245 days during the calendar year Add wages already paid to current pay 2. Add the periods in #1 to the periods between the last work date and the current pay date 3. Divide the amount in #1 by the payroll periods in #2 4. Calculate the tax on the #3 amount 5. Multiply the #2 periods by the #4 amount 6. Subtract from #5 the tax already withheld; tax excess to current payment
22 OTHER METHODS You may use other methods for withholding taxes as long as they meet the tolerances provided by the IRS. IRS Tolerance Chart
23 The final word Before my final word 91 Thanks for your part in making this a GREAT Midwest Regional Payroll Conference!! 92 23
2017 Take Home Quiz #1
Employee/Independent Contractor 1. To satisfy the Reasonable Basis test and treat a worker as an independent contractor, a company can rely on all of the following methods EXCEPT: A. a private letter ruling
More informationChapter 8: Payroll Accounting: Employee Earnings and Deductions Lecture Notes
Chapter 8: Payroll Accounting: Employee Earnings and Deductions Lecture Notes I. Employees and Independent Contractors A. Distinction 1. Employees a) Works under the control and direction of an employer.
More informationPersonal Finance G
Personal Finance 1.13.1.G Almost 31% of an individual s paycheck is deducted Taxes are the largest expense most individuals will have Therefore, it is important to understand the systematic deductions
More informationHeintz & Parry. 20 th Edition. College Accounting
Heintz & Parry 20 th Edition College Accounting Chapter 8 Payroll Accounting: Employee Earnings and Deductions 1 Distinguish between employees and independent contractors. Payroll costs are major expenditures
More informationSection 6 Withholding Taxes (Student Guide) Table of Contents Introduction
Section 6 Withholding Taxes (Student Guide) Table of Contents Introduction... - 2 - Topics from Content Outline... - 2 - The Principle of Actual or Constructive Payment... - 2 - Social Security Numbers...
More informationCHAPTER 12 PREPARING PAYROLL RECORDS
I. Paying Employees CHAPTER 12 PREPARING PAYROLL RECORDS A. Hobby Shack employs several people to work in the business, and they record the time they work each day. B. Periodically they pay its employees
More informationSo, without further ado, here s a comprehensive guide to reviewing and analyzing your pay stub. Paychecks 101
Everyone always remembers their first paycheck and asking themselves, Who s FICA, and why is he taking all of my money? If you re like most people, the number that really matters to you is the bottom line:
More informationChapter 12. Objectives:
Chapter 12 Objectives: 1. Define accounting terms related to payroll records 2. Identify accounting practices related to payroll records 3. Complete a payroll time card 4. Calculate payroll taxes 5. Complete
More informationThe Amount Of Federal Income Tax Withheld From An Employee's Gross Pay Is Recorded As An
The Amount Of Federal Income Tax Withheld From An Employee's Gross Pay Is Recorded As An Deductions from gross pay in the payroll register are reflected on the credit side of the for the amount of federal
More informationBooklet IL-700-T. Illinois Withholding. Tax Tables. Effective January 1, Tax rate 3.75%* *This rate has not changed from tax year 2016.
Illinois Department of Revenue Tax rate 3.75%* Booklet IL-700-T Illinois Withholding Tax Tables Effective January 1, 2017 *This rate has not changed from tax year 2016. Table of Contents General Information
More informationReading tax tables: Percentage method for withholding
Reading tax tables: Percentage method for withholding NAME: This worksheet is designed to show you how to read the tax tables needed for figuring the amount of federal tax to withhold from a paycheck,
More informationQuestion... Page Number
Question... Page Number 1. Q: What does it mean to be exempt or non-exempt under the Fair Labor Standards Act (FLSA)?... 1 2. Q: Are any positions exempt from the salary basis test?... 2 3. Q: Why is UC
More informationBack to Basics. Process. Office of Operations 2013 Fall Conference November 6-7. Glenn Davis STATE OF NEW YORK OFFICE OF THE STATE COMPTROLLER
Office of Operations 2013 Fall Conference November 6-7 Back to Basics The Salary Refund & Exchange Process Glenn Davis New York State Office of the State Comptroller Thomas P. DiNapoli, Comptroller Office
More information2018 IRS Federal Tax Withholding Calculator
1 2018 IRS Federal Tax Withholding Calculator The IRS has published this tax calculator to help you: Estimate your 2018 federal tax liability with the tax law changes. Determine whether your current W-4
More informationDon t fill in cents. Round off cents to the nearest dollar. For example, $99.49 becomes $99.00, and $99.50 becomes $
Page 1 of 3, 150-206-643 (Rev. 08-18) Oregon Department of Revenue 04131801010000 Instructions: Read Oregon Income Tax Withholding Information prior to completing this worksheet. Complete Part A to determine
More informationCOLLEGE PAYROLL ACCOUNTING (130) Post-secondary
Page 1 of 8 Contestant Number: Time: Rank: COLLEGE PAYROLL ACCOUNTING (130) Post-secondary REGIONAL 2017 Multiple Choice, Matching, & Short Answer Section: Multiple Choice (15 @ 2 points each) Matching
More informationRevenue Chapter ALABAMA DEPARTMENT OF REVENUE ADMINISTRATIVE CODE CHAPTER WITHHOLDING TAX TABLE OF CONTENTS
ALABAMA DEPARTMENT OF REVENUE ADMINISTRATIVE CODE CHAPTER 810 3 71 WITHHOLDING TAX TABLE OF CONTENTS 810 3 71.01 Employers Required To Withhold Tax From Wages 810 3 71.02 Computing Tax Withheld 810 3 71.03
More informationCALIFORNIA WITHHOLDING SCHEDULES FOR 2010
CALIFORNIA WITHHOLDING SCHEDULES FOR 2010 California provides two methods for determining the amount of wages and salaries to be withheld for state personal income tax: x x METHOD A - WAGE BRACKET TABLE
More informationPayroll Taxes 101. Presented by Larry Holmes
Payroll Taxes 101 Presented by Larry Holmes What is payroll? The total amount of money paid by a business to its employees are payroll taxes? Taxes levied by a government agency on employees wages, tips,
More informationPayroll taxes are simple, steady and in trouble
Special Reprint Edition As seen in USA TODAY, April 14, 2008 Payroll taxes are simple, steady and in trouble Hardly a day goes by without some lawmaker or lobbying group seeking to alter the income tax
More informationTerms. Write down as many payroll terms or payroll taxes that you can think of in 2 minutes. Ready, Set, Go!
Payroll Unit Terms Write down as many payroll terms or payroll taxes that you can think of in 2 minutes. Ready, Set, Go! Payroll Pay Periods Weekly 52 checks a year Biweekly 26 checks a year, every other
More information10 Payroll Computations, Records, and Payment
10-1 McGraw-Hill 2009 The McGraw-Hill Companies, Inc. All rights reserved. Chapter 10 Payroll Computations, Records, and Payment Section 1: Payroll Laws and Taxes Section Objectives 1. Explain the major
More information2017 Year-end Tax Reporting of Disability Income Benefits
2017 Year-end Tax Reporting of Disability Income Benefits STANDARD INSURANCE COMPANY December 2017 To: Re: Our Valued Policyholders and Plan Sponsors Reporting 2017 Sick Pay Benefits Standard Insurance
More informationUnderstanding Taxes. and understanding your paycheck!
Understanding Taxes and understanding your paycheck! Summarize the purpose of paying taxes. Recognize the parts of a paystub. Differentiate between net and gross income. Explain what W-2 and W-4 forms
More informationCharlotte N. Hodges, CPP October 12, Overpayments
Charlotte N. Hodges, CPP October 12, 2018 Overpayments ** Current Year ** Overpayments Repayments Salary Advances ** Prior Year ** Overpayments Repayments Salary Advances Loans Interest Free and Below
More informationYEAR 2017 UPDATE for the textbook Business Math: Using Percents Steven J. Wilson
YEAR 2017 UPDATE for the textbook Business Math: Using Percents Steven J. Wilson 3.3 FICA and FUTA The previous two sections of this chapter discussed the computation of gross earnings. Typically, employees
More informationYEAR 2008 UPDATE for the textbook Business Math: Using Percents Steven J. Wilson
YEAR 2008 UPDATE for the textbook Business Math: Using Percents Steven J. Wilson 3.3 FICA and FUTA The previous two sections of this chapter discussed the computation of gross earnings. Typically, employees
More informationIf you have additional questions on this, please call Payroll & Records Management at 831-
February 2013 Recipients of Graduate Fellowship Awards: The University of Delaware is not required to report to the Federal Government or to withhold taxes on fellowship awards to U.S. citizens and resident
More informationBiweekly Lag Pay Frequently Asked Questions
Biweekly Lag Pay Frequently Asked Questions Transition Resources As you may know from previous communications, the Judicial Branch was informed of a decision made by the Colorado Executive Branch to change
More informationYEAR 2012 UPDATE for the textbook Business Math: Using Percents Steven J. Wilson
YEAR 2012 UPDATE for the textbook Business Math: Using Percents Steven J. Wilson 3.3 FICA and FUTA The previous two sections of this chapter discussed the computation of gross earnings. Typically, employees
More informationCOLLEGE PAYROLL ACCOUNTING (130) Post-secondary
Page 1 of 6 COLLEGE PAYROLL ACCOUNTING (130) Post-secondary REGIONAL 2017 Multiple Choice, Matching, & Short Answer Section: Multiple Choice (15 @ 2 points each) Matching (10 @ 2 points each) Short Answer:
More informationChapter 10 Payroll Computations, Records, and Payment
Chapter 10 - Payroll Computations, Records, and Payment Chapter 10 Payroll Computations, Records, and Payment TEACHING OBJECTIVES 10-1) Explain the major federal laws relating to employee earnings and
More informationForm 8941 Instructions
Form 8941 Instructions There are four sections to this credit---hey, no one said it was going to be easy--- each one is necessary to ensure you get the full credit you deserve. Section 1: Calculating the
More information14-1: How Taxes Work NOTES
14-1: How Taxes Work NOTES Learning Target 1. I will demonstrate my understanding of the different types of taxes and what tax revenue is used for. Government Revenue Tax: a mandatory payment to a local,
More informationPAYROLL ACCOUNTING (04)
6 Pages Contestant Number Payroll Accounting Regional 2012 Time Rank PAYROLL ACCOUNTING (04) Regional 2012 Multiple Choice (15 @ 2 points each) 30 pts Short Answer (6 @ 6 points each) 36 pts Problem 1:
More informationStudent Employee New Hire Packet
Student Employee New Hire Packet New Hire Checklist: o Authorization to Hire Form o Student Application o Federal W-4 Form o NJ State W-4 Form o I-9 Form o Social Security Card (for Payroll purposes) o
More information7.3: INCOME STATEMENTS OBJECTIVES
Section 7.3: INCOME STATEMENTS OBJECTIVES Interpret and use the information on a pay stub, W-2 form, and 1099 form. Key Terms gross pay net pay take home pay paycheck pay stub Form W 4 withholding tax
More informationLEARNING TASKS These tasks match pages in Student Guide 3.
STUDENT LEARNING PLAN Lesson 3-3: Pay and Taxes OVERVIEW If your job pays $8 an hour and you work 20 hours, your paycheck will be $160, right? The reality is, what you earn is not the same as what you
More informationAdditional Pay Online Entry PROCEDURE
Additional Pay Online Entry INTRODUCTION Description Output Information TRDUCTION Section I STEP 1.1 This process describes the steps necessary to create and save an Additional Pay via Online Entry. Additional
More informationActivity 2.1 Calculate Net Pay
Activity 2.1 Calculate Net Pay Name Date Hour Introduction When you get a job, you are told that you will make a certain amount per hour, week, month, or year. This is your gross pay. Taxes and other government
More informationDEPENDENT CARE ASSISTANCE PLAN
CITY OF MODESTO DEPENDENT CARE ASSISTANCE PLAN PLAN HIGHLIGHTS A benefit opportunity for employees of the City of Modesto operating under Sections 125 & 129 of the Internal Revenue Code 1 DEPENDENT CARE
More informationViewing My Paycheck. Training Guide Viewing My Paycheck. Overview: Understanding My Paycheck Data
Overview: Understanding My Paycheck Data This guide outlines the basic steps to viewing your paycheck and understanding the data. This data includes your gross wages, deductions and taxes (including the
More informationWithholding, Estimated Payments & Payroll Taxes
CHAPTER 9 Withholding, Estimated Payments & Payroll Taxes Compute income tax withholding from employee wages Determine taxpayers quarterly estimated payments Understand FICA, federal deposit system and
More informationWhat s In My Paycheck? compensation package: all of the wages (salary, bonus, commission) and benefits provided by an employer. What s In My Paycheck?
compensation package: all of the wages (salary, bonus, commission) and benefits provided by an employer wages: money paid or received for work or services completed, usually by the hour, day, or week hourly
More informationBiweekly Lag Pay Implementation
Biweekly Lag Pay Implementation Transition Resources As you may know from previous communications, the Judicial Branch was informed of a decision made by the Colorado Executive Branch to change the schedule
More informationChapter 01 Introduction to Taxation, the Income Tax Formula, and Form 1040EZ
Chapter 01 Introduction to Taxation, the Income Tax Formula, and Form 1040EZ True / False Questions 1. The U.S. individual income tax system is an example of a progressive tax rate structure. 2. A proportional
More informationNAME: CLASS PERIOD: What Are All These Deductions from My Paycheck?
7.1 NAME: CLASS PERIOD: What Are All These Deductions from My Paycheck? It's exciting to receive your first paycheck. But for many young people, that first rush of excitement soon yields to disappointment.
More informationOverview. How many Town Accountant's come across payroll issues?
Eric Kinsherf, CPA Introduction There are a variety of payroll related issues that are encountered by the Town Accountant The Town Accountant's role in the payroll is shared with the Treasurer Town Accountant
More informationRHODE ISLAND EMPLOYER S INCOME TAX WITHHOLDING TABLES
2008 RHODE ISLAND EMPLOYER S INCOME TAX WITHHOLDING TABLES www.tax.ri.gov CONTENTS Page Employer s Tax Calendar... 3 Instructions... 4-6 WITHHOLDING METHODS AND TABLES Withholding Percentage Method...
More information1 Exam Prep Florida Contractor s Reference Manual Practice Test 3
1 Exam Prep Florida Contractor s Reference Manual Practice Test 3 1. Before improving any real property, the owner should file a with the county clerk's office. A. Notice of commencement. B. Waiver of
More informationPAYROLL ACCOUNTING (125) Secondary
Page 1 of 7 Contestant Number: Time: Rank: PAYROLL ACCOUNTING (125) Secondary REGIONAL 2016 Multiple Choice & Short Answer Section: Multiple Choice (15 @ 2 points each) Short Answers (11 @ 2points each)
More information2018 Payroll Tax Changes in BusinessWorks Page 1 of 12 IMPORTANT NOTICE TO ALL BUSINESSWORKS USERS:
IMPORTANT NOTICE TO ALL BUSINESSWORKS USERS: Effective January 1, 2018, the Illinois income tax withholding rate is unchanged at 4.95%. Also the Illinois Department of Employment Security (IDES) states
More informationIntroduction. Income Tax: percentage of your income collected by the government to fund its services and programs
Introduction Income Tax: percentage of your income collected by the government to fund its services and programs Tax revenue pays for national defense, fire and police protection, road construction, schools,
More informationPreparing Payroll Records. Thursday, March 24, :33:06 AM ET
Preparing Payroll Records Salary The money paid for employee services. Pay Period The period covered by a salary payment. Semimonthly Pay Period Paid twice a month, 15 th and 30 th. Payroll The total amount
More informationPAYROLL ACCOUNTING (04)
6 Pages Contestant Number Payroll Accounting Regional 2012 Time Rank PAYROLL ACCOUNTING (04) Regional 2012 Multiple Choice (15 @ 2 points each) 30 pts Short Answer (6 @ 6 points each) 36 pts Problem 1:
More informationOregon Withholding Tax Formulas
Oregon Withholding Tax Formulas Effective January 1, 2013 To Oregon employers: The Oregon Withholding Tax Formulas include: Things you need to know. Phase-out information for high income employees. Frequently
More informationJanuary 16, Federal and State Withholding Requirements on Supplemental Pay
H. Hank Hurd, Associate Superintendent Financial and Business Services Department of Public Instruction 301 N.Wilmington Street Raleigh, North Carolina 27601-2825 Telephone (919) 807-3600 Fax (919) 807-3604
More informationSANTA CLARITA VALLEY SCHOOL FOOD SERVICES AGENCY Anza Drive, Santa Clarita, California Ph (661) Fax (661)
SANTA CLARITA VALLEY SCHOOL FOOD SERVICES AGENCY 25210 Anza Drive, Santa Clarita, California 91355 Ph (661)295-1574 Fax (661)295-0981 NOTICE TO EMPLOYEES DATE: February 7, 2018 TO: Employees FROM: Becky
More informationName: Date: Period: MATH MODELS (DEC 2017) 1 st Semester Exam Review
Name: Date: Period: MATH MODELS (DEC 2017) 1 st Semester Exam Review Unit 1 Vocabulary: Match the following definitions to the words below. 1) Money charged on transactions that goes to fund state and
More information2017 Year-end OptRight Customer Guide
October 2017 Business Payroll Services 2017 Year-end OptRight Customer Guide 2017 Wells Fargo Bank N.A. All rights reserved. Member FDIC. Making it easier to prepare for your year-end payroll needs This
More informationThe McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin
1-1 10 1 2012 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 10 Payroll Computations, Records, and Payment Section 1: Payroll Laws and Taxes Section Objectives 1. Explain
More information2018 Tax Form Updates
2018 Tax Form Updates Overview of 2018 Changes Effective Dates W-4 and A-4 Forms Availability When to file a new form Completing the forms TCJA Tax Cuts and Jobs Act Tax Myths Tax Rates What changed, and
More informationOregon Withholding Tax Formulas
Oregon Withholding Tax Formulas Effective January 1, 2014 To: Oregon employers The Oregon Withholding Tax Formulas include: Things you need to know. Phase-out information for high income employees. Frequently
More informationCORRECTING A W-2: FROM W-2C TO 941-X AND MORE NOVEMBER 9, 2017
CORRECTING A W-2: FROM W-2C TO 941-X AND MORE NOVEMBER 9, 2017 Rosemarie Fraumeni, CPP Director, Payroll Thrive Skilled Pediatric Care rfraumeni@comcast.net 978.621.0270 Correcting a W-2: From W-2c to
More informationWITHHOLDING TABLES MAINE INDIVIDUAL INCOME TAX
WITHHOLDING TABLES MAINE INDIVIDUAL INCOME TAX 2000 Effective January 1, 2000 REMEMBER: A person required to withhold must continue to file quarterly withholding tax returns until the account is canceled,
More informationPAYROLL ACCOUNTING (04)
8 Pages Contestant Number Time Rank PAYROLL ACCOUNTING (04) Regional 2004 Multiple Choice (12 @ 5 points each) Application 1 (16 @ 1 point each) Application 2 (16 @ 1 point each) Application 3 (4 @ 5 points
More informationCITGO Petroleum Corporation TAX INFORMATION FLEXIBLE SPENDING ACCOUNTS
HEALTH SAVINGS ACCOUNTS CITGO Petroleum Corporation TAX INFORMATION FLEXIBLE SPENDING ACCOUNTS CITGO personnel have the opportunity to participate in either the Flexible Spending Account (FSA) or the Health
More informationHours and Earnings Section
1 of 8 8/19/2011 1:31 PM One of the most recognizable changes that Self Service will deliver to the University of Wisconsin System is the new and improved Earnings Statement. The new statement offers more
More informationT4032-BC, Payroll Deductions Tables CPP, EI, and income tax deductions British Columbia Effective January 1, 2018
T4032-BC, Payroll Deductions Tables CPP, EI, and income tax deductions British Columbia Effective January 1, 2018 T4032-BC(E) What s new as of January 1, 2018 The major changes made to this guide, since
More informationNAME: CLASS PERIOD: What Are All These Deductions from My Paycheck?
7.1 NAME: CLASS PERIOD: What Are All These Deductions from My Paycheck? It's exciting to receive your first paycheck. But for many young people, that first rush of excitement soon yields to disappointment.
More informationFill-in-the-Blank Equations. Exercises
Chapter 10 Current Liabilities and Payroll Study Guide Solutions 1. Deductions 2. Working capital 3. Current ratio 4. Quick ratio Fill-in-the-Blank Equations Exercises 1. School Tools recently purchased
More informationIMPORTANT YEAR-END REMINDERS/INFORMATION
IMPORTANT YEAR-END REMINDERS/INFORMATION Employee W-2 s provide Federal and state government information about gross wages paid and taxes withheld. Important additional information, if it applies, should
More informationCITY OF JACKSONVILLE PUBLIC SAFETY DEFINED CONTRIBUTION PLAN SUMMARY OF PLAN PROVISIONS
CITY OF JACKSONVILLE PUBLIC SAFETY DEFINED CONTRIBUTION PLAN SUMMARY OF PLAN PROVISIONS October 1, 2017 TABLE OF CONTENTS INTRODUCTION TO YOUR PLAN What kind of Plan is this?... 1 What information does
More informationExhibit 101 Income Calculation Guidelines for Alternative to Foreclosure Options
Exhibit 101 Income Calculation Guidelines for Alternative to Foreclosure Options The required documentation to verify income from sources disclosed by the Borrower(s) on Form 710, Mortgage Assistance Application,
More informationBSBADM308A Process Payroll Topic notes. Superannuation categories - used to calculate an employee s superannuation.
(1) What are Payroll Categories? In MYOB, there are six types of Payroll Categories: Wage categories - used to pay an employee. Superannuation categories - used to calculate an employee s superannuation.
More informationPayroll Reference Manual
Payroll Reference Manual 2018-2019 2018-2019 Payroll Reference Manual Table of Contents Section I - Year End Preparation Year End Checklist 6 Year End Balancing/Reconciliations 8 Annual Reconciliation
More informationSeparate here and give Form W-4 to your employer. Keep the top part for your records. Employee s Withholding Allowance Certificate
Form W-4 (2017) Purpose. Complete Form W-4 so that your employer can withhold the correct federal income tax from your pay. Consider completing a new Form W-4 each year and when your personal or financial
More informationChapter 5 Eligible Earnings
IN THIS CHAPTER: PERA-Eligible Salary Compensation that is not Salary Closer Look at Some Types of Pay Workers Compensation Payments Pay while on Personal, Parental or Military Leave Members on Paid Medical
More informationPAYROLL SOURCE TABLE OF CONTENTS
PAYROLL SOURCE TABLE OF CONTENTS SECTION 1: THE EMPLOYER-EMPLOYEE RELATIONSHIP 1.1 Importance of the Determination... 1-2 1.2 Employee vs. Independent Contractor... 1-2 1.2-1 Common Law Test... 1-3 1.2-2
More informationPAYROLL MODULE YEAR END PROCESSING
PAYROLL MODULE YEAR END PROCESSING Documents Included: PAYROLL QUARTER-END PROCESSING PAYROLL YEAR-END PROCESSING BONUS CHECKS AND FRINGE BENEFITS TH PAYROLL QUARTER-END PROCESSING - 4 QUARTER The quarter-end
More informationACCOUNTING 101 CHAPTER 9: CURRENT LIABILITIES Prof. Johnson
Defining Liabilities ACCOUNTING 101 CHAPTER 9: CURRENT LIABILITIES Prof. Johnson Liability accounts represent amounts owed to others. Although usually paid in cash, liabilities may also be satisfied by
More informationAllstate Retirement Plan Final Average Pay Benefit
Allstate Retirement Plan Final Average Pay Benefit This Summary Plan Description ( SPD ) describes the provisions of the Allstate Retirement Plan (the Plan ) in effect as of January 1, 2010, which relate
More informationPAYDAY NEWS. Introducing your new GE pay summary. special. When will my new paycheck be available? What will be in my new paycheck? CONTENTS QUESTIONS
Introducing your new GE pay summary As part of the payroll and benefits transition for former Alstom employees to GE payroll effective January 1, 2016, this newsletter offers you important information
More informationTreasurer s Glossary of Terms A
Treasurer s Glossary of Terms A Access - A database package that comes with Microsoft Office accrual basis accounting - A method of accounting where income is recognized when earned, even if not yet received,
More informationOrientation to Your Retirement Benefits
Orientation to Your Retirement Benefits Cash Balance Benefit Structure Table of Contents Sections Page Welcome Letter 3 TVA-Funded Pension Benefit 4 Supplemental Benefit 10 401(k) Plan 12 Fixed and Variable
More informationSocial Security: With You through Life s Journey. Produced at U.S. taxpayer expense
Social Security: With You through Life s Journey Produced at U.S. taxpayer expense Topics - Working, Paying in - Taking Your Benefits? - Working & Receiving - Family Benefits Payroll (FICA) Tax 6.2 % Social
More informationTHE CAFETERIA PLAN SUMMARY PLAN DESCRIPTION FOR WHEELING JESUIT UNIVERSITY
THE CAFETERIA PLAN SUMMARY PLAN DESCRIPTION FOR WHEELING JESUIT UNIVERSITY Page 1 of 42 Introduction Wheeling Jesuit University (the Employer ) sponsors the Wheeling Jesuit University Cafeteria Plan (the
More informationDeltaFlex Payroll System
DeltaFlex Payroll System Tax Table Information New Jersey Date: 07/1996 Information source(s): Websites: New Jersey Notice to Employers In order to set up the information contained here, please refer to
More informationHealth Insurance Marketplace CUT THE COST. of Health Insurance. A new tax credit helps lower- and middle-income families
Health Insurance Marketplace CUT THE COST of Health Insurance A new tax credit helps lower- and middle-income families 1 Do I Qualify? 2 How Does the New Tax Credit Work? If you answer to ALL of these
More informationPAYROLL ACCOUNTING 2014
Bernard J. Bieg and Judith A. Toland PAYROLL ACCOUNTING 2014 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a
More informationCalifornia Payroll AGENDA. Minimum Wage 10/3/2016
California Payroll Valerie Alexander, CPP October 6, 2016 VAL3338@hotmail.com 1 AGENDA Minimum Wage Garnishment Law Electronic Filing Requirements Paid Family Leave Piece Rate Compliance Certified Payroll
More informationSocial Security: America s Most Successful Social Program
Social Security: America s Most Successful Social Program 56% of the aged receiving Social Security are women More than 204 million workers and their families are protected by Social Security Almost every
More informationEMPLOYER INFORMATION SHEET
General EMPLOYER INFORMATION SHEET Business Name: Business Address: City, State, Zip: Filing Name (if different): Filing Address (if different): City, State, Zip: Contact Name: Phone: Fax: Email: Company
More informationBollenback & Forret, P.A.
Bollenback & Forret, P.A. Michael D. Bollenback, CPA Richard G. Buschart, CPA, ABV, CVA Suzanne E. Patrick, CPA Janet K. Rosenquist, CPA Roderick B. Smart, CPA J. Patrick Callan, CPA Peter B. Forret, CPA
More informationTo see a 1 page summary of the following documentation, go to the last page.
You may choose to pay the premiums on life insurance coverage for your employees. There are many different types of life insurance plans that an employer can provide, Group Permanent Life, Whole Life,
More informationGuide to Taxation of Employee Disability Benefits
Guide to Taxation of Employee Disability Benefits STANDARD INSURANCE COMPANY Guide to Taxation of Employee Disability Benefits Standard Insurance Company (The Standard) developed this guide to help you
More informationStaff and Academic Personnel FLSA Pay Transition. Information Session October 2016
Staff and Academic Personnel FLSA Pay Transition Information Session October 2016 Agenda Introduction FLSA changes How will the transition impact your paycheck? Timing Deductions Planning your transition
More informationT4032-NT, Payroll Deductions Tables CPP, EI, and income tax deductions Northwest Territories Effective January 1, 2019
T4032-NT, Payroll Deductions Tables CPP, EI, and income tax deductions Northwest Territories Effective January 1, 2019 T4032-NT(E) What s new as of January 1, 2019 The major changes made to this guide
More informationUNIVERSITY TAX SERVICES
UNIVERSITY TAX SERVICES STANDARD OPERATING PROCEDURE TSOP NO: 3.03 SUBJECT: Calculating Box Totals on Form W-2 SOURCE: University Tax Services ORIGINAL DATE OF ISSUE: 1/1/2018 DATE OF LAST REVISION: 12/21/2017
More informationPayroll Accounting (Basics)
Payroll Accounting (Basics) PJ Grabowski, CPP, SPHR Consultant, HR Systems, Mercy Health Pamela.Grabowski@Mercy.net 3146283582 1 Double Entry Bookkeeping Assets Liabilities = Equity OR Assets = Liabilities
More information