Payroll Management Edition. Steven M. Bragg

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1 Payroll Management 2018 Edition Steven M. Bragg

2 Chapter 1 Payroll Management... 1 Learning Objectives... 1 Introduction... 1 Payroll Cycle Duration... 1 Streamlined Timekeeping... 3 Electronic Payments... 4 Employee Self-Service... 4 Manager Self-Service... 4 Transaction Error Analysis... 5 Staff Training Program... 5 The Payroll Calendar... 6 Information Confidentiality... 7 Chapter Summary... 7 Review Questions... 9 Review Answers Chapter 2 Definition of an Employee Learning Objectives Introduction The Employee Defined Employee Withholding Liability The Independent Contractor Designation The W-2 Contractor The Salesperson Designation Employees of Exempt Organizations Ministers Employee Scenarios People in Business for Themselves Family Employees Working Off the Books Intern Rules Chapter Summary Review Questions Review Answers Chapter 3 Employee Time Tracking Learning Objectives Introduction Time Tracking Scope Employee Exclusions Data Collection Scope Handwritten Time Sheets Time Cards Computerized Time Clocks Biometric Time Clocks Web-Based Time Tracking Smart Phone Time Tracking Time Keeping Methods Usage Grid Automated Time Tracking Reminders Chapter Summary Review Questions Review Answers Chapter 4 Employee Compensation Learning Objectives Introduction i

3 The Difference between Salaries and Wages The Workweek Compensation Definition Supplemental Wages Commission Calculations Commissions Based on Cash Receipts Final Commission Calculations Employee Business Expense Reimbursements Golden Parachute Payments Hourly Rate Plan Idle Time Overtime Pay Payments in Kind Piece Rate Pay Salaries Paid for Partial Periods Sick Pay Tips Vacation Pay The Minimum Wage Chapter Summary Review Questions Review Answers Chapter 5 Employee Benefits Learning Objectives Introduction The Provider and Recipient of Benefits Adoption Assistance Athletic Facilities Cell Phones Provided by Employer De Minimis Benefits Disability Insurance Educational Assistance Employee Discounts Flexible Spending Accounts Health Savings Account Leaves of Absence Life Insurance Lodging on Business Premises Meals Medical Insurance Medical Insurance COBRA Moving Expense Reimbursement No-Additional-Cost Services Pension Plans Defined Contribution Plan Defined Benefit Plan Personal Retirement Account Retirement Planning Services Stock Options Stock Purchase Plans Transportation Benefits Tuition Reduction Vacation Benefit Reporting Workers Compensation Insurance Working Condition Benefits Vehicles Education ii

4 Outplacement Services How to Value Benefits Cents per Mile Commuting Lease Value Unsafe Conditions Commuting Rules for Withholding, Depositing, and Reporting Benefits Benefit Authorization Form Taxability of Benefits Chapter Summary Review Questions Review Answers Chapter 6 Payroll Deductions Learning Objectives Introduction Deductions for the Corporate Benefits Package Deductions for Payments to Third Parties Charitable Contributions Garnishments Overview Child Support Garnishment Student Loan Garnishment Tax Garnishment Union Dues Deductions for Financing Repayments The Reduction of Deductions Garnishment Processing Deduction Management by Employees Chapter Summary Review Questions Review Answers Chapter 7 Payroll Taxes Learning Objectives Introduction Income Tax Withholding Social Security Tax Medicare Tax Calculating Withholdings Wage Bracket Method Percentage Method Annualized Wages Method Average Estimated Wages Method Cumulative Wages Method Part-Year Employment Method Other Methods Earnings Not Subject to Payroll Taxes Underwithheld Taxes Overwithheld Taxes Employee Taxes Paid by the Employer The Earned Income Tax Credit Tax Deductions for the Self-Employed Person The Common Paymaster Rule Payroll Taxes for a Successor Employer Payroll Taxes for Part-Time Employees State Payroll Taxes Totalization Agreements Chapter Summary Review Questions iii

5 Review Answers Chapter 8 Tax Remittances Learning Objectives Introduction Types of Tax Deposit Schedules Monthly Deposit Schedule Semiweekly Deposit Schedule Federal Unemployment Deposit Schedule $100,000 Next-Day Deposit Rule Accuracy of Deposits Rule Deposits not on Business Days Remittance Method The Form 941 Quarterly Federal Tax Return Form 941 Discrepancies Prior Period Adjustments Federal Tax Deposit Penalties Trust Fund Recovery Penalty State Tax Remittances Local Tax Remittances Chapter Summary Review Questions Review Answers Chapter 9 Unemployment Taxes Learning Objectives Introduction Responsibility for Unemployment Tax Payments FUTA Tax Calculation FUTA Tax Deposits FUTA Tax Payment Timing FUTA Tax Reporting State Unemployment Taxes Unemployment Benefit Claims Calculation of the State Unemployment Tax Rate Voluntary Unemployment Contributions Transferring an Unemployment Experience Rating Chapter Summary Review Questions Review Answers Chapter 10 Payments to Employees Learning Objectives Introduction Payments with Cash Payments by Check Payments by Direct Deposit Payments by Pay Card Flexible Spending Account Debit Cards Unclaimed Wages Chapter Summary Review Questions Review Answers Chapter 11 Accounting for Payroll Learning Objectives Introduction The Accounting Journal Entry The Accounting Journal Entry iv

6 The Chart of Accounts The General Ledger The Payroll Journal Where to Record Payroll Transactions Types of Payroll Journal Entries Primary Payroll Journal Entry Accrued Wages Accrued Bonuses Accrued Commissions Benefit Payments Accrued Benefits Stock Subscriptions Manual Paycheck Entry Employee Advances Accrued Vacation Pay Tax Deposits Payroll Information in the Financial Statements Wages Payroll Information in the Financial Statements Payroll Taxes Chapter Summary Review Questions Review Answers Chapter 12 Payroll Reports Learning Objectives Introduction Payroll Register Internal Management Reports Form W Form W Corrections to Forms W-2 and W Form 1099-MISC New Hire Reporting Chapter Summary Review Questions Review Answers Chapter 13 Payroll Recordkeeping Learning Objectives Introduction The Employment Application The Employer Identification Number The Social Security Number Employment Eligibility Verification The Withholding Allowance The Personnel File Mandated Document Retention Chapter Summary Review Questions Review Answers Chapter 14 Payroll Procedures Learning Objectives Introduction Forms: The Timecard Forms: The Paycheck and Remittance Advice Procedure: Add an Employee Procedure: Timecard Data Collection Procedure: Commission Calculation Procedure: Process Payroll v

7 Procedure: Issue Payments to Employees Chapter Summary Review Questions Review Answers Chapter 15 Payroll Controls Learning Objectives Introduction General Controls Payroll Calculation Controls Cash Payment Controls Check Payment Controls Direct Deposit Controls Self-Service Controls Garnishment Controls Employee Advances Controls Vacation Pay Controls Chapter Summary Review Questions Review Answers Chapter 16 Payroll Measurements Learning Objectives Introduction Payroll Entries to Headcount Ratio Payroll Transaction Error Rate Form W-2c to Form W-2 Ratio Proportion of Manual Checks Outsourced Payroll Cost per Employee Annualized Compensation per Employee Net Benefits Cost per Employee Sales per Person Profit per Employee Employee Turnover Chapter Summary Review Questions Review Answers Chapter 17 The Outsourcing Option Learning Objectives Introduction Overview of Payroll Outsourcing Reasons to Outsource Payroll Reasons not to Outsource Payroll The Outsourced Payroll Contract The Transition to Payroll Outsourcing Managing Outsourced Payroll Measuring Outsourced Payroll Terminating an Outsourcing Arrangement Chapter Summary Review Questions Review Answers Appendix 2017 Federal Payroll Tax Calendar Glossary Index vi

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