Introduction to Payroll in the United States Documents Employers Request Social Security Numbers

Transcription

1 Module 1: Payroll Concepts Introduction to Payroll in the United States Documents Employers Request Social Security Numbers Methods of Paying Employees Withholding Taxes Social Security Medicare Unemployment Insurance Tax Disability Insurance Tax Employee Benefits Introduction to Payroll Challenges The Payroll Process Employee/Independent Contractor Employee Classification Backup Withholding Statutory Employee/Nonemployee New Hire Reporting Social Security Numbers Fair Labor Standards Fair Labor Standards: Concepts Exempt/Nonexempt Employees: Concepts Exempt/Nonexempt Employees: Definition Minimum Wage Tips Regular Rate of Pay The Workweek Overtime Work Hours Other FLSA Provisions Employment Forms Employee Forms PayTrain

2 Module 2: Payroll Calculations 2.1 Calculation of Regular Pay Calculate Regular Rate of Pay Calculate Tip Pay Calculate Pay for Time Worked Calculate Other Pay Calculation of Overtime Premium Calculate FLSA Overtime Premium Pay Calculate Overtime Using a Weighted Average Calculate Salaried Overtime Premium Pay Calculate Commission Overtime Premium Pay Calculate Piecework Overtime Premium Pay Calculation of Gross Pay Calculation of Federal Income Tax Taxable Wages Federal Income Tax Withholding Calculation of Social Security and Medicare Taxes Employee Taxes Employer Taxes Other FICA Tax Issues Calculation of Voluntary Deductions Calculate Other Deductions Non-Tax Deduction Reporting Calculation of Involuntary Deductions Withholding Orders Child Support Federal Tax Levy Creditor Garnishment Other Withholding Orders Federal Agency Garnishments PayTrain

3 2.8 Calculation of Net Pay Calculate Total Deductions Calculate Total Payroll Calculate Net Pay PayTrain

4 Module 3: Fringe Benefits 3.1 Fringe Benefit Rules IRS Regulations Impacting Payroll IRS Requirements Special Accounting Rule Nontaxable Benefits Section 132 (Income Exclusion Basics) No-Additional-Cost Fringe Benefits Qualified Employee Discounts De Minimis Fringe Benefits Working Condition Fringe Benefits Cell Phones Working Condition Fringe Benefits Qualified Transportation Fringe Benefits On-Premises Athletic Facilities Qualified Retirement Advice Qualified Moving Expenses Employer-Provided Benefits Awards and Prizes Income/Exclusion Personal Use of Company Vehicles Group-Term Life Insurance Whole-Life Insurance Split-Dollar Life Insurance Personal Use of Company Aircraft Educational Assistance Business Travel Expenses Meals and Lodging Other Payments Advances and Overpayments Back Pay Awards Bonuses Commissions Death Benefits Disaster Relief Payments Jury Duty Pay Leave-Sharing Plans PayTrain

5 Retroactive Wage Payments Taxable Tips Repayment of Employer-Provided Loans Loans to Employees Sick Pay Reporting Responsibilities Stock Options/Purchases Stock Awards Workers Compensation Dependent Care Assistance Severance Golden Parachute Club Memberships Adoption Assistance Differential Military Pay Cafeteria Plans IRC Section 125 Components IRC Section 125 Elections Flexible Spending Arrangements Retirement Plans Qualified Plans Calculate Deferred Compensation Contributions Deferred Compensation Regulations Deferred Compensation Regulations (401(k), 403(b), 457(b)) Tax-Sheltered Annuities (403(b) Plans) Deferred Comp Plans for Public Sector, Tax-Exempt Entities Nondiscrimination Testing 401(k) Plans Nonqualified Plans International Payments Expatriates/Resident Aliens Foreign Earned Income Exclusion/Expatriate Taxation Totalization Agreements Social Security/Medicare Taxes Resident/Nonresident Alien Taxation Tax Treaties Purpose of Form Form 8233 Requirements Impact of Visa Status on Taxation Employer Tax Reimbursement Policies Currency Conversion Managing International Relationships PayTrain

6 3.8 Health Benefits Health Benefits Basics Health Savings Accounts Health Reimbursement Arrangements COBRA Continuation Employer Shared Responsibility Information Reporting by Applicable Large Employers Under the ACA W-2 Reporting of Cost of Employer-Provided Health Coverage PayTrain

7 Module 4: Payroll Reporting and Employment Taxes 4.1 Tax Deposit Requirements Lookback Period Tax Deposit Frequency Calculate Federal Tax Deposits Tax Deposit Methods Federal Tax Forms (An Overview) Quarterly Returns Purpose of Form Form 941 Reporting/Filing Requirements Form 941 Line-By-Line Reporting Requirements Employment Tax e-file System for Forms 940 and Schedule B (Form 941) Reporting/Filing Requirements Schedule B (Form 941) Line-By-Line Requirements Multiple Worksite Reporting Annual Returns Information Reporting Requirement for H-2A Workers Forms W-2, W-3, and Electronic Filing Federal Unemployment Tax Forms Other Annual Returns Correcting Returns Purpose of Form W-2c Form W-2c Reporting/Filing Requirements Purpose of Form W-3c Form W-3c Reporting/Filing Requirements PayTrain

8 Purpose of Form 941-X Form 843 Purpose and Reporting/Filing Requirements Other Reporting Requirements Taxation and Reporting of Wages Paid to Deceased Employees Calculate Withholding for Wages Paid to Deceased Employees Purpose of Form Form 4070 Requirements Form 8027 Requirements Purpose of Form SS PayTrain

9 Module 5: Record Keeping and Payroll Practices 5.1 Payment Methods Payment by Check or Cash Payment by Direct Deposit Payment by Payroll Card Escheat Other Payment Regulations Payroll Practices Payroll Processing Confidentiality Legislation Impacting Payroll Procedures and Practices Business Continuity Plans Record Keeping DOL Record Keeping Regulations IRS Record Keeping Regulations USCIS Record Keeping Regulations HIPAA Record Keeping Regulations Systems System Processes System Selection and Implementation Other System Issues Penalties DOL Penalties IRS Penalties PayTrain

10 Module 6: Payroll Accounting 6.1 Accounting Terminology Accounting Principles Accounting Periods Balance Sheet and Income Statement Accounting Entries Account Classification Account Classifications Journal Entries Purpose and Recording of Payroll Journal Entries Recording and Posting Payroll Transactions Purpose and Recording of Accruals and Reversals Reconciliations Repayment of Wages Reconcile General Ledger Payroll Accounts Reconciliation of Output Reports Internal Control Internal Controls Audits External and Internal Sarbanes-Oxley Compliance/SSAE PayTrain

11 Module 7: Management and Administration 7.1 Customer Service Definition Responding Efficiently to and Resolving Customer Requests Communication Communicate Effectively Effective Communication Techniques Effectively Manage Interpersonal Relationships Procedures and Policies Develop, Implement, and Organize Department Processes Documenting Processes The Payroll Department s Objective Management Basic Management Skills (An Overview) Planning and Organizing Staffing Time Management Techniques Directing Employees Payroll Staff s Skills and Abilities Prepare Job Descriptions Interviewing Job Candidates Training Resources Strategic Planning Budgeting Business Planning Concepts, Methods, and Resources Team Building Techniques (adapted from Tuckman s team development model) Management Theories and Skills PayTrain