The Payroll Source®
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Table of Contents
The Payroll Source®
Table of Contents pages: 1 2 3 4
- SECTION 6: WITHHOLDING TAXES 193193
- 6.1 The Principle of Actual or Constructive Payment 193193
- 6.2 Social Security Numbers 194194
- 6.3 Employee Withholding Certificates 196196
- 6.4 Methods of Withholding Federal Income Tax 201201
- 6.5 Backup Withholding 208208
- 6.6 Advance Earned Income Credit 209209
- 6.7 Social Security and Medicare Taxes 210210
- 6.7-1 Social Security and Medicare Tax Rates 211211
- 6.7-2 Social Security Wage Base 212212
- 6.7-3 Calculating the Withholding Amounts 214214
- 6.7-4 Related Corporations and the “Common Paymaster” Option 215215
- 6.7-5 Self-Employment Tax 216216
- 6.7-6 What Wages Are Exempt From Social Security and Medicare Taxes 217217
- 6.7-7 What Types of Employment Are Exempt From Social Security and Medicare Taxes 218218
- 6.7-8 Railroad Retirement Tax Act 219219
- 6.8 State and Local Government Employees 220220
- 6.9 Penalties for Failure to Withhold 221221
- 6.10 State and Local Income Tax Withholding 222222
- 6.11 Review Questions and Exercises 224224
- SECTION 7: UNEMPLOYMENT INSURANCE 225225
- 7.1 Federal Unemployment Insurance 225225
- 7.1-1 Who Must Pay FUTA Tax 225225
- 7.1-2 What Wages Are Exempt From FUTA Tax 226226
- 7.1-3 What Types of Employment Are Exempt From FUTA Tax 227227
- 7.1-4 FUTA Tax Rate and Wage Base 228228
- 7.1-5 Depositing and Paying FUTA Tax 229229
- 7.1-6 Calculating the State Credits Against FUTA Tax Liability 230230
- 7.1-7 Reporting FUTA Tax on Form 940 231231
- 7.1-8 Form 940 Line-by-Line Instructions 232232
- 7.1-9 Penalties for FUTA Noncompliance 233233
- 7.2 State Unemployment Insurance 234234
- 7.3 State Disability Insurance 247247
- 7.4 Directory of State Employment Security Agencies 249249
- 7.5 Review Questions and Exercises 250250
- SECTION 8: DEPOSITING AND REPORTING WITHHELD TAXES 251251
- 8.1 Employer Identification Numbers 251251
- 8.2 Depositing Withheld Income and Employment Taxes 252252
- 8.3 The Employer’s Employment Tax Return—Form 941 256256
- 8.3-1 Who Must File Form 941 256256
- 8.3-2 When and Where to File Form 941 257257
- 8.3-3 Form 941—Line-by-Line Instructions 260260
- 8.3-4 Schedule B (Form 941) 261261
- 8.3-5 Schedule D (Form 941), Report of Discrepancies Caused by Acquisitions, Statutory Mergers, or Consolidations 262262
- 8.3-6 Schedule R (Form 941), Allocation Schedule for Aggregate Form 941 Filers 263263
- 8.3-7 IRS Offers Advice on Avoiding Form 941 Errors 264264
- 8.4 Annual Reporting of Nonpayroll Withholding—Form 945 265265
- 8.5 Other Federal Employment Tax Returns 266266
- 8.5-1 Monthly Reporting for Delinquent Employers—Form 941-M 266266
- 8.5-2 Employers Operating Outside the Continental U.S.—Forms 941-PR and 941-SS 267267
- 8.5-3 Employers of Domestic Employees 268268
- 8.5-4 Annual Reporting by Agricultural Employers—Form 943 269269
- 8.5-5 Annual Reporting by Small Employers—Form 944 270270
- 8.6 Making Adjustments, Correcting Returns, and Obtaining Refunds and Credits—Forms 941-X and 843 271271
- 8.7 Penalties for Late Reporting and Paying Tax 272272
- 8.8 Information Reporting for Employees—Form W-2 273273
- 8.9 Providing Wage and Tax Information to the SSA—Form W-3 279279
- 8.10 Correcting Information Statements—Forms W-2c and W-3c 282282
- 8.11 The Reconciliation Process for Employers 283283
- 8.12 Information Returns for Nonemployee Payments—1099 Series 286286
- 8.13 Penalties for Incorrect or Late Information Returns and Statements 290290
- 8.14 Electronic Reporting Requirements 292292
- 8.15 Reporting “Special Wage Payments” to the SSA 296296
- 8.16 Review Questions and Exercises 297297
- SECTION 9: OTHER DEDUCTIONS FROM PAY 298298
- 9.1 Involuntary Deductions 298298
- 9.1-1 Tax Levies 299299
- 9.1-2 Child Support Withholding Orders 300300
- Table 9.1 301301
- STATE CHILD SUPPORT ENFORCEMENT AGENCIES 302302
- STATE CHILD SUPPORT ENFORCEMENT AGENCIES 303303
- STATE CHILD SUPPORT ENFORCEMENT AGENCIES 304304
- STATE CHILD SUPPORT ENFORCEMENT AGENCIES 305305
- STATE CHILD SUPPORT ENFORCEMENT AGENCIES 306306
- FEDERAL OFFICES OF CHILD SUPPORT ENFORCEMENT 307307
- 9.1-3 Creditor Garnishments 308308
- 9.1-4 Bankruptcy Orders 310310
- 9.1-5 Student Loan Collections 311311
- 9.1-6 Federal Agency Debt Collections 312312
- 9.1-7 Fair Labor Standards Act Restrictions on Deductions 313313
- 9.2 Voluntary Deductions 314314
- 9.3 Review Questions and Exercises 319319
- SECTION 10: RECORDKEEPING AND RECORD RETENTION 320320
- 10.1 Fair Labor Standards Act 320320
- 10.2 Internal Revenue Code 321321
- 10.3 Federal Employment Laws 322322
- 10.3-1 Civil Rights Act of 1964 (Title VII) 322322
- 10.3-2 Age Discrimination in Employment Act of 1967 (ADEA) 323323
- 10.3-3 Government Contractor Regulations 324324
- 10.3-4 Immigration Reform and Control Act (IRCA) 325325
- 10.3-5 Family and Medical Leave Act (FMLA) 326326
- 10.3-6 Affordable Care Act 327327
- 10.4 State Unemployment Insurance Laws 328328
- 10.5 State Wage-Hour Laws 330330
- 10.6 Unclaimed Wages 332332
- 10.7 Direct Deposit Considerations 333333
- 10.8 Record Retention Procedures 334334
- 10.9 Health Insurance Portability and Accountability Act 338338
- 10.10 Review Questions and Exercises 339339
- SECTION 11: PAYROLL ACCOUNTING 340340
- 11.1 Accounting Principles 341341
- 11.2 Journal Entries 346346
- 11.3 Recording Payroll Transactions 347347
- 11.4 Accounting Periods 348348
- 11.5 Accruals and Reversals 349349
- 11.6 Balancing and Reconciling Payroll Accounts 350350
- 11.7 Financial Statements and Audits 353353
- 11.8 Internal Controls 358358
- 11.9 Controlling Check Fraud 359359
- 11.10 Check 21 and Its Impact on Payroll 360360
- 11.11 Review Questions and Exercises 361361
- SECTION 12: PAYROLL SYSTEMS AND TECHNOLOGY 362362