The Payroll Source®
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Table of Contents
The Payroll Source®
Table of Contents pages: 1 2 3
- SECTION 6: WITHHOLDING TAXES 191191
- 6.1 The Principle of Actual or Constructive Payment 191191
- 6.2 Social Security Numbers 192192
- 6.3 Employee Withholding Allowance Certificates 194194
- 6.4 Methods of Withholding Federal Income Tax 199199
- 6.5 Backup Withholding 207207
- 6.6 Advance Earned Income Credit 208208
- 6.7 Social Security and Medicare Taxes 209209
- 6.7-1 Social Security and Medicare Tax Rates 210210
- 6.7-2 Social Security Wage Base 211211
- 6.7-3 Calculating the Withholding Amounts 213213
- 6.7-4 Related Corporations and the “Common Paymaster” Option 214214
- 6.7-5 Self-Employment Tax 215215
- 6.7-6 What Wages Are Exempt From Social Security and Medicare Taxes 216216
- 6.7-7 What Types of Employment Are Exempt From Social Security and Medicare Taxes 217217
- 6.7-8 Railroad Retirement Tax Act 218218
- 6.8 State and Local Government Employees 219219
- 6.9 Penalties for Failure to Withhold 220220
- 6.10 State and Local Income Tax Withholding 221221
- 6.11 Review Questions and Exercises 223223
- SECTION 7: UNEMPLOYMENT INSURANCE 224224
- 7.1 Federal Unemployment Insurance 224224
- 7.1-1 Who Must Pay FUTA Tax 224224
- 7.1-2 What Wages Are Exempt From FUTA Tax 225225
- 7.1-3 What Types of Employment Are Exempt From FUTA Tax 226226
- 7.1-4 FUTA Tax Rate and Wage Base 227227
- 7.1-5 Depositing and Paying FUTA Tax 228228
- 7.1-6 Calculating the State Credits Against FUTA Tax Liability 229229
- 7.1-7 Reporting FUTA Tax on Form 940 230230
- 7.1-8 Form 940 Line-by-Line Instructions 231231
- 7.1-9 Penalties for FUTA Noncompliance 232232
- 7.2 State Unemployment Insurance 233233
- 7.3 State Disability Insurance 246246
- 7.4 Directory of State Employment Security Agencies 248248
- 7.5 Review Questions and Exercises 249249
- SECTION 8: DEPOSITING AND REPORTING WITHHELD TAXES 250250
- 8.1 Employer Identification Numbers 250250
- 8.2 Depositing Withheld Income and Employment Taxes 251251
- 8.3 The Employer’s Employment Tax Return—Form 941 254254
- 8.3-1 Who Must File Form 941 254254
- 8.3-2 When and Where to File Form 941 255255
- 8.3-3 Form 941—Line-by-Line Instructions 258258
- 8.3-4 Schedule B (Form 941) 259259
- 8.3-5 Schedule D (Form 941), Report of Discrepancies Caused by Acquisitions, Statutory Mergers, or Consolidations 260260
- 8.3-6 Schedule R (Form 941), Allocation Schedule for Aggregate Form 941 Filers 261261
- 8.3-7 IRS Offers Advice on Avoiding Form 941 Errors 262262
- 8.4 Annual Reporting of Nonpayroll Withholding—Form 945 263263
- 8.5 Other Federal Employment Tax Returns 264264
- 8.5-1 Monthly Reporting for Delinquent Employers—Form 941-M 264264
- 8.5-2 Employers Operating Outside the Continental U.S.—Forms 941-PR and 941-SS 265265
- 8.5-3 Employers of Domestic Employees 266266
- 8.5-4 Annual Reporting by Agricultural Employers—Form 943 267267
- 8.5-5 Annual Reporting by Small Employers—Form 944 268268
- 8.6 Making Adjustments, Correcting Returns, and Obtaining Refunds and Credits—Forms 941-X and 843 269269
- 8.7 Penalties for Late Reporting and Paying Tax 270270
- 8.8 Information Reporting for Employees—Form W-2 271271
- 8.9 Providing Wage and Tax Information to the SSA—Form W-3 277277
- 8.10 Correcting Information Statements—Forms W-2c and W-3c 280280
- 8.11 The Reconciliation Process for Employers 281281
- 8.12 Information Returns for Nonemployee Payments—1099 Series 284284
- 8.13 Penalties for Incorrect or Late Information Returns and Statements 287287
- 8.14 Electronic Reporting Requirements 289289
- 8.15 Reporting “Special Wage Payments” to the SSA 293293
- 8.16 Review Questions and Exercises 294294
- SECTION 9: OTHER DEDUCTIONS FROM PAY 295295
- 9.1 Involuntary Deductions 295295
- 9.2 Voluntary Deductions 307307
- 9.3 Review Questions and Exercises 312312
- SECTION 10: RECORDKEEPING AND RECORD RETENTION 313313
- 10.1 Fair Labor Standards Act 313313
- 10.2 Internal Revenue Code 314314
- 10.3 Federal Employment Laws 315315
- 10.3-1 Civil Rights Act of 1964 (Title VII) 315315
- 10.3-2 Age Discrimination in Employment Act of 1967 (ADEA) 316316
- 10.3-3 Government Contractor Regulations 317317
- 10.3-4 Immigration Reform and Control Act (IRCA) 318318
- 10.3-5 Family and Medical Leave Act (FMLA) 319319
- 10.3-6 Affordable Care Act 320320
- 10.4 State Unemployment Insurance Laws 321321
- 10.5 State Wage-Hour Laws 323323
- 10.6 Unclaimed Wages 325325
- 10.7 Direct Deposit Considerations 326326
- 10.8 Record Retention Procedures 327327
- 10.9 Health Insurance Portability and Accountability Act 331331
- 10.10 Review Questions and Exercises 332332
- SECTION 11: PAYROLL ACCOUNTING 333333
- 11.1 Accounting Principles 334334
- 11.2 Journal Entries 339339
- 11.3 Recording Payroll Transactions 340340
- 11.4 Accounting Periods 341341
- 11.5 Accruals and Reversals 342342
- 11.6 Balancing and Reconciling Payroll Accounts 343343
- 11.7 Financial Statements and Audits 346346
- 11.8 Internal Controls 351351
- 11.9 Controlling Check Fraud 352352
- 11.10 Check 21 and Its Impact on Payroll 353353
- 11.11 Review Questions and Exercises 354354
- SECTION 12: PAYROLL SYSTEMS AND TECHNOLOGY 355355