The Payroll Source®
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Table of Contents
The Payroll Source®
Table of Contents pages: 1 2 3 4
- 6.4 Methods of Withholding Federal Income Tax 185185
- 6.5 Backup Withholding 191191
- 6.6 Advance Earned Income Credit 192192
- 6.7 Social Security and Medicare Taxes 193193
- 6.7-1 Social Security and Medicare Tax Rates 194194
- 6.7-2 Social Security Wage Base 195195
- 6.7-3 Calculating the Withholding Amounts 196196
- 6.7-4 Related Corporations and the “Common Paymaster” Option 197197
- 6.7-5 Self-Employment Tax 198198
- 6.7-6 What Wages Are Exempt From Social Security and Medicare Taxes 199199
- 6.7-7 What Types of Employment Are Exempt From Social Security and Medicare Taxes 200200
- 6.7-8 Railroad Retirement Tax Act 201201
- 6.8 State and Local Government Employees 202202
- 6.9 Penalties for Failure to Withhold 203203
- 6.10 State and Local Income Tax Withholding 204204
- 6.11 Review Questions and Exercises 205205
- SECTION 7: UNEMPLOYMENT INSURANCE 206206
- 7.1 Federal Unemployment Insurance 206206
- 7.1-1 Who Must Pay FUTA Tax 206206
- 7.1-2 What Wages Are Exempt From FUTA Tax 207207
- 7.1-3 What Types of Employment Are Exempt From FUTA Tax 208208
- 7.1-4 FUTA Tax Rate and Wage Base 209209
- 7.1-5 Depositing and Paying FUTA Tax 210210
- 7.1-6 Calculating the State Credits Against FUTA Tax Liability 211211
- 7.1-7 Reporting FUTA Tax on Form 940 212212
- 7.1-8 Form 940 Line-by-Line Instructions 213213
- 7.1-9 Penalties for FUTA Noncompliance 214214
- 7.2 State Unemployment Insurance 215215
- 7.3 State Disability Insurance 222222
- 7.4 Directory of State Employment Security Agencies 223223
- 7.5 Review Questions and Exercises 224224
- SECTION 8: DEPOSITING AND REPORTING WITHHELD TAXES 225225
- 8.1 Employer Identification Numbers 225225
- 8.2 Depositing Withheld Income and Employment Taxes 226226
- 8.3 The Employer’s Employment Tax Return—Form 941 230230
- 8.3-1 Who Must File Form 941 230230
- 8.3-2 When and Where to File Form 941 231231
- 8.3-3 Form 941—Line-by-Line Instructions 232232
- Form 941 – Worksheet 1. Credit for Qualified Sick and Family Leave Wages for Leave Taken Before April 1, 2021 233233
- Form 941 – Worksheet 2. Employee Retention Credit for the Second Quarter of 2021 Only (Wages Paid After March 31, 2021, and Before July 1, 2021) 234234
- Form 941 – Worksheet 3. Credit for Qualified Sick and Family Leave Wages for Leave Taken After March 31, 2021 235235
- Form 941 – Worksheet 4. Employee Retention Credit for Third and Fourth Quarters of 2021 Only (Qualified Wages Paid After June 30, 2021) 236236
- Form 941 – Worksheet 5. COBRA Premium Assistance Credit 237237
- 8.3-4 Schedule B (Form 941) 238238
- 8.3-5 Schedule D (Form 941), Report of Discrepancies Caused by Acquisitions, Statutory Mergers, or Consolidations 239239
- 8.3-6 Schedule R (Form 941), Allocation Schedule for Aggregate Form 941 Filers 240240
- 8.3-7 IRS Offers Advice on Avoiding Form 941 Errors 241241
- 8.4 Annual Reporting of Nonpayroll Withholding—Form 945 242242
- 8.5 Other Federal Employment Tax Returns 243243
- 8.5-1 Monthly Reporting for Delinquent Employers—Form 941-M 243243
- 8.5-2 Employers Operating Outside the Continental U.S.—Forms 941-PR and 941-SS 244244
- 8.5-3 Employers of Domestic Employees 245245
- 8.5-4 Annual Reporting by Agricultural Employers—Form 943 246246
- 8.5-5 Annual Reporting by Small Employers—Form 944 247247
- 8.6 Making Adjustments, Correcting Returns, and Obtaining Refunds and Credits—Forms 941-X and 843 248248
- Form 941-X – Worksheet 1. Adjusted Credit for Qualified Sick and Family Leave Wages For Leave Taken Before April 1, 2021 249249
- Form 941-X – Worksheet 2. Adjusted Employee Retention Credit for Wages Paid After March 12, 2020, and Before July 1, 2021 250250
- Form 941-X – Worksheet 3. Adjusted Credit for Qualified Sick and Family Leave Wages for Leave Taken After March 31, 2021 251251
- Form 941-X – Worksheet 4. Adjusted Employee Retention Credit for Wages Paid After June 30, 2021, and Before January 1, 2022 252252
- Form 941 – Worksheet 5. Adjusted COBRA Premium Assistance Credit 253253
- 8.7 Penalties for Late Reporting and Paying Tax 254254
- 8.8 Information Reporting for Employees—Form W-2 255255
- 8.9 Providing Wage and Tax Information to the SSA—Form W-3 261261
- 8.10 Correcting Information Statements—Forms W-2c and W-3c 264264
- 8.11 The Reconciliation Process for Employers 265265
- 8.12 Information Returns for Nonemployee Payments—1099 Series 266266
- 8.13 Penalties for Incorrect or Late Information Returns and Statements 270270
- 8.14 Electronic Reporting Requirements 272272
- 8.15 Reporting “Special Wage Payments” to the SSA 273273
- 8.16 Review Questions and Exercises 274274
- SECTION 9: OTHER DEDUCTIONS FROM PAY 275275
- 9.1 Involuntary Deductions 275275
- 9.2 Voluntary Deductions 285285
- 9.3 Review Questions and Exercises 290290
- SECTION 10: RECORDKEEPING AND RECORD RETENTION 291291
- 10.1 Fair Labor Standards Act 291291
- 10.2 Internal Revenue Code 292292
- 10.3 Federal Employment Laws 293293
- 10.3-1 Civil Rights Act of 1964 (Title VII) 293293
- 10.3-2 Age Discrimination in Employment Act of 1967 (ADEA) 294294
- 10.3-3 Government Contractor Regulations 295295
- 10.3-4 Immigration Reform and Control Act (IRCA) 296296
- 10.3-5 Family and Medical Leave Act (FMLA) 297297
- 10.3-6 Affordable Care Act 298298
- 10.4 State Unemployment Insurance Laws 299299
- 10.5 State Wage-Hour Laws 300300
- 10.6 Unclaimed Wages 301301
- 10.7 Direct Deposit Considerations 302302
- 10.8 Record Retention Procedures 303303
- 10.9 Health Insurance Portability and Accountability Act 306306
- 10.10 Review Questions and Exercises 307307
- SECTION 11: PAYROLL ACCOUNTING 308308
- 11.1 Accounting Principles 309309
- 11.2 Journal Entries 312312
- 11.3 Recording Payroll Transactions 313313
- 11.4 Accounting Periods 314314
- 11.5 Accruals and Reversals 315315
- 11.6 Balancing and Reconciling Payroll Accounts 316316
- 11.7 Financial Statements and Audits 319319
- 11.8 Internal Controls 324324
- 11.9 Controlling Check Fraud 325325
- 11.10 Check 21 and Its Impact on Payroll 326326
- 11.11 Review Questions and Exercises 327327
- SECTION 12: PAYROLL SYSTEMS AND TECHNOLOGY 328328
- 12.1 Payroll System Objectives 328328
- 12.2 Interfacing and Integration 329329
- 12.3 Hardware and Software Alternatives—Pros and Cons 331331
- 12.4 Selecting a Payroll System 334334
- 12.5 Controls and Security for the Payroll System 341341
- 12.6 Disaster Recovery and Business Continuity Planning 344344
- 12.7 Automated Time and Attendance 345345
- 12.8 Self-Service, the Internet, and Mobile Applications 346346
- 12.9 Review Questions and Exercises 352352
- SECTION 13: MANAGING A PAYROLL DEPARTMENT 353353