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 186186
- 6.5 Backup Withholding 192192
- 6.6 Advance Earned Income Credit 193193
- 6.7 Social Security and Medicare Taxes 194194
- 6.7-1 Social Security and Medicare Tax Rates 195195
- 6.7-2 Social Security Wage Base 196196
- 6.7-3 Calculating the Withholding Amounts 197197
- 6.7-4 Related Corporations and the “Common Paymaster” Option 198198
- 6.7-5 Self-Employment Tax 199199
- 6.7-6 What Wages Are Exempt From Social Security and Medicare Taxes 200200
- 6.7-7 What Types of Employment Are Exempt From Social Security and Medicare Taxes 201201
- 6.7-8 Railroad Retirement Tax Act 202202
- 6.8 State and Local Government Employees 203203
- 6.9 Penalties for Failure to Withhold 204204
- 6.10 State and Local Income Tax Withholding 205205
- 6.11 Review Questions and Exercises 207207
- SECTION 7: UNEMPLOYMENT INSURANCE 208208
- 7.1 Federal Unemployment Insurance 208208
- 7.1-1 Who Must Pay FUTA Tax 208208
- 7.1-2 What Wages Are Exempt From FUTA Tax 209209
- 7.1-3 What Types of Employment Are Exempt From FUTA Tax 210210
- 7.1-4 FUTA Tax Rate and Wage Base 211211
- 7.1-5 Depositing and Paying FUTA Tax 212212
- 7.1-6 Calculating the State Credits Against FUTA Tax Liability 213213
- 7.1-7 Reporting FUTA Tax on Form 940 214214
- 7.1-8 Form 940 Line-by-Line Instructions 215215
- 7.1-9 Penalties for FUTA Noncompliance 216216
- 7.2 State Unemployment Insurance 217217
- 7.3 State Disability Insurance 224224
- 7.4 State Employment Security Agencies 225225
- 7.5 Review Questions and Exercises 226226
- SECTION 8: DEPOSITING AND REPORTING WITHHELD TAXES 227227
- 8.1 Employer Identification Numbers 227227
- 8.2 Depositing Withheld Income and Employment Taxes 228228
- 8.3 The Employer’s Employment Tax Return—Form 941 232232
- 8.3-1 Who Must File Form 941 232232
- 8.3-2 When and Where to File Form 941 233233
- 8.3-3 Form 941—Line-by-Line Instructions 234234
- Form 941 – Worksheet 1. Credit for Qualified Sick and Family Leave Wages Paid This Quarter of 2022 for Leave Taken After March 31, 2020 and Before April 1, 2021 235235
- Form 941 – Worksheet 2. Credit for Qualified Sick and Family Leave Wages Paid This Quarter of 2022 for Leave Taken After March 31, 2021, and Before October 1, 2021 236236
- 8.3-4 Schedule B (Form 941) 237237
- 8.3-5 Schedule D (Form 941), Report of Discrepancies Caused by Acquisitions, Statutory Mergers, or Consolidations 238238
- 8.3-6 Schedule R (Form 941), Allocation Schedule for Aggregate Form 941 Filers 239239
- 8.3-7 IRS Offers Advice on Avoiding Form 941 Errors 240240
- 8.4 Annual Reporting of Nonpayroll Withholding—Form 945 241241
- 8.5 Other Federal Employment Tax Returns 242242
- 8.5-1 Monthly Reporting for Delinquent Employers—Form 941-M 242242
- 8.5-2 Employers Operating Outside the Continental U.S.—Forms 941-PR and 941-SS 243243
- 8.5-3 Employers of Domestic Employees 244244
- 8.5-4 Annual Reporting by Agricultural Employers—Form 943 245245
- 8.5-5 Annual Reporting by Small Employers—Form 944 246246
- 8.6 Making Adjustments, Correcting Returns, and Obtaining Refunds and Credits—Forms 941-X and 843 247247
- Form 941-X – Worksheet 1. Adjusted Credit for Qualified Sick and Family Leave Wages For Leave Taken After March 31, 2020, and Before April 1, 2021 248248
- Form 941-X – Worksheet 2. Adjusted Employee Retention Credit for Qualified Wages Paid After March 12, 2020, and Before July 1, 2021 249249
- Form 941-X – Worksheet 3. Adjusted Credit for Qualified Sick and Family Leave Wages for Leave Taken After March 31, 2021, and Before October 1, 2021 250250
- Form 941-X – Worksheet 4. Adjusted Employee Retention Credit for Qualified Wages Paid After June 30, 2021, and Before January 1, 2022 251251
- Form 941 – Worksheet 5. Adjusted COBRA Premium Assistance Credit 252252
- 8.7 Penalties for Late Reporting and Paying Tax 253253
- 8.8 Information Reporting for Employees—Form W-2 254254
- 8.9 Providing Wage and Tax Information to the SSA—Form W-3 260260
- 8.10 Correcting Information Statements—Forms W-2c and W-3c 263263
- 8.11 The Reconciliation Process for Employers 264264
- 8.12 Information Returns for Nonemployee Payments—1099 Series 265265
- 8.13 Penalties for Incorrect or Late Information Returns and Statements 269269
- 8.14 Electronic Reporting Requirements 271271
- 8.15 Reporting “Special Wage Payments” to the SSA 272272
- 8.16 Review Questions and Exercises 273273
- SECTION 9: OTHER DEDUCTIONS FROM PAY 274274
- SECTION 10: RECORDKEEPING AND RECORD RETENTION 288288
- 10.1 Fair Labor Standards Act 288288
- 10.2 Internal Revenue Code 289289
- 10.3 Federal Employment Laws 290290
- 10.3-1 Civil Rights Act of 1964 (Title VII) 290290
- 10.3-2 Age Discrimination in Employment Act of 1967 (ADEA) 291291
- 10.3-3 Government Contractor Regulations 292292
- 10.3-4 Immigration Reform and Control Act (IRCA) 293293
- 10.3-5 Family and Medical Leave Act (FMLA) 294294
- 10.3-6 Affordable Care Act 295295
- 10.4 State Unemployment Insurance Laws 296296
- 10.5 State Wage-Hour Laws 297297
- 10.6 Unclaimed Wages 298298
- 10.7 Direct Deposit Considerations 299299
- 10.8 Record Retention Procedures 300300
- 10.9 Health Insurance Portability and Accountability Act 303303
- 10.10 Review Questions and Exercises 304304
- SECTION 11: PAYROLL ACCOUNTING 305305
- 11.1 Accounting Principles 306306
- 11.2 Journal Entries 309309
- 11.3 Recording Payroll Transactions 310310
- 11.4 Accounting Periods 311311
- 11.5 Accruals and Reversals 312312
- 11.6 Balancing and Reconciling Payroll Accounts 313313
- 11.7 Financial Statements and Audits 316316
- 11.8 Internal Controls 321321
- 11.9 Controlling Check Fraud 322322
- 11.10 Check 21 and Its Impact on Payroll 323323
- 11.11 Review Questions and Exercises 324324
- SECTION 12: PAYROLL SYSTEMS AND TECHNOLOGY 325325
- 12.1 Payroll System Objectives 325325
- 12.2 Interfacing and Integration 326326
- 12.3 Hardware and Software Alternatives—Pros and Cons 328328
- 12.4 Selecting a Payroll System 331331
- 12.5 Controls and Security for the Payroll System 338338
- 12.6 Disaster Recovery and Business Continuity Planning 341341
- 12.7 Automated Time and Attendance 342342
- 12.8 Self-Service, the Internet, and Mobile Applications 343343
- 12.9 Review Questions and Exercises 349349
- SECTION 13: MANAGING A PAYROLL DEPARTMENT 350350
- 13.1 Basic Management Theory 350350
- 13.2 Management Skills 351351
- 13.3 Specific Management Issues 357357
- 13.3-1 Conducting and Attending Meetings 357357
- 13.3-2 Keep Written Policies and Procedures 358358
- 13.3-3 Crisis Management 359359
- 13.3-4 Time Management 360360
- 13.3-5 Team Building 361361
- 13.3-6 Performance Evaluations 362362
- 13.3-7 Promoting Quality Customer Service in Payroll 363363
- 13.3-8 Providing Customer Service in a Shared Services Environment 364364
- 13.3-9 Service Level Agreements 365365
- 13.3-10 Payroll Metrics and Benchmarking 366366