Payroll accounting

Cover......Page 1
Title Page ......Page 3
Copyright Page ......Page 4
Preface ......Page 6
Acknowledgments ......Page 13
About the Authors ......Page 15
Contents ......Page 16
Chapter 1: the Need For Payroll and Personnel Records ......Page 19
 The Payroll Profession ......Page 20
 Fair Labor Standards Act ......Page 21
 Unemployment Tax Acts ......Page 22
 Fair Employment Laws ......Page 23
 Other Federal Laws Affecting the Need For Payroll and Personnel Records ......Page 26
 Other State Laws Affecting the Need For Payroll and Personnel Records ......Page 31
 Human Resources and Payroll Accounting Systems ......Page 32
 Human Resources System ......Page 33
 Recordkeeping System ......Page 40
 Payroll Accounting System ......Page 41
 The Fair Labor Standards Act ......Page 47
 Determining Employee’s Work Time ......Page 61
 Records Used For Timekeeping ......Page 65
 Methods of Computing Wages and Salaries ......Page 68
 Coverage Under Fica ......Page 99
 A Self-employed Person ......Page 111
 Employer Identification Number ......Page 112
 Employee’s Application For Social Security Card (form Ss-5) ......Page 114
 Returns Required For Social Security Purposes ......Page 115
 Preparing Form 941 (employer’s Quarterly Federal Tax Return) ......Page 120
 Failure-to-comply Penalties ......Page 127
 Coverage Under Federal Income Tax Withholding Laws ......Page 173
 Tax-deferred Retirement Accounts ......Page 180
 Withholding Allowances ......Page 182
 Federal Income Tax Withholding ......Page 187
 Other Methods of Withholding ......Page 190
 Supplemental Wage Payments ......Page 191
 Wage and Tax Statements ......Page 194
 Information Returns ......Page 201
 Electronic Filing Form W-2 and Information Returns ......Page 203
 Withholding State Income Tax ......Page 204
Chapter 5: Unemployment Compensationtaxes ......Page 243
 Coverage Under Futa and Suta ......Page 244
 Unemployment Compensation Taxes and Credits ......Page 251
 Unemployment Compensation Reports Requiredof the Employer ......Page 261
 The Payroll Register ......Page 303
 The Employee’s Earnings Record ......Page 306
 Recording the Gross Payroll and Withholdings ......Page 308
 Methods of Paying Wages and Salaries ......Page 315
 Recording Payroll Taxes ......Page 320
 Recording Workers’ Compensation Insurance Expense ......Page 324
 Recording the Deposit or Payment of Payroll Taxes ......Page 325
 Recording End-of-period Adjustments ......Page 326
 Summary of Accounts Used in Recording Payroll Transactions ......Page 328
 Illustrative Case ......Page 329
Chapter 7: Payroll Project ......Page 389
 Books of Account and Payroll Records ......Page 390
 General Information ......Page 391
 Start of Payroll Project ......Page 394
 Appendix a – Start of Short Version of Payroll Project(continuation of Payroll Project) ......Page 404
 I. Getting to Know Excel ......Page 457
 II. Excel Templates For Payroll Project’s Short Version......Page 461
 III. Illustrative Case......Page 466
 IV. Short Payroll Project......Page 473
 V. Optional Activities ......Page 476
Tax Table B: Wage Bracket Method Tables For Income Tax Withholding ......Page 485
Check Figures ......Page 499
Glossary ......Page 500
Index ......Page 503
Federal Payroll Taxes Calendar ......Page 509