Payrolluniversity.net
| |I. Core Payroll Concepts 27.0% | |
| |Worker Status……………………………………………………….PS Section 1 | |
| |Common Law Test--Right to control what work will be done and how it will be done. | |
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| |Behavioral--instructions and training given by employer. | |
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| |Financial--expenses, investment, available to public, how paid, profit/loss. | |
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| |Type of relationship--written agreement, are benefits provided, term of relationship. | |
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| |Issued 1099-Misc.if payments is $600 or more in a calendar year. | |
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| |TIN--W-9 Request for Taxpayer Identification Number. W-8BEN--Certificate of foreign status. | |
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| |Safe Harbor 530 Act--Reasonable Basis Test--SS-8 Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding. Past IRS employment audits, published | |
| |IRS rulings or Private letter rulings may determine the ER's treatment of a worker as a independent contractor. | |
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| |ABC test--Absence of Control, Business is unusual and/or away, Customarily independent contractor. | |
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| |States use either common law or ABC test or both for determining unemployment. | |
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| |Length of employment, PT/FT, hours or location are not considered in determining worker classification. Attorneys usually not employee's. | |
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| |Penalty--misclassification--not withholding federal--1.5 % of wages paid(double if no 1099-MISC). No SS/MED--20 %(double if no 1099-MISC). 100 % penalty if intentional--federal plus EE/ER| |
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| |2. Statutory employees/non-employees | |
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| |Statutory employees | |
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| |Subject to SS/Med tax withholding and sometimes FUTA, Federal taxable but no federal tax withholding. | |
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| |Agent or commission drivers | |
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| |Homeworkers | |
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| |Traveling or city salespersons | |
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| |Full time life insurance sales person--exempt from FUTA if only paid commission. | |
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| |Statutory nonemployees | |
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| |Not subject to any taxes | |
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| |Qualified real estate agents | |
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| |Direct sellers | |
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| |3. Temporary agency/leased employees | |
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| |Temporary | |
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| |ER responsibility is to temp agency for a fee--agency hires,screens, trains, pays. Temp agency is responsible for withholding and remitting taxes not ER. | |
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| |Leased | |
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| |ER pays fee and sets pay level, supervises, hires and fires. Leasing company is responsible for withholding/remitting taxes not the ER. | |
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| |Note: If taxes not paid by either ER can be held liable. | |
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| |Fair Labor Standards Act…………………………………………..PS Section 2 | |
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| |Fair Labor Standards Act or known as Federal Wage-Hour Law | |
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| |Sets minimum and OT wage, recordkeeping, equal pay, child labor | |
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| |DOL--Department of Labor--enforces Federal Wage-Hour Law. | |
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| |EEOC--Equal Employment Opportunity Commission--enforces equal pay piece. (FLSA Regulations) | |
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| |An EE has 2 or 3 years to file a FLSA complaint with the Wage and Hour Division. | |
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| |Enterprise coverage--gross sales over $500,000 at least 2 EE's are engaged in interstate commerce activities, hospitals, schools, government agencies, nursing homes, dry cleaners and | |
| |construction are specifically covered. Partial exemption for family business--immediate family members are not subject to FLSA rules. | |
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| |Individual coverage--all covered if interstate sales between states. | |
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| |Exempt--not required minimum wage or overtime or certain records to be kept. | |
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| |Nonexempt--minimum wage, overtime, time and pay records must be kept. | |
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| |Interstate commerce--any trade, transportation or communication between one state and another. | |
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| |Employee's may be paid on any established cycle, must be consistent, can vary throughout company as long as consistent. | |
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| |1. Regular rate of pay | |
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| |Hourly pay rate calculated by dividing the total regular worked pay earned by total hours worked. | |
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| |Items included--Shift differential, nondiscretionary bonuses--production, agreed upon , on-call, retro pay, supplemental disability pay, payments in forms other than cash. | |
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| |Not included--Gifts, holidays, sick, vacation, jury duty, funeral, discretionary, stock options, overtime, premium pay for weekend or holiday worked.(Paid Time Not Worked) | |
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| |Daylight savings—Second Sunday in March less one hour if paid 8 need not count one hour, first Sunday of November works 9 hours must count extra hour. | |
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| |Belo plan--guarantee a fixed salary for irregular hours that includes a set amount for OT. Ex. 45 hours for $380. Hours over 45 for OT calculation at 1 1/2. Klinghoffer rule--If regular | |
| |salary is for specific number of hours, the hours from those to 40 are not paid additional if the rate received for specific hours is over minimum wage. | |
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| |Fluctuating workweek--fixed salary, varied hours, receives 1/2 time for hours over 40. To calculate take fixed salary divided by hours for rate, multiply rate times .5 for OT premium, | |
| |multiply hours over 40 times 1/2 time OT premium for OT pay, add to fixed salary for total earnings. | |
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| |GAP—nonexempt EE being paid a weekly salary does not need to be paid for hours up to 40 so long as the pay would not bring them under minimum wage. | |
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| |Tipped EE's--if a tipped EE is paid less than minimum wage because of ER taking allowable tip credit, use the full minimum wage to calculate regular rate. | |
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| |More than one rate--Total regular pay from all jobs divided by total hours worked. 40 x $12 plus 12 x $9 divided by 52 = $11.31. | |
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| |Salaried nonexempt--calculate the EE's yearly salary and then divide by the number of hours to be paid in a year. 40wk/2080 yr. 260 work days a year, 35wk/1820 yr. Ex. $1200 x 24=$28,800 | |
| |annual, 52x35wk=1820,$28,800 \1820=$15.83 hour. | |
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| |Pieceworkers--Add the weekly piece-rate earnings to any other earnings and then divide the total by the number of hours worked. Method one--once regular rate is calculated the EE must be | |
| |paid 1/2 time for hours over 40. Method two--agree before work that they will be paid a rate not less than 1 1/2 times the regular piece rate for each piece made during OT hours. | |
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| |2. Minimum wage | |
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| |Federal minimum wage is $7.25 | |
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| |If State is higher than state minimum wage is used | |
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| |Newly hired under 20 $4.25 for 90 days then if work was continuous must raise to $7.25. | |
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| |May be paid other than cash like room and board--this will count towards minimum wage. | |
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| |3. Overtime | |
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| |Must be paid 1 1/2 regular rate of pay for all hours physically worked over 40. | |
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| |Workweek is a 7day consecutive 24 hour period--168 hours. If the workweeks are changed--add the overlapping days to the old workweek, calculate the OT hours and pay due for the old and new| |
| |workweeks on this basis. Add the overlapping days to the new workweek, calculate the OT hours and pay due for the old and new workweeks on this basis. Pay the EE the greater of the two. | |
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| |Hours not counted could be sick, vacation, holiday, jury duty per FLSA. | |
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| |Public Safety--max of 480(320 OT) for comp. time Firefighters max (212) Police(171) in 28 day period before OT. | |
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| |Exempt--Foreign vessels, newspapers, babysitters, amusement, homeworkers, fishing, farming. | |
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| |4. Child labor | |
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| |Under 18--not allowed to work in hazardous jobs except under apprentice programs. | |
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| |14 and 15--limit to 3 hrs a day/18 per week during school (8/40 summer), allowed to work 7am-7pm, summer 7am-9pm. | |
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| |Under 14--prohibited except for working for parents. | |
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| |Relaxed for agricultural, actors, newspaper carriers, batboys. Mom and Pop shops. | |
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| |Can drive for one-third of workday/20 % of workweek. | |
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| |5. White-collar exemptions | |
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| |Administrative--at least $455 week--examples are executive or admin assistants, Team Leaders, HR Managers, Purchasing agents. | |
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| |Executive--at least $455 week--direct work, set pay and hours, interview, hire,train and review work. | |
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| |Professional--at least $455 week--advanced knowledge, teacher, recognized field based on talent or invention | |
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| |Outside salespersons--Sales of tangible or intangible items, no salary requirement. | |
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| |Computer professionals—at least $455 week or paid $27.63 per hour. Exempt from OT. | |
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| |Final Standard Test $455 per week. | |
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| |6. Public sector/hospital special rules exemption from FLSA | |
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| |Public sector--public elected official, members of staff, policymaking position, advisors to elected officials, employed by state or local legislative branch. | |
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| |Hospital--able to use a 14-day period for OT--paid OT for all hours over 8 in a day or 80 in a 14 day period whichever would result in higher pay. | |
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| |7. Public contracts and other provisions (e.g., compensable time issues, tip credit, public contract laws, sick and vacation time, etc.) | |
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| |Compensable time issues--all hours during which the EE is under the ER's control, even if the time is unproductive, so long as the time spent is for the ER's benefit. EE's covered by | |
| |collective bargaining agreements may be exempt from OT requirements under FLSA. | |
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| |Tip credit--May pay $2.13 per hour under FLSA if tips make up difference of $5.12. Regularly receive more than $30 month in tips. Service charges are automatically added to bill not | |
| |considered tips but are wages. If the EE's tips do not bring them up to minimum wage the ER must make up the difference. Credit card tips must be given to EE by next payday. The tip | |
| |credit may not be increased for OT hours worked at the premium rate. Must report tips to ER when they receive $20 or more in a month. | |
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| |Public contract laws--Walsh-Healey--mfrs. for govt. contracts over $10,000. Davis-Bacon--laborers/mechanics on federally financed construction contracts of $2000+. McNamara-Ohara--fed. | |
| |govt.to provide services to a federal agency over $2500, nonservice ee's under $2500. Contract Work Hours & Safety Stds. Act--contractors with the federal govt. not covered under other | |
| |laws. | |
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| |Compensatory time off--ER can give time off in same pay period as long as at 1 1/2. Public sector ER's can give cash at 1 1/2 times instead of time off, max comp time accrual is 240 | |
| |hours(160 OT hours). | |
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| |Meal and rest periods--generally at least 30 minutes of nonwork time (Regulated by States) | |
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| |Travel time--Portal to Portal Act--worktime if home and called in, special assignment in another city and travels outside regular workday, part of daily job requirements, if away from home | |
| |but during normal work hours, if using own transportation to travel may count time driving or time it would have taken on public transportation. | |
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| |On-call--on premise/close to curtail personal activities, on duty even if sleep must be paid if on premise if less 24 hours. | |
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| |Waiting time--if engaged to be waiting--paid, waiting to be engaged--not paid. | |
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| |Meetings and training--unpaid if voluntary, outside work hours, not related to job and does not perform any work. | |
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| |Preliminary and Postliminary Activities--Portal to Portal Act--not compensable unless agreed--changing clothes, cleaning up personal, de minimis time, time clock differences, rounding | |
| |differences. | |
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| |Remedial education---8th grade education can work 10 hours over 40 before overtime is required. | |
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| |Employment Taxes……………………………………………PS 6.7, Section 7 and 8 | |
| |1. Federal unemployment tax--FUTA(Federal Unemployment Tax Act) | |
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| |Annual wage base $7000.00.--maximum tax per employee is $42.00. | |
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| |Full tax rate is 6.0 %--Note: surcharge of.2 % ended June 30, 2011. | |
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| |State credit of 5.4% --states with lower rates can receive credit up to 5.4 %. | |
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| |Effective tax rate is .6%. Normal credit is 90 % of 6.0 or 5.4 %. | |
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| |940 Employer's Annual Federal Unemployment (FUTA) Tax Return. | |
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| |Deposits are made for three quarters, final recap at yearend taking in to account the credit from state paid unemployment. Wages are reported annually. If notification is received of a | |
| |state rate change, ER must recompute futa liability. Calculate wages taxed ytd times new rate, then subtract from amount already paid and pay the difference. In December notification | |
| |states that state is 3.8% not 5.4 % so 6.0% less 3.8% = 2.2%. Wages of $140,000 times 2.2% = $3080, ytd paid is $140,000 times .6 = $840. Subtract $840 from $3080 = $2,240 this amount is | |
| |due for fourth quarter. | |
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| |Government, nonprofit religious and educational organizations are exempt. EE'S exempt are F,J,M & Q vis, newspaper under 18, life insurance--commission only, working for spouse or parents. | |
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| |Exempt wages are disability 6 + months, workers comp., deferred comp.cafeteria plans, education, dependent care reimbursement, GTL., qualified moving expenses, meals and lodging, tips not | |
| |reported, etc. | |
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| |Penalty for late payment of taxes is .5% of unpaid tax up to 25 %. Penalty for late deposits same as Federal. | |
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| |State unemployment--Reserve ratio--U/E taxes paid less benefits paid divided by average taxable payroll, majority of states use. Benefit ratio--benefits charged divided by total taxable | |
| |payroll. Benefit wage ratio--benefit wages paid divided by total taxable payroll. Payroll stabilization--ER's tax rate is determined by fluctuations in it's payroll Alaska only. The | |
| |minimum wage base for states is $7000. Voluntary contributions may be made in 26 states which will reduce the unemployment rate. Can collect unemployment for 26 weeks, may request an | |
| |extension for 13 additional weeks. | |
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| |Is work localized, base of operations, place or direction, state of residence are looked at in determining where to allocate unemployment. To be eligible for unemployment must have wages | |
| |earned during base period, laid off, involuntary term, register and file, able to work, reduced hours. Base period is the first four quarters of the last 5 prior to filing. | |
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| |Disability Insurance--CA, HI, NJ, NY and RI have employee paid deductions for disability insurance. | |
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| |2. Social Security and Medicare taxes | |
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| |Maximum taxable wage is $127,200 for Social Security--rate is 6.2 % for ER and 6.2% for EE. | |
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| |Maximum taxable wage is $7,886.40 for ER and EE. | |
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| |No maximum wage or tax for Medicare--rate is 1.45 %. | |
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| |Pretax medical, dental exempt from tax. | |
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| |401k, 403B, etc. included for taxable purposes. | |
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| |FICA--Federal Insurance Contributions Act--both SS/Med. | |
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| |OASDI--Old Age Survivors Disability Insurance(Social Security) 6.2 % for ER and 6.2% for EE. | |
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| |HI--Health Insurance (Medicare) 1.45 % | |
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| |Self employment tax is 12.4 SS and 2.9 Med = 15.3 %. | |
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| |2016 once an employee goes over $200,000 an additional .9% is taken from the employee pay for medicare. | |
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| |If employee works for more than one employer and has more than $7,886.40 withheld, may apply for a credit on personal income tax return, it become federal income tax. | |
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| |3. Federal income tax | |
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| |Back up withholding is 28 %. Fails to provide a TIN. W-9. If IRS sends payor a "B" notice, ER must send to payee with a copy of notice and a W-9 within 15 days. | |
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| |Wages subject to tax--regular, OT, bonuses, commission, Tips, gifts, GTL over $50,000, severance pay, etc. (World wide income: All items paid by ER except where you can find an IRC | |
| |excluding that amount under the IRC. | |
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| |Pensions--W-4P file to claim exemptions, additional amounts or decline altogether. If no form is completed withhold as if Married claiming three allowances. | |
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| |Taxes advanced by ER on EE's behalf must be recovered by April 1st. | |
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| |Employee Benefits………………………………………………….PS Section 3 | |
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| |1. IRS-defined (i.e., company automobiles; company aircraft; vacations provided; discounts on property and services; professional memberships; entertainment tickets) | |
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| |Personal Use of ER provided Vehicles--General valuation--the FMV of a company provided vehicle is the price an individual would pay to lease the same vehicle in an arm's length transaction.| |
| |Special valuation—Cents Cents per mile--Multiply personal use miles times $.535 per mile. If the EE pays for the fuel subtract $.055 cents per mile. The FMV cannot exceed $15,900 and the | |
| |expectation must be business travel of at least 10,000 miles. Commuting valuation--$1.50 one way or $3.00 round trip for EE's personal commuting use. Annual lease valuation--FMV of EE's | |
| |personal use is determined by multiplying the annual lease value amount from the IRS Table times percent of personal miles.Track mileage, travel dates and business purpose to substantiate | |
| |expenses. Whatever method is used--it must be used by both EE/ER. Considered a working condition fringe. | |
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| |Company aircraft--general valuation is amount you would pay in an arm's length transaction. Non-commercial valuation--Standard Industry Fare Level(SIFL) times mileage times aircraft | |
| |multiple plus terminal charge = value. If the airline is at least 50 % full of EE's flying on business the value for an EE for personal use is zero. Commercial flightvaluation method is 25| |
| |% of the highest unrestricted coach fare in includable in income. | |
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| |Discounts on property or services--real estate, stocks, discounts through company store, another ER's discounts are includable as income. Club memberships--only exclude to the extent they | |
| |are business related--like trade associations, professional organizations, chambers of commerce. Entertainment tickets--work de minimis. | |
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| |2. Qualified and nonqualified plans | |
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| |Pensions | |
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| |401(a)Pension--benefit that is determinable when the EE retires and is payable over a number of years. Profit sharing--EE allowed to participate in the companies profits, ER contributions | |
| |based on a formula. | |
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| |EE-funded Plans 501(c)(18)(D)--pension plans created before 6/25/59 that are funded solely by EE contributions. Box 12 Code H(highest) | |
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| |Deferred compensation | |
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| |Qualified plans include profit-sharing, defined contribution or defined benefit plans. The plan must be in writing, communicated to EE's, not discriminate in favor of highly compensated | |
| |EE's and meet eligibility requirements. Ex. 401(k) and 403(b). | |
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| |Nonqualified plans can be discriminatory. Ex. Is Section 457 for public sector EE's. | |
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| |All plans qualified or nonqualified have a $18,000 contribution and a catch up of $6000 if over age 50(except a Simple 401(k) or Simple 408(p) $12,500--catchup is $3000. If an early | |
| |withdrawal is taken subject to a 10 % penalty unless over age 59 1/2. If paid directly to EE withhold federal at 20 % (10% penalty and 10% withholding). | |
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| |EGTRRA--Economic Growth and Tax Relief Reconciliation Act of 2001. Expand the opportunities for retirement savings for employees. | |
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| |Subject to Social Security and Medicare and FUTA tax, not federal or state. | |
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| |Defined Benefit Pension Plan--generally based on EE's age, pay and length of service. Provides a certain level of benefits during retirement. | |
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| |Defined Contribution Pension Plan--individual accounts for each EE, with a set amount being contributed by the ER. Benefit depends on amount in the account at retirement based on | |
| |contributions and earnings gains or losses. (Profit Sharing Plan) | |
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| |ADP--actual deferral percentage. | |
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| |401(k)Cash or deferred arrangement(CODA) Salary reduction plan max $18,000 ($24,000 if age 50 or older). Box 12 Code D(deferral 401k) | |
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| |403(b)Tax sheltered annuities. Government, Education, Public schools, tax exempt charities, religious and education organizations. Box 12 Code E(education 403B) | |
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| |Sep 408K--for ER's that don't have the means to sponsor a pension or profit sharing plan. Box 12 Code F(Sep 408k). | |
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| |Simple 408P--Savings Incentive Match Plans for Employees of Small Employers. It can be either an IRA or part of a 401(k) plan. No more than 100 EE's.Box 12 Code S(SIMPLE). | |
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| |457--Deferred compensation plans for the Public sector and Tax-exempt Groups--State and local government ER's and tax exempt organizations other than churches. Box 12 Code G(government | |
| |457) | |
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| |501(c)-- Employee-Funded Plans Max $7,000 | |
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| |IRA--individual retirement accounts--maximum contribution is lesser of $5500 or 100 % of salary. Catch-up contribution for 2016 is $1,000 | |
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| |Nonqualified deferred compensation plans--plan designed to provide EE's with compensation that will be deferred to a later date and does not meet the requirements of a 401(a)plan. Usually | |
| |high level executives. | |
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| |ESOP--employee stock ownership plan--stock plan designed to invest mainly in company stock, once purchased stock is allocated to EE's participating in plan. Limited to 100 % of | |
| |compensation or $50,000. | |
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| |3. Cafeteria and FSA plans | |
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| |Employer must file a 5500 Annual Return Report of Employee Benefit Plans if 100 + EE's. IRS suspended reporting in 2002. | |
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| |Section 125 Plans--allows EE's to choose from two or more tax free benefits each year. Not subject to federal, state(except NJ), SS or Medicare taxes or Futa. If cash is offered as an | |
| |option for not enrolling the cash is taxable. PPO, HMO and traditional are types of plans. | |
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| |Medical, dental, group term life(SS/Med over $50,000), disability, dependent care, adoption assistance(SS/Med and Futa). | |
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| |FSA(Flexible Spending Arrangement)--Healthcare reimbursement $2,600 max--use it or lose it. Provide receipts. Both EE and ER are at risk of forfeiture of funds. The ER can allocate the | |
| |amounts lost to all EE's or may retain the amount to cover adminstrative expenses. Can be reimbursed prior to pretax amounts being withheld during year. Note: Your plan could have a grace| |
| |period of up to 2 ½ months so expenses are paid for prior year FSA | |
| | | |
| | | |
| | | |
| |4. Dependent care--FSA--flexible spending account. | |
| | | |
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| | | |
| |Limited to exclusion of$5000. If employer contributes excess over $5000 goes in Box 1,3 and 5. Include in Box 10 all amounts. Reimburement only after expenses have been incurred. | |
| | | |
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| | | |
| |5. Relocation | |
| | | |
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| | | |
| |Moving expense reimbursement--the new work place must be at least 50 miles farther from the EE's old residence than the previous workplace and during the 12 month period immediately | |
| |following the move, the EE must work FT for at least 39 weeks in the general location of the new workplace. Two types of deductible expenses are transportation of household goods and | |
| |expenses of traveling from old home to new home. Mileage rate is $.19 per mile for 2016. Qualified expense paid directly to EE are reported on the W2 in Box 12 Code P(packing). | |
| | | |
| | | |
| | | |
| |6. Business expense reimbursements | |
| | | |
| | | |
| | | |
| |Accountable plan--excluded from income. Must be incurred while EE is temporarily away on business. Daily expenses like mileage, parking fees and tolls must be incurred while traveling | |
| |to other work locations, from one job to another. Not for travel from home to regular place of work. Must be business related, substantiated and return advances timely. | |
| | | |
| | | |
| | | |
| |Nonaccountable plan or exceeded amount is not substantiated within the time periods in the above two methods--included in income and is subject to all taxes.. Boxes 1, 3 and 5. Box 12 Code | |
| |L(lodging). | |
| | | |
| | | |
| | | |
| |Expenses over $75 must have receipts. Fixed date method--if an advance is provided no more than 30 days before incurred, substantiated within 60 days and any excess returned within 120 | |
| |days the reasonable period has been met. Periodic statement method--the ER issues a statement periodically detailing amounts that have been paid and not substantiated and requires the EE | |
| |to substantiate the excess or return within 120 days. | |
| | | |
| | | |
| | | |
| |Obra 93' disallows the 50 % business deduction for meals and entertainment. | |
| | | |
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| | | |
| |CONUS--Continental United States | |
| | | |
| | | |
| | | |
| |Per Diem allowances--rather than having to substantiate the actual expenses EE must return any amounts for days or miles not substantiated within a reasonable time. | |
| | | |
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| | | |
| |HI-Low--$282 (lodging $214 and meals $68) or Low$189 (lodging $132 and meals $57) Can use these amounts instead of the actual localities as long as within the CONUS. | |
| | | |
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| | | |
| |7. Health and welfare plans, including COBRA | |
| | | |
| | | |
| | | |
| |Archer MSA--(medical savings accounts)--Employer's must not employ more than 50 EE's during either of the two preceding years. Box 12 Code R(RX). Can't be part of a cafeteria plan(125). | |
| |ER files a 5498-MSA. | |
| | | |
| | | |
| | | |
| |Long Term Care--pretax must provide only for coverage of qualified long term care. Generally like accident and health insurance contracts. | |
| | | |
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| |Nontaxable life for spouse/child--limited to $2000, if more than $2000 all is taxed. If age is not known use EE's. | |
| | | |
| | | |
| | | |
| |COBRA--Consolidated Omnibus Budget Reconciliation Act of 1985. Provides continued health care coverage because of qualifying events like layoff, termination, death or divorce. 18 or 36 | |
| |months continued coverage. Cost is usually EE and ER plus an administration fee. $100 penalty per day of noncompliance. | |
| | | |
| | | |
| | | |
| |8. Stock options | |
| | | |
| | | |
| | | |
| |If ER pays EE's with company stock instead of cash as compensation for services rendered, the FMW(fair market value) of the stock when transferred to the EE without restrictions is wages | |
| |and subject to all taxes. | |
| | | |
| | | |
| | | |
| |Incentive stock options--If an EE exercises an option and complies with the holding period before selling the stock, no income is realized at the time of exercise and when sold is taxed at | |
| |capital gains rates and not subject to any employment taxes. If the EE sells before the holding period ends the ordinary income is not subject to employments taxes but must be reported on | |
| |the W2. | |
| | | |
| | | |
| | | |
| |Nonqualified stock options--opportunity to buy stock at a fixed price for a certain time. When the EE exercises the option, the income realized is the amount received over the amount paid | |
| |by the EE. Box 12 Code V(value). Report in Boxes 1, 3 and 5. When the stock is sold any increase in the value over the value of the option when exercised is considered capital gains. | |
| | | |
| | | |
| | | |
| |ESPP(Employee Stock Purchase Plan)--usually a option to buy the company stock at a 15 % discount. If the EE complies with the holding period before selling the EE has no income subject to | |
| |taxation. Once sold the amount included for ordinary income is the lesser of the difference between the option price and FMV on the day the option was granted or the difference between the| |
| |option price and the FMV on the day of the sale. The EE will also have capital gains on the difference between the FMV of the stock on the day of the sale and the option price plus any | |
| |amount included in the EE's gross income because of the sale. | |
| | | |
| | | |
| | | |
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| | | |
| | | |
| | | |
| | | |
| | | |
| |9. Group term life insurance | |
| | | |
| | | |
| | | |
| |Take total of GTL less $50,000 for taxable amount. Divide taxable amount by 1000 to determine number of units. Determine age as of 12-31 of current year. Locate tax amount from IRS | |
| |table. Multiply this amount times number of units. This is amount per month of imputed income(taxable). Note--subtract out any EE after tax contributions. $180,000 - $50,000= $130,000. | |
| |$130,000 / 1000 = 130 units. Age is 45. Amount from table is $.15. Multiply $.15 times 130 = $19.50 per month of imputed income(taxable). Must W/H SS/MED.Box 12 Code C(Cost).include in | |
| |Boxes 1, 3 and 5. If EE goes on permanent disability--GTL over $50,000 is not included in income. Exempt from FUTA. Federal taxable but not subject to federal withholding. | |
| | | |
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| | | |
| |10. Educational assistance (Section 127) | |
| | | |
| | | |
| | | |
| |(EGTRRA) Economic Growth and Tax Relief Reconciliation Act of 2001. | |
| | | |
| | | |
| | | |
| |ER paid education related to current job is excluded from income. | |
| | | |
| | | |
| | | |
| |Non job-related exclusion is $5250 for undergraduate. | |
| | | |
| | | |
| | | |
| |Non job-related graduate level ER assistance is not taxable after 12/31/2001. | |
| | | |
| | | |
| | | |
| |11. Nontaxable employer-provided benefits (e.g., de minimis, working condition fringe, no additional cost, qualified EE discounts, etc.) **No TAX Withheld** | |
| | | |
| | | |
| | | |
| |De minimis--A service or an item of such small value as to make accounting for the benefit unreasonable. But if the ER keeps track then taxable. | |
| | | |
| | | |
| | | |
| |Working condition fringe benefit--A service the EE could deduct as a business expense if he or she had paid for it. | |
| | | |
| | | |
| | | |
| |No additional cost--Services provided or at reduced rates by an ER in the line of business in which the EE works. | |
| | | |
| | | |
| | | |
| |Qualified EE discount--Discount offered EE's that's not more than 20 % of the price for services offered to customers. | |
| | | |
| | | |
| | | |
| |Qualified transportation benefits--ER provided parking exclusion max is $255.00. Transit bus passes exclusion is $255.00. Valuation method is employee's FMV. If a 2 % or more shareholder| |
| |receives benefits all are taxable. | |
| | | |
| | | |
| | | |
| |On premise athletic facilities--located on premises, operated by ER, only used by EE's, spouses or children. | |
| | | |
| | | |
| | | |
| |Benefits must be reported at least annually for W2 purposes. | |
| | | |
| | | |
| | | |
| |12. Disability/leaves (e.g., FMLA, etc.) | |
| | | |
| | | |
| | | |
| |FMLA--Family Medical Leave Act of 1993--guarantees EE's 12 weeks of unpaid leave because of birth, adoption, illness and guarantee of benefit coverage. To qualify must be employed for at | |
| |least twelve months and 1250 hours. Entitled to same job or equivalent job upon return from leave. No pay or benefit loss and must be treated as continued service for vesting purposes | |
| |whether leave is paid or not. Enforced by DOL. Covered if private sector ER and have 50+ EE's. | |
| | | |
| | | |
| | | |
| |13. Other (e.g., service awards, gifts, “golden parachutes”, cash pay-outs, death benefits, adoption assistance, jury and military pay, meals and lodging, etc.) | |
| | | |
| | | |
| | | |
| |Fringe benefits--special rule for taxable benefits--if paid in November or December under a special accounting rule they may be considered paid in the following year--must notify EE. | |
| |Discriminatory plan--refers to highly paid. Some benefits have restrictions as to if a plan is tailored to highly comped. | |
| | | |
| | | |
| | | |
| |Service awards--not included in income if the ER can deduct as a business expense. Must be no less than a 5 year award.Qualified awards--average cost of all awards may not exceed $400 per | |
| |year or none are considered qualified. The max given to one EE is $1600 per year. Nonqualified awards cannot exceed $400 per EE per year. If the awards exceed these amounts the excess | |
| |must be included as income. | |
| | | |
| | | |
| | | |
| |Gifts--must be included unless considered de minimis. A gift certificate is not a taxable gift unless it can be converted to cash. | |
| | | |
| | | |
| | | |
| |Golden Parachutes--payments made to executives during change in ownership. An excess payment is the portion of the payment that exceed's the EE's five year average compensation. The | |
| |entire payment is wages but the excess is subject to a 20 % excise tax. Must include on W2 in Box 12 Code K(parachute or kite). | |
| | | |
| | | |
| | | |
| |Cash payouts--back pay awards should be reported on the W2 in the year paid. | |
| | | |
| | | |
| | | |
| |Death benefits--The Small Business Job Protection Act of 1996 repealed the $5000 exclusion. Such benefits must be reported on a 1099-R. | |
| | | |
| | | |
| | | |
| |Adoption assistance--maximum exclusion is $13,570 over all taxable years related to a particular adoption even if unsuccessful. Income phase out starts at $203,540. IRS 137. Not subject | |
| |to federal, subject to SS,Med, Futa. Box 12 Code T(toddler). EE'smust also file Form 8839 with income tax return. Exclusion for foreign adoptions must be a completed adoption. | |
| | | |
| | | |
| | | |
| |Jury pay--If ER pays EE their regular wages in addition to jury pay the wages are subject to tax. If ER pays the difference only the difference is taxed. If the ER pays EE wages for time | |
| |spent on jury duty but requires that the EE turn over the jury pay only the difference is taxed--the EE may deduct the amount turned over on their personal tax return. | |
| | | |
| | | |
| | | |
| |Military Pay--compensation paid to EE's while on military duty that represents the difference between regular pay and military pay is called supplemental military pay. If pay is provided | |
| |because of a temporary assignment it wages(W2), if provided while EE is on active service the employment relationship is broken and it is not considered wages(1099-Misc). | |
| | | |
| | | |
| | | |
| |Meals and Lodging--excluded if furnished on the ER's premise and for the convenience of the ER. | |
| | | |
| | | |
| | | |
| |Supplemental Unemployment is federal taxable only--ER pays. | |
| | | |
| | | |
| | | |
| | | |
| |Employee/Employer Forms…………………………………Answer Key A-1 and A-2 | |
| | | |
| |Professional Responsibility………………………………………… | |
| | | |
| |Methods and Timing of Pay………………………………………..PS Section 5 | |
| | | |
| | | |
| |States without income tax withholding--AK, FL, NV, NJ, SD, TN, TX, WA, WY. Reciprocity agreements require ER's to only withhold for EE's state of residence. | |
| | | |
| | | |
| | | |
| |State rules. Most states require that the financial institution located in the state where the EE works. Types of payment--cash, check, scrip, tokens and coupons. | |
| | | |
| | | |
| | | |
| |State regulated items--how often paid, termination pay timing, method of payment, information required on paystubs, unclaimed checks, payments upon death, meal break, rest breaks and extra | |
| |pay periods. | |
| | | |
| | | |
| | | |
| |Certains days will occur 53 times a year (Sunday for 2017). A company could adjust a salaried persons wages but usually do not to avoid conflict. | |
| | | |
| | | |
| | | |
| |Companies will usually use a Zero Balance Checking Account--cash is available for investment purposes until funds are drawn for payment. | |
| | | |
| |Direct deposit | |
| | | |
| | | |
| | | |
| |Can recover funds through a single entry reversal within 5 banking days, no retention period for authorization forms, prenoting is optional, can't require direct deposit. If an ER chooses | |
| |to prenote this must be done at least 6 business days prior to payday. | |
| | | |
| | | |
| | | |
| |ODFI--Originating Depository Financial Institution(ability to process file), ACH--Automated Clearing House(processes information between ODFI and RDFI), RDFI--Receiving Depository Financial| |
| |Institution(posts to customer accounts). ACH Network is operated by the Federal Reserve Bank, Visa Ach Services, the Electronic Payments Network and the American ACH Association. Title IX| |
| |of the CCPA, the Electronic Funds Transfer Act sets out the basic requirements for EFT along with the Federal Reserve Board Regulation E. | |
| | | |
| | | |
| | | |
| |ER prepares file sends to ODFI, ODFI processes through ACH, ACH sends to RDFI. Usually a company must provide to RDFI 48 hours prior to payday. | |
| | | |
| | | |
| | | |
| |ORDER--EE gives authorization; Company setup DD and sends file to ODFI; ODFI (Company's Bank) receives file and sends file to ACH network; ACH sends to RDFI (EE's Bank) and Post to EE's | |
| |accounts | |
| | | |
| | | |
| | | |
| |Need to have bank routing number, account number and type of account. Prenoting is not required. | |
| | | |
| | | |
| | | |
| |Advantages for EE--funds available on payday, no lost checks, available while on vacation, Disadvantages for EE--may not have bank account, not comfortable. Advantages for ER--reduces | |
| |unclaimed checks, check reconciliation's, cost of check stock, fraud. Disadvantages for ER--loss of float, difficult to stop, EFT costs, not paperless. | |
| | | |
| | | |
| | | |
| |Stop payment and reissuance of paychecks | |
| | | |
| | | |
| | | |
| |Stop payments are processed through issuing bank. Contact bank to initiate a stop payment, upon approval that the check has not been cashed, issue a replacement check. This does not cause| |
| |additional wages or tax liabilities as it is just a replacement. These can cause issues when performing bank reconciliation's as the checks will remain outstanding until a replacement is | |
| |requested or it is evently escheated to the state. Some companies will have separate accounts for direct deposit and manual paychecks. | |
| | | |
| | | |
| | | |
| |Escheat law compliance | |
| | | |
| | | |
| | | |
| |Unclaimed wages become abandoned property--ER reports to state, most states are annually but go up to 7 years before reporting, make attempts to contact EE, provide state with last known | |
| |address, eventually becomes property of the state and ER takes checks off the books and so the EE would now need to get the money from the State--ruled by state. | |
| | | |
| | | |
| | | |
| |Constructive receipt | |
| | | |
| |Wages are considered paid to EE when they have access without restriction, if mailed considered paid when received, if option of picking up and chooses not to, then wages are considered | |
| |available on pick up date. | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |Customer Service…………………………………………………PS 13.3-7 and 13.3-8 | |
| | | |
| | | |
| |(e.g., problem resolution, vendor relations, confidentiality, payroll forms) | |
| | | |
| | | |
| | | |
| |Reliability--provide what is promised, dependably and accurately Responsiveness--willingness to help promptly, Assurance--ability to convey trust and confidence Empathy--degree of caring | |
| |and individual attention Tangibles--physical appearance. Remain assertive and stay focused. | |
| | | |
| | | |
| | | |
| |II. Compliance 21% | |
| |A. Escheatment…………………………………………………………PS 5.5 | |
| | | |
| |Unclaimed Paychecks: State Laws govern abandoned property as “Escheat” if an employer can not get the funds to an employee then based on the state’s laws an employer must turn over the | |
| |funds to the state. Most states are one year but some go as high as five years. | |
| | | |
| |B. Regulatory…………………………………………………………… | |
| |Tax deposits: methods and timing | |
| | | |
| | | |
| | | |
| |EFTPS--Electronic Federal Tax Payment System--companies with $200,000 plus liabilities. No refunds can be made. ACH Debit(access EFTPS directly) or ACH Credit(used it's financial | |
| |institution to originate payment). | |
| | | |
| | | |
| | | |
| |Form 8109—Not use anymore, it was use to make deposits by check. All ER must use EFTPS now. If EFTPS payor and make tax payments using 8109 ER is subject to a maximum penalty of 10 %. | |
| | | |
| | | |
| | | |
| |Shortfall rule--amount is no less than the greater of $100 or 2 % of entire amount.(98%). | |
| | | |
| | | |
| | | |
| |941-M is a monthly return that must be filed if delinquent, instructed by IRS. | |
| | | |
| | | |
| | | |
| |941 Lookback period--12 month period running from July 1 of the second previous year through June 30th of the previous year. For 2016 the period is July 1 2015 to June 30th 2016. | |
| | | |
| | | |
| | | |
| |945 lookback period--second calendar year preceding the current calendar year. 2017 is 2015. | |
| | | |
| | | |
| | | |
| |Monthly--tax liability for lookback period is $50,000 or less taxes are due the 15th of the month following the incurred liability. There is a $2500 exception--if liabilities do not exceed| |
| |$2500 during the quarter, taxes may be paid with the quarterly return. | |
| | | |
| | | |
| | | |
| |Semi-weekly--tax liability for lookback period is over $50,000 taxes are due either Wednesday or Friday. If paydate is Wed,Th or Friday taxes are due next Wed. If paydate is Sat, Sun, Mon| |
| |or Tues., taxes are due Friday. | |
| | | |
| | | |
| | | |
| |One-day deposit rule--if liability reaches $100,000 on any given day, taxes are due next banking day. A monthly depositor will become a semi-weekly depositor for the remainder of the | |
| |current year and the next calendar year. If the daily liabilities are less than $100,000 you would follow the semi-weekly deposit rules. | |
| | | |
| | | |
| | | |
| |If the due date falls on a weekend or holiday the tax is due the next banking holiday. | |
| | | |
| | | |
| | | |
| |C. Reporting……………………………………………………………. | |
| |Forms (e.g., W-2, W-2c, W-3, 1099, 1042, 940, 941, etc.) | |
| | | |
| | | |
| | | |
| |W-2's go to SSA, 1099's go to IRS. | |
| | | |
| | | |
| | | |
| |W2--Wage and tax stmt, W-2c--corrected tax stmt, W-3--Transmittal of W2's, 1099MISC--miscellaneous income, 1040-Schedule H--Household Employee Taxes, 1042--Foreign Person's US Income, | |
| |843--Claim of Refund & Request for Abatement940--Annual FUTA(unemployment), 941--Quarterly Federal Tax return,941x—Adjusted ER’s Quarterly Federal Tax Return or Claim for tax refund, | |
| |945--Annual Return--NonEE federal tax, 1099-R--Distributions from Pensions. 1096--Transmittal of paper 1099's. 4419-Application to file returns electronically. 4804--Transmittal for | |
| |Information Returns(1099, 8027). 4996--Transmittal for 940,941's filed magnetically or electronically. | |
| | | |
| | | |
| | | |
| |4070--EE's report of Tips, 4137--SS/Med tax on unreported tip income, 8027--ER's annual report of Allocated Tips | |
| | | |
| | | |
| | | |
| |5500--Annual report of Benefit Plans, 668-D--release of levy, 668-W--Notice of Levy, 8109--Federal Tax deposit coupon, 8809--request for extension of time to file returns | |
| | | |
| | | |
| | | |
| |I-9 Employment Eligibility Verification(new hire)--driver's license=identification, social security card=employment eligible, Passport=ID and employment eligible,must be made available for | |
| |inspection by DOL within 3 days of request, SS-4 App. For ER ID number, SS-5 App. For SS Card, SS-8--Determination of worker status for employment taxes, W-4--Withholding Allowances, | |
| |W-5--Earned Income Credit, W-4P--W/h for Pension, W-4S--W/H for Sickpay, W-7 App. for Individual Taxpayer ID number(alien), W-9--Request for TIN for Independent contractor. SSA-131--ER | |
| |Report of Special Wage Payments(nonqualified deferred comp. not reported in Box 11). | |
| | | |
| | | |
| | | |
| |W2--Box 1--Federal wages, Box 2--federal tax, Box 3--SS wages, Box 4--SS tax, Box 5--Medicare wages and tips, Box 6--Medicare tax, Box 7--SS tips, Box 8--Allocated Tips(1,3,5 and 7), Box | |
| |9--Advanced EIC, Box 10--Dep. Care(1,3 and 5 over $5000), Box 11--Nonqualified Plans, Box 12--Various Codes, Box 13--Statutory, Retirement, 3rd Party Sickpay, Box 14--Other, Box 15-20 State| |
| |and Local. | |
| | | |
| | | |
| | | |
| |Box 12 Codes—A(appetizes)--uncollected SS on tips, B(beverages)--uncollected Med on tips, C(cost)--GTL cost over $50,000(1,3,5), D(deferral)--401(k), E(education)-403(B), F(Follows in | |
| |number order)--Sep 408(k)(6), G(govt.)--457(b), H(501highest plan)--501(c)(18)(d)(box1), J(jaundice)--Nontaxable sickpay, K(14K or kite)--20 % excise on golden parachute(Box 2 if excess is | |
| |wages), L(lodging)--Substantiated EE business expense(1,3,5), M--uncollected SS on GTL over $50,000, N--uncollected Med on GTL over $50,000, P(packing)--Excludable reimbursed moving | |
| |expenses, Q(quarters)--Military quarters and combat pay, R(rx)--Archer MSA contributions(3,5 not 1), S(simple)--Simple 408P(3,5), T(toddler)--ER adoption benefits(3,5), V(value)--income | |
| |from exercise of nonstatutory stock options.(1,3,5), W(wellness)—Contributions to Health Savings Account, Y—Deferrals under a section 409A, Z—Income under a section 409A, AA—Roth 401k | |
| |contributions, BB—Roth 403b contributions, | |
| |CC- Not used in 2011, DD- Cost of ER-sponsored health coverage, EE- Roth 457 contributions. | |
| | | |
| |Box 13: | |
| | | |
| |Decision Chart for Retirement Box | |
| | | |
| |Type of Plan | |
| |Conditions | |
| |Retirement Box | |
| | | |
| |Defined Benefit Plan | |
| |EE may not be vested or ever collect benefits but qualifies for ER funding | |
| |Checked | |
| | | |
| |Defined Contribution Plans | |
| |EE is eligible but does not contribute | |
| |Not Checked | |
| | | |
| |Defined Contribution Plans | |
| |EE is eligible and contribute money | |
| |Checked | |
| | | |
| |Defined Contribution Plans | |
| |EE is eligible and does not contribute but ER match is in current tax year | |
| |Checked | |
| | | |
| |Defined Contribution Plans | |
| |EE and ER do not contribute any fund in current tax year | |
| |Not Checked | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |Defined Benefit Plan | |
| |Traditional Pension Plan | |
| | | |
| | | |
| |Defined Contribution Plans | |
| |401k, 403b, etc… but not 457 plans | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |Due dates of reports | |
| | | |
| | | |
| | | |
| |W-2--Due to Employee's by January 31st. If EE terminates and requests W2 ER must provide within 30 days of request. If ER ceases operation--W2's must be provided to EE's by the date ER | |
| |files final 941. Copy A=SSA, Copy B=EE federal, Copy C=EE copy, Copy D-ER copy, Copy 1=ER state, Copy 2=EE state. Copies B, C and 2 to EE. | |
| | | |
| | | |
| | | |
| |W-3--Transmittal of Wage and Tax Statements for paper filers(less 250). Due to Social Security Administration by last day of February.(3/31 if electronically). | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
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| |940--Annual Federal Unemployment Tax Return(Futa)-- Due January 31st, if all payments are made by 1/31 return may be filed on 2/10.Part I-Line 1--total payments, Line 2--exempt payments, | |
| |Line 3--payments of more than $7000, Line 4--exempt payments, Line 5--total taxable wages. Part II--Line 1--Gross futa tax 6.0 %, Line 2--maximum credit 5.4 %, Line 3--computation of | |
| |tentative credit, Line 6--credit, Line 7--total Futa tax, Line 8--total Futa deposits, Line 9--balance due. Part III--Record of quarterly FUTA liability. | |
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| |941--Employer's Quarterly Federal Tax Return--Quarterly due last day of the month following end of the quarter--additional 10 days if all payments are made by due dates--4/30, 6/30, 9/30 | |
| |and 1/31. Schedule B--record tax liability due dates, not paydates.(semi-weekly depositors). Line 2--federal wages, Line 3--federal tax, Line 6a--taxable SS wages, Line 6b--SS tax on | |
| |wages, Line 6c--taxable SS tips, Line 6d--SS tax on tips, Line 7a--taxable Med wages and tips, Line 7b--Med tax on wages and tips, Line 9--prior quarter adjustments, sick pay, fractions of | |
| |cents, adjustment for reported tips, adjustment for former EE GTL, Line 11--total all taxes, Line 12--advance EIC, Line 13--net taxes, Line 14--total deposits, Line 15--balance due, Line | |
| |16--overpayment, Line 17--monthly summary of tax liability. These numbers tie to the W2's. If mailed through US mail considered timely if postmarked two days before due date. If amending | |
| |use 941c--no federal adjustments allowed unless for administrative errors--must file with an adjusted 941(when error was discovered) and 843 if requesting a refund. | |
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| |945--Annual reporting of Nonpayroll Withholding(1099)Due 1/31--2/10 if deposits are made by 1/31. Used for backup withholding. If no withholding not required to file return. | |
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| |6559--Discontinued for 2006 W2 filing. Electronic filing does not require a transmittal form. | |
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| |Non-tax compliance reporting | |
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| |1. New hires | |
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| |If EE's in more than one state ER can report all EE's to one state Must report name, address and SSN for employee. | |
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| |Report within 20 days of hire--electronically 2 transmissions a month 12-16 days apart | |
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| |2. Immigration and Naturalization (I-9) | |
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| |I-9 Employment Eligibility Verification | |
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| |IRCA--Immigration Reform and Control Act of 1986--illegal to hire unauthorized worker | |
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| |3. Bureau of Labor Statistics | |
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| |Part of DOL(Dept. of Labor) Measures the economy through gathering of data about workers and the workplace. | |
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| |4. Worker status | |
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| |Unintentional misclassification tax assessed is 1.5 % of wages paid and if a 1099-MISC was not filed another 1.5 % is charged. Safe Harbor 530. | |
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| |D. Record Retention……………………………………………………PS Section 10 | |
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| |Retention requirements--FLSA/ADEA--3 years from date of entry--name,address, DOB,occupation, pay rate, hours, wages paid, payroll register--3 years from date in effect--bargaining | |
| |agreements, total sales. 2 years from date of entry--basic employment records, order records, garnishment orders. 2 years from effective date--wage rate tables and work time schedules. If| |
| |ADEA requests records, must provide within 72 hours if offsite. | |
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| |Other retention reguirements--OSHA--5 years, Tax(IRS Regulations) --4 year, also voided checks, FMLA and FLSA--3 year, Timecards and wage tables--2 years. I-9-- 3 years after hire or 1 | |
| |year after termination. Undeliverable W2'S--4 years. W4'S must retain 4 years after due date of tax return. | |
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| |E. Penalties…………………………………………………………….. | |
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| |Failure to file correct information returns with IRS--1) $50 per return corrected by March 30--max $250,000 2) $100 per return corrected 3/31-7/30 max $500,000 3) $260 per return corrected | |
| |after 7/30 max $1,500,000. Not penalized for timely filed returns with incorrect information if corrected before August 1, up to the greater of 10 returns or.5% of the total number of | |
| |information returns filed. if 2600 W2's are filed timely, but 40 are incorrect and are corrected by April 15th, the penalty is .5 times 2600 = 13 or 10 whichever is greater. 40 less 13 = | |
| |27, 27 time $100 penalty is $2700. | |
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| |Accuracy-related failures--understatement of taxes. 20 % of underpayment. | |
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| |Failure to make timely deposits--2 % of underpayment if not corrected within 5 days, 5 % more than 5 but less than 15 days, 10 % if failure is more than 15 days, 15 % if taxes are not | |
| |deposited within 10 days of first delinquency notice. Failure to deposit using EFT--10 % of deposit. | |
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| |Withholding failures--100 % of withholding, in addition officers and certain EE's can also be personally liable. Late filing of returns(940,941) is .5 % of tax up to max of .25%. | |
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| |2. Audits | |
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| |The IRS has not focused largely on comparing tax returns to W2's and has discovered discrepancies of over $5.4 billion dollars. The below situation if performed quarterly will avoid the | |
| |chance of audits. | |
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| |3. Problem resolution | |
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| |The IRS and SSA combine efforts to detect and correct discrepancies. The 941 tax returns that are sent to the IRS are compared with the W2's that are sent to the SSA. A letter will be | |
| |sent to ER's where the two do not match. It is best to perform this reconciliation before either of the forms are filed with the IRS and SSA. | |
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| |III. Principles of Paycheck Calculations 20% | |
| |A. Compensation/Benefits…………………………………………….. | |
| |A. Calculation of earnings | |
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| |Regular, Overtime, Shift/premium, Holiday, Bonuses--signing bonuses are same as regular wages, push-money is paid by a third party, not W2 wages, but must report on personal tax return, | |
| |Commissions--subject to regular taxes, unless FT salespersons then only required to withhold SS/Med. | |
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| |Advances and overpayments--if repayment in same tax year exclude from W2, EE can recover any excess federal on their personal tax return, if repayment is in subsequent years it cannot be | |
| |excluded for that year or any year, if the EE repays after the 941 has been filed, the ER must refund the EE the SS/Med taxes, a written statement must be received from the EE saying they will| |
| |not claim a refund from the IRS. Good way to protect ER is to request a gross repayment from the EE since you can't collect prior year federal tax from an EE making a subsequent year | |
| |repayment. Claim of right rule--overpayment discovered in following year may be deducted from wages on a after tax basis. If funds are advanced in a prior year--EE has until April 1st to | |
| |payback. | |
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| |TIPS--,EE's must report tip income if over $20 a month using Form 4070(EE's Report of Tips to ER), subject to all taxes, ER as well,if EE's fail to report tips must file Form 4137(SS and Med | |
| |Tax on Unreported Tip Income), ER is liable for ER share when notice is received from IRS. Allocated tips of ER of 10+ and tips reported are less than 8 %. Allocated tips are reported on W2 | |
| |Box 8 and also in Boxes 1, 3 or 5, ER must file Form 8027(Annual Report of Tips and Allocated TIps). | |
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| |IRS defines wages as compensation for services rendered, may be in forms other than cash. | |
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| |B. Calculation of special payments | |
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| |1. Manual or out-of-cycle payments | |
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| |These types of payments will require calculation of taxes, some deductions, manually entering into system, usually updates with the next pay cycle. See types of tax withholding methods for | |
| |proper withholding methods. | |
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| |2. Grossing up(regular, Social Security Max, 401k)--Federal is 25 %. | |
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| |Regular--add up all tax %'s, subtract from 100 %, divide gross up rate into net amount=gross taxable earnings--to verify multiply each tax out and subtract from gross to get net. FIT 25, SIT | |
| |4, SS 6.2, Med 1.45 = 36.65 %. 100-36.65 = 63.35(gross up rate). $5000 / 63.35 = $7892.66, Fit = $1973.17, Sit = 315.71, SS = 489.35, Med = 114.44, $7892.66-1973.17-315.71-489.35-114.44 = | |
| |$5000.00 | |
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| |SS Max--Figure max amount to tax for SS and calculate tax, add SS tax to net amount for gross up calculation, add up all tax % leaving out SS %, subtract total tax % from 100 %, divide gross | |
| |up rate into net amount plus SS amount, to verify multiply each tax out and subtract from gross to get net. $123,200 from $127,200 = $4000 times 6.2 % = $248.00 add this to $5000 = $5248.00, | |
| |add up all tax percents Fit 25%, Sit 6.25% and Med 1.45% = 32.70%, subtract from %100 = 67.30 %. divide gross up rate of 67.30% into $5248 = $7797.92 subtract FIT $1949.48, subtract SIT | |
| |$487.37, subtract $248.00 SS and $113.07 Med from $7797.92 = $5000.00-- | |
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| |3. Payments after death(current year and year following death) | |
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| |Death before cashing issued paycheck--reissue to personal rep. for same amount and include in W2. Subject to FUTA, SS/MED and Federal. | |
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| |Wages paid after death in same year of death--not subject to federal tax withholding, but subject to SS/Med. Include the SS/Med wages and tax in boxes 3-6 on W-2, include wages not subject to| |
| |federal on 1099-Misc. in Box 3 Other in name of beneficiary. Subject to FUTA. | |
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| |Wages paid year following death--Wages are not subject to any employee withholding. Issue a 1099-Misc. with amount paid in Box 3 Other issued to beneficiary. | |
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| |4. Other (e.g., severance, workers’ compensation, sickpay etc.) | |
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| |Severance--Subject to all taxes. | |
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| |Director's fees--1099-MISC. for Non Employees and W2 for EE's | |
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| |Wages paid by mistake and no repayment is necessary must be included on W2. | |
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| |Worker's compensation--not subject to any taxes for job related injury or illness. Classifications are usually office, drivers or outside sales. Classifying worker's comp. OT, tips, GTL, | |
| |severance, travel and moving expense, educational assistance are not counted when a company's premium is calculated. Total payroll less excluded items times premium. National or non-national| |
| |council states--plans that subscribe to the UCC or other state compensation manuals. Monopolistic states--states that do not allow private carrier or self insured. Competitive | |
| |states--compete with state to cover. Self -insured--ER funds all payments. | |
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| |Sick pay-- Whether taxable or not depends on how the plan is funded. Benefits that are paid by the ER or by the EE with pretax contributions are taxable income. The EE's after tax | |
| |contributions to this fund are not taxable to the EE. If payments are made by ER(self-insured) the ER must pay SS/Med and FUTA for all payments made within 6 months after the end of the last | |
| |month the EE worked and federal tax is withheld based on the most recent W4 on file. Payments made by an employer's agent, agent may W/H 25 %. Third party makes payments who is not an agent,| |
| |they need not withhold unless EE fills out W-4S--minimum is $20 per week but cannot leave a check of less than $10. Basically if the EE pays all the premium with after tax contributions none | |
| |is taxable, if ER pays all is taxable, if both pay must calculate based on ER, EE pretax or EE after-tax contributions. | |
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| |Permanent disability--Subject to federal not SS/Med. | |
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| |If EE is paid Union Supplemental Pay this is not taxable--because of lower paid EE's so there is work for more EE's. | |
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| |B. Involuntary Deductions………………………………………………PS 9.1 | |
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| |Priorities--Chapter 13 Bankruptcy--Child support--Federal agency garnishments--Federal, state and local tax levies, creditor and student loan garnishments. | |
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| |Disposable Pay--Pay remaining after taxes are withheld. (all other types of involuntary deductions) | |
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| |Take Home Pay--Pay remaining after taxes and any other deductions that were in effect prior to receipt of garnishment, etc. (Tax Levies) | |
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| |IRS 668-W--Part 1 is ER's copy, Part 2 EE's copy, Part 3 and 4 EE signs and returns within three days to ER and ER sends Part 3 to IRS and keeps Part 4, Part 5 is EE's copy of exemption filing| |
| |status and Part 6 is retained by IRS. IF EE does not return form use MFS one for exemption status. | |
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| |UIFSA--Uniform Interstate Family Support Act--put order in effect from another state. | |
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| |Chapter 13 Bankruptcy orders--Once ER receives must stop all other garnishments, levies, etc. in effect before, unless specifically receive notice not to stop other orders. Note: Do not stop | |
| |Child support order. | |
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| |Child Support--Limit is 50%(55% if arrears) and supports second family, 60 % (65%) if does not support a second family. Takes priority over all other garnishments unless tax levies or | |
| |bankruptcy orders are in effect. received prior to support order. Must put in effect within 14 days from date of notice, must remit within 7 days after paydate. State dispensing units must | |
| |pay within 2 days from ER. ER is responsible for 100 % for failing to respond. Medical support orders--require noncustodial parent to cover--must be put in to effect. | |
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| |Garnishments--cannot exceed the lesser of 25 % of disposable pay or the amount by which disposable pay for the week exceeds 30 times minimum wage. ($217.50) If EE has $300 of disposable | |
| |earnings and already has a $50 garnishment the amount available to take is $25. $300 times 25 % is $75, $75 less $50 = $25. This is the lesser of 25 % or amount over $217.50. $300 - $217.50 | |
| |= $82.50; $75 is less than $82.50 so you only take $75. Bur if their disposable pay is $220 (220 x 25% = $55) vs (220 – 217.50 = $2.50) so the less of the two is $2.50 that’s all you can | |
| |take. | |
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| |Federal levies-- IRS sends form 668-W Notice of Levy on Wages--amount exempt from levy is based on withholding filing status. In effect until you receive a release from levy from the | |
| |IRS(668-D). Employer is responsible for 100 % of levy if fails to respond. Must withhold and remit with the next available wages. Penalty is 50 % of the amount not withheld. | |
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| |Student loan--if issued by state guarantee agency withhold the lesser of 10 % or the amount over 30 times minimum wage($217.50), if Dept. of Education lesser of 15 % or amount over $217.50. | |
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| |Federal Agency Debt--withhold the lesser of 15 % or amount over $217.50. | |
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| |CCPA(Consumer credit Protection Act) and Debt Collection Improvement Act. State laws may allow for lesser withholding and also governs administration fees. | |
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| |FLSA or Federal Wage-Hour Law place restrictions on deductions causing pay to go below minimum wage. | |
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| |C. Voluntary Deductions (pre and post tax)………………………….PS 9.2 | |
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| |Advances and overpayments may be recovered even if causing pay to fall below minimum wage | |
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| |Uniform cost may be deducted from EE as long as it doesn't cause EE to fall below minimum wage--if OT is paid you can't collect cost just because of more pay--same for docking for missed | |
| |worktime. | |
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| |Union dues may be deducted even if caused to go below minimum. Must have authorization signed form to deduct. | |
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| |Savings bonds or Credit union--should have signed form. | |
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| |Charitable contributions--signed form. Need document to prove deduction if over $250. This amount applies separately to each deduction. | |
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| |Wage assignments--not covered by CCPA. Must be able to revoke, PR deduction plan and only applies to wages already earned. FTC usually prohibits loan or installment assignments. | |
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| |Note: All voluntary deductions need to have a signature from EE before deducting. That would include overpayment deductions. | |
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| |D. Employer Taxes and Contributions……………………………….. | |
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| |FICA Tax: An employer matches what an employee has deducted for Social Security and Medicare. | |
| |FUTA Tax: An employer pays on the first $7,000 taxable wages ($42 yearly). | |
| |SUI: State unemployment | |
| |SDI: Some state has a State Disability Insurance. | |
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| |E. “Net, Disposable, Take Home Pay”…………………PS pages 9-6, 9-10 and Glossary | |
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| |1. Federal income tax calculations (e.g., percentage, wage bracket, supplemental) | |
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| |Annual personal exemption amount is $4050.00 divide by pay periods to calculate weekly amount. This amount is then multiplied times number of exemptions.(percentage method) $77.90 per week. | |
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| |Common Paymaster--when two or more related corporations concurrently employ one or more EE's and pay them through one of the corporations. The social security can be treated as if one ER. | |
| |Concurrent meaning employed by two or more related corporations and performing services for each one separately. To be considered related they must be part of a controlled group of | |
| |corporations, one of the corporations must own at least 50 % of the others stock, if the corporation does not issue stock then 50 % of the members of one corporations board of directors must | |
| |be members of the others board, at least 50 % of officers must be officers of both and at least 30 % of the corporations EE's must be concurrently employed by the other. Common Pay Agent--acts| |
| |as agent for tax filing purposes Files Form 2678 Employer Appointment of Agent. | |
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| |Successor hires predecessors EE's. Standard procedure--each files a 941 for quarter of acquisition. Alternate procedure--Successor will file all W-2's. Predecessor must file 941 stating the| |
| |discrepancies--statements and Rev. Proc 96-60 must be attached to 941's stating why there are differences and name the successor/predecessor. | |
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| |If business is sold, the new owner is responsible for filing returns. The survivor of a merger or consolidation is the ER for tax filing purposes. If a company ceases business they must file| |
| |the 941 by the end of the month following close and check box on Line 1, list final wage paydate, attach statement indicating where records will be stored. | |
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| |Percentage--Find the amount of allowances claimed on the W4 on the allowance table. Locate amount of allowance based on pay period. Determine the amount of wages subject to tax, subtract the| |
| |amount of allowances from wages. On the percentage tables locate the correct Table then on the left go to wage amount read across and calculate as indicated. | |
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| |Wage Bracket--Publication 15 or Circular E. Tables for each type of status and pay period. Find appropriate table, go to left column and locate taxable wage, go to top of table and locate | |
| |number of allowances and then read across to locate the correct amount of withholding. If wages exceeds amount on table, must use percentage method. If amount earned exactly equals amount on| |
| |table, use the higher bracket to calculate tax. Ex. $200-$220 and $220-$240 and amount of pay is $220 use $220-$240 amount. | |
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| |Supplemental or Flat-- 25 %. When a supplemental wage payment is paid separately from regular wages or when combined is clearly indicated withhold at 25 %. If an EE claims exempt this | |
| |applies to supplemental payments as well. Types of payments are --bonuses, commissions, backpay, retro, OT, severance, tips, nonqualified moving expense, business expenses under a | |
| |nonaccountable plan. If the payment is not clearly indicated as supplemental tax as if one combined payment. Note: $1,000,000 or more 39.6% | |
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| |Aggregate--Calculate withholding as if one payment, then subtract taxes already withheld on regular check and withhold the difference on the supplemental payment. Must do if exemptions are | |
| |too high to have any withholding on regular wages. (usually using wage bracket tables). | |
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| |Alternative methods--Annualized wage--based on an annual payroll period and then divided among the actual pay periods(most computer systems use). Multiply wages times # of pay periods in year.| |
| |Determine amount to be withheld based on annual pay period. Divide the annual amount by # of pay periods to determine amount to withhold. Average estimated wages--withhold based on estimates | |
| |and then true up each quarter(good for tipped EE's). Estimate earnings per quarter, divide by # of pay periods for average wage, calculate tax to withhold and withhold it, make adjustments as | |
| |needed during quarter. Cumulative wages--Useful for EE's whose wages fluctuate hi to low or for bonus payments.(popular for commissioned salespersons--must request in writing). Add wages | |
| |ytd including current wages, divide by # of pay periods ytd including current, calculate amount of withholding. Multiply by # of pay periods ytd including current, subtract amount previously | |
| |withheld and withheld the remainder. Part-year employment--Request in writng--work no more than 245 days. Similar calculation to cumulative. | |
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| |2. Social Security/Medicare taxes | |
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| |Limit of taxable SS wages is $127,200 times 6.2 % = $7,886.40 ER and EE tax. | |
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| |No limit on wage or tax for Medicare. Tax is 1.45 %. | |
| |Additional .9% for EE’s only once taxable is greater than $200,000 | |
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| |3. Advance earned income credit (W-5) Not allowed for 2011 as an advance must file on 1040 form | |
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| |4. Forms (e.g., W-4, , etc.) | |
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| |W-4 Employee's Withholding Allowance Certificate--if claiming exempt a new form must be completed by February 15th of the following year or status will be changed to Single with zero | |
| |exemptions. EE's must file a new form if they have a change in family status. New hires form must be put in effect by the first payroll period ending after the form is filed. A change in | |
| |exemptions must be put in effect no later than the beginning of the first payroll period ending on or after the 30th day after the form is sent to ER. A nonresident alien must complete a new | |
| |form each year if they file exempt. ER's must remind all EE's by December 1st of each year to file a new form if their filing status has changed. Eligible if employee did not incur a tax | |
| |liability in the preceding year and does not expect to incur in current year. ER only need to submit W4 to the IRS when requested by the IRS. | |
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| |W-5 Earned Income Credit Advance Payment Certificate—Not used in 2011 | |
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| |IV. Payroll Process and Systems 9%..............................PS Section 12 | |
| |A. Maintain master file components…………………………………..PS 10.8 | |
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| |Masterfile components--name, address, SS#, DOB, hire, term, pay rate, filing status, wages, taxes, status, pay frequency, EE#, job, sex, work location. | |
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| |B. Concepts and Functionalities……………………………………….PS 12.1 | |
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| |Batch processing--coding and collecting data, batching and processed not available immediately, Real-time processing--calculates and updates immediately. | |
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| |Interfaces: Two or more systems that talk to each other. HR, benefits, timekeeping, banking, general ledger and labor costs,outside vendors, taxing agencies, etc. Integration--streamlines | |
| |functions, helps make better business decisions, significant improvements in existing systems and provides security. | |
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| |Security: Personnel concerns--segregate job duties, rotate jobs, paychecks go directly to EE, conduct a "physical payout" and small companies have other depts. do some of the payroll duties.| |
| |System security--limit system access, secure files, develop audit trails, protect against viruses, back up and store off site regularly. Physical plant issues--climate control, adequate | |
| |power, humidity, dust, temperature. | |
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| | | |
| | | |
| | | |
| |The initial objectives are to provide compliance, issue accurate paychecks, maintain adequate records, prepare reports and guarantee security. Company must decide what systems will be | |
| |integrated, what interfaces are needed, what functions it performs, who needs access, how data will be processed and how much cost. Build a project team(flowchart the entire process), analyze| |
| |what the system needs to do--document current system and its problems, define the objectives you need to meet with the new system along with what absolutely must be met. Prepare a request for| |
| |proposal, select a system(ask for demonstrations, seek out current users, verify!!!). Make a recommendation. | |
| | | |
| | | |
| | | |
| |Rightsizing--need to fully examine systems, Downsizing--move the HRIS applications to a smaller environment(outsourcing). Upsizing--operate in an environment that allows future growth. Cross | |
| |functional work team is an example of benchmarking. | |
| | | |
| | | |
| | | |
| |LAN--local area network--all computers are physically attached to each other and data is transmitted at high speeds over short distances, the main computer manages the LAN. WAN--wide area | |
| |network--information can be transmitted over long distances at slower speeds using telephone line. Client/server database--programs and database need not be stored on mainframe. | |
| |Mapping--matching data from one system to another. Networking--linking together. | |
| | | |
| | | |
| |Ad-hoc: Create a report on the fly. | |
| | | |
| | | |
| | | |
| |Documentation: Simple and complete, include confidentiality statement, introductions to system and manual, high level overview, key words. Step by step instructions, Topics--reports, | |
| |schedules, time entry, adjustments, calculations, history, etc. Do not include company policies, use loose leaf for easy updating, keep up to date. Good documentation keeps controls in | |
| |place. Ensures uniformity, simplifies training and provides a reference tool. | |
| | | |
| | | |
| | | |
| |C. Disaster Recovery Plan……………………………………………..PS 12.6 | |
| | | |
| | | |
| |Find and secure interim office space, arrange office equipment rental, find suitable temporary housing for EE's, keep backup files off premises, keep EE safety uppermost in any plan, | |
| |communicate the plan. | |
| | | |
| | | |
| | | |
| |D. Selection………………………………………………………………PS 12.4 | |
| | | |
| | | |
| |Request for Proposal(RFP)--a document that asks for bids from potential vendors. It should provide a detailed explanation of what the ER wants, costs, training interfaces, contract terms, | |
| |payroll information needed to process, etc. Should emphasize the tasks to be performed. | |
| | | |
| | | |
| | | |
| |Advantages and Disadvantages of systems--Manual system--(A)no mechanical failure (D)time consuming, more errors. Service bureau--(A) low cost, training and support, expandable, special | |
| |facility not needed for computers (D) external security concerns, may not be flexible or always available, still liable. In-House--(A) flexibility, convenient, you control, secure and more | |
| |reliable (D) Climate control, higher costs, expansion difficult, risk of bad equipment. Networked Microcomputer--(A) lower costs, on site, secure, cost effective. (D) need cabling, outside | |
| |vendors help, could become obsolete. Off the shelf--(A) immediate use, inexpensive, easy to use, updates (D) difficult to modify, only for smaller systems. Vendor supplied software--(A) | |
| |immediate use, state of the art, user group, good documentation. (D) Slower changes, extensive training, may not have enough system capacity. Customized--(A) tailored to your needs, flexible,| |
| |you support, training is simplified (D) expensive, workers terminate, lack of documentation, responsible for updates. | |
| | | |
| | | |
| | | |
| |E. Implementation/Upgrades…………………………………………..PS 12.4-5 | |
| | | |
| | | |
| |Clearly define goals and requirements, time is allocated and team members are dedicated, have support of upper management. Project team must be well trained, conversion must be well | |
| |documented. Develop schedules and watch for updates, enhancements or upgrade. Conversion testing should identify source of data from old sytem and map to new system--watch for field length, | |
| |decimal alignments and other variances. Current situational analysis--document all paper flow, whose called for maintenance, who gets payroll information after processing, identify problems | |
| |and restrictions, compliance issues, manual processes and all costs. | |
| | | |
| | | |
| | | |
| |Analysis, Conceptual Definition, Development, User Testing, Evaluation | |
| | | |
| | | |
| | | |
| |F. Maintenance/Updates………………………………………………. | |
| | | |
| | | |
| |Schedules must be in place to test the system first by individual items then as a whole, test the interfaces, printing, proper reports. Parallel testing--the final test before going live is | |
| |to test the same data as in the old system and compare. For the final conversion develop a plan should something go wrong. Ad-hoc reports--user created. | |
| | | |
| | | |
| | | |
| |System edits are warnings or alerts something is wrong. Generally checks for data that falls in acceptable ranges. Do periodic data auditing and sampling. Batch controls group data in to | |
| |similar batches, totals are entered and then both are compared. Correction procedures must be in place to determine what is error, how it was caused and how to correct. Balancing and | |
| |reconciliation should check taxes, deductions etc., doing constant balancing should keep accounts in place. | |
| | | |
| | | |
| | | |
| |VI and VII. Auditing 7% and Accounting 6%.................................................................PS Section 11 | |
| |A. Accounting Principles………………………………………………..PS 11.1 | |
| | | |
| |Business entity concept: Each organization is treated separately so that you can see each entity’s financial position on the balance sheet and income statement. | |
| | | |
| |Continuing concern concept: This concept assumes the business will operate indefinitely. | |
| | | |
| |Time period concept: Either calendar year or another 12 month period. | |
| | | |
| |Cost principle: Cost or cash equivalent of the goods or service received when acquired. | |
| | | |
| |Objectivity principle: Should not have personal opinions and or emotions as part of the transaction. | |
| | | |
| |Matching principle: Expenses and revenue are recorded in the accounting period when incurred or earned. | |
| | | |
| |Realization principle: Governs the recording of revenue, revenue is realized and reported when earned. | |
| | | |
| |Consistency principle: Transactions must be recorded in a consistent manner based on the particular accounting method, principle or period. | |
| | | |
| | | |
| |Account balances (debits, credits) | |
| | | |
| | | |
| | | |
| |Asset--DEBIT--increase on left side | |
| | | |
| |Expense--DEBIT--increase on left side | |
| | | |
| |Income Distributed--DEBIT--increase on left side | |
| | | |
| |Liability--CREDIT--increase on right side | |
| | | |
| |Equity--CREDIT--increase on right side | |
| | | |
| |Revenue--CREDIT--increase on right side | |
| | | |
| |Contributed Capital--CREDIT--increase on right side | |
| | | |
| | | |
| |B. General Ledger Account Classification…………………………….PS 11.1-1 | |
| | | |
| |Account classification (assets, liabilities) | |
| | | |
| | | |
| | | |
| |Assets - Liabilities = Equity or Assets = Liabilities + Equity. | |
| | | |
| | | |
| | | |
| |Revenue-Expenses = Net Income | |
| | | |
| | | |
| | | |
| |Net Income - Income Distributed + Contributed Capital = Equity | |
| | | |
| | | |
| | | |
| |Assets--owned, provides value to company--Cash, Inventory, A/R, land, furniture, computers and software, buildings. | |
| | | |
| | | |
| | | |
| |Liabilities--Debts to be paid in the future--Income/taxes withheld but not yet paid, AP, wages payable, contributions to benefit plan. | |
| | | |
| | | |
| | | |
| |Expense accounts--CGS during accounting period.--Wages paid, ER benefit cost, ER share of taxes, office supply costs. | |
| | | |
| | | |
| | | |
| |Revenue--Cash or expectation of for goods sold/services rendered. | |
| | | |
| | | |
| | | |
| |Equity--Owner's investment in company. | |
| | | |
| | | |
| |C. Payroll Journal Entry…………………………………………………PS 11.2 | |
| | | |
| | | |
| |Double-entry--transaction causing a increase in one account, decrease in another to remain in balance. | |
| | | |
| | | |
| | | |
| |T-Accounts--shaped like a T debit on left, credit on right side. | |
| | | |
| | | |
| | | |
| |Journal entries--journalizing into the book of original entry. First place transactions are posted. | |
| | | |
| | | |
| | | |
| |Chart of accounts--lists each account by name and number, 1=type, 2=specific definition, 3=individual account, etc. | |
| | | |
| | | |
| | | |
| |Matching principle--expenses should always be posted against the revenues they produced. Recognize expenses when they occur, may need to accrue for. | |
| | | |
| | | |
| | | |
| |DEBIT--increase assets and expense, decreases liabilities and revenue. CREDIT--increases liabilities and revenue, decreases assets and expense. | |
| | | |
| | | |
| | | |
| |1. Wages/salaries, and other labor cost distribution | |
| | | |
| | | |
| | | |
| |Payroll expense--debit expense(salary), credit liability(accrued wages)Date PPE. Include gross earnings when booking expense. | |
| | | |
| | | |
| | | |
| |Amounts deducted like taxes become a liability--credit liability, debit wages payable, Date incurred(or paydate) | |
| | | |
| | | |
| | | |
| |Net Pay--debit accrued wages liability, credit cash account(asset)Date Paid | |
| | | |
| | | |
| | | |
| |ER tax liabilities--debit expense account, credit liability Date Paid | |
| | | |
| | | |
| | | |
| |2. Accruals, reversals, and adjustments | |
| | | |
| | | |
| | | |
| |Revenue is recognized when earned and expenses are recognized when incurred. The accrual method is the only one recognized by GAAP. Matching principle. | |
| | | |
| | | |
| | | |
| |Estimates of payroll are accrued from the last day of period paid in current month through the last day of the month. These must then be reversed the following month. | |
| | | |
| | | |
| | | |
| |Example vacation accrual--Accrued vacation expense debit, vacation liability payable credit, actual expense and cash entries are made when paid to EE. | |
| | | |
| | | |
| | | |
| |3. Accounting periods | |
| | | |
| | | |
| | | |
| |Fiscal Year--any 12 month accounting period adopted by a business that ends other than on 12/31 is a fiscal year. | |
| | | |
| | | |
| | | |
| |Payroll taxes are always reported on a calendar year 1/01-12/31 | |
| | | |
| | | |
| | | |
| |4. Financial statements | |
| | | |
| | | |
| | | |
| |Balance sheet--Assets, liabilities, net worth(shareholders equity) | |
| | | |
| | | |
| | | |
| |Income Statement--summarizes the organization's revenues and expenses--Gross margin on sales(net sales less costs of goods sold), operating income(overhead costs--depreciation, administrative | |
| |expenses, employer taxes, employer benefits, employee wage expense), nonoperating revenue(interest on bonds, checking accounts, capital gains on investments), nonoperating expenses(interest | |
| |expenses), net earnings(bottom line), earnings per share. | |
| | | |
| | | |
| | | |
| |Audited by independent outside auditors | |
| | | |
| |D. Account Reconciliation……………………………………………….PS 11.6 | |
| | | |
| | | |
| |Check against payroll register, verify checks issued by AP, verify EOM balance. | |
| | | |
| | | |
| | | |
| |Gross wages less deductions equals net, total taxes withheld, equals wages times current rate, no missing paychecks. | |
| | | |
| | | |
| | | |
| |Bank account reconciliation--done by dept. other than payroll, 1) Add deposits less bank charges, compare bank stmt. to ledger, total all uncleared checks, subtract uncleared checks from | |
| |ending balance, compare to revised balance on bank statement. | |
| | | |
| | | |
| | | |
| |V. Management and Administration 10%............................PS Section 13 | |
| |A. Policies & Procedures…………………………………………………PS 13.4 | |
| | | |
| | | |
| |Proper documentation is the best way to ensure uniformity, simplify training and provide a reference tool. Items to document--pay policies, payroll procedures, disaster recovery plans, | |
| |computer user manuals, job descriptions and file descriptions. | |
| | | |
| | | |
| | | |
| |Policies--the rules that govern a process or job. Procedures--instructions for getting the job done. | |
| | | |
| | | |
| | | |
| |B. Auditing………………………………………………………………….PS 12.5 | |
| | | |
| | | |
| |Internal controls--Segregation of duties, rotation of job duties, distribution of pay, phantom employees, negative pay deductions, payroll bank account, blank checks, time reporting, computer | |
| |system edits. Use other departments for storing paychecks, perform physical payouts. | |
| | | |
| | | |
| | | |
| |Audits--charged with recognizing areas where improvement is needed and recommend enhancements. | |
| | | |
| | | |
| | | |
| |C. Staffing, Employee Development & Core Competencies………….PS 13.2 | |
| | | |
| | | |
| |Hire well--forecast dept. needs, recruit, interview and hire, orientation. , Delegate tasks--assign responsibility, assign authority, retain accountability, Train for success--train to | |
| |improve skills, knowledge, it will not solve an attitude problem, link to payroll mission. Methods of training--giving feedback, coaching, demonstrations, formal training, goal setting. Job | |
| |descriptions--be specific, have specialist write description, good for performance evaluation and as a reference tool, job title, principal duties, secondary duties, organization and | |
| |relationship, job requirements. | |
| | | |
| | | |
| | | |
| |D. Management Skills & Practices……………………………………….PS 13.1 and 13.2 | |
| | | |
| | | |
| |Crisis Management--Prevent a crisis--be proactive. Manage or control a crisis. After the crisis--lessons to be learned. Extract positives from the crisis. | |
| | | |
| | | |
| | | |
| |Time Management--Urgent/Important--crisis management, immediate attention needed, Not Urgent/Important--planning and prevention activities, Urgent, Not Important--pressing activities that may | |
| |be easy to accomplish, Not Urgent/Not Important--easily accomplished, time wasting activities. | |
| | | |
| | | |
| | | |
| |Team Building--Tuckmans Model--each step builds on the previous one--Forming--start up stage, purpose unclear, high learning, not committed. Storming--agendas are displayed, competition is | |
| |high, anxiety, new ideas, little team spirit. Norming--success occurs, resources are available, confidence is high, creative, purpose is defined. Conforming--motivated, no surprises, | |
| |structure, we vs. I, achieves recognition. Contributors--task and result oriented, willing to share expertise, organized and dependable. Collaborators--cooperation, flexible and open. | |
| |Communicators--listening, patience, peacekeepers, maintain positive approach. Challengers--devil's advocate, questions methods, disagree, open about problems and look for innovative ways to | |
| |solve them.. | |
| | | |
| | | |
| | | |
| |Situational Leadership--Hersey and Blanchard--task behavior(guidance) and relationship behavior(support). Supporting--low task, high relationship--little control, given trust and support. | |
| |Coaching--high task, high relationship--directly controls job, rely on staff input for level of coaching. Delegating--low task, low relationship--delegates most everything while providing | |
| |little coaching. Directing--high task, low relationship--directly controls job, prefers little interaction. Managers should learn how to adjust their style to meet the developmental needs of | |
| |each employee. | |
| | | |
| | | |
| | | |
| |Principle-centered leadership--Steven Covey--Security--sense of strength and self-esteem. Guidance--direction on which we base our decisions and actions. Wisdom--ability to maintain balance | |
| |and perspective among diverse internal and external forces. Power--energy to decide, to act and to change. | |
| | | |
| | | |
| | | |
| |Empowerment--Give individuals the tools to accomplish something and allow them the latitude to develop the methods. Establish the desired results, provide guidelines, identify resources | |
| |available to accomplish the task, hold people accountable, identify the consequences. | |
| | | |
| | | |
| | | |
| |Strategic Planning--define goals and objectives, time frame, subtasks,analyze available resources and evaluate costs. | |
| | | |
| | | |
| | | |
| |X,Y and Z theory--X--people are basically unmotivated, don't like to work or accept responsibility and require close supervision. Y--people enjoy work, seek challenges, accept responsibility | |
| |and work well if rewarded. Z--stresses decision by group consensus. Achievement of the group not the individual. Favored by Japanese management. | |
| | | |
| | | |
| | | |
| |3 P's of Management--Process, People and Proficiency. | |
| | | |
| | | |
| | | |
| |TQM(total quality management)--ensure that the organization consistently meets and exceeds customer requirements. Deliver the highest quality product and the lowest possible price without | |
| |sacrifice. | |
| | | |
| | | |
| | | |
| |Personal Management--understanding who you are, setting attainable goals and time limits, willingness to accept change, ability to make decisions. Professional management--finding right | |
| |occupation, remaining proficient, finding new ways to grow, setting goals and time frames. Organizational management--understand the org. chart, follow the chain of command. Operational | |
| |management--documentation, scheduling and staffing. Staff management--autocratic--must have complete control, bureaucratic--does things by the book, diplomatic--good interpersonal skills, | |
| |participative(democratic)--decide by considering the input they obtain from staff members, open-ended management--remain accountable but give free rein to employees. | |
| | | |
| | | |
| | | |
| |Paradigm--the way people perceive, understand or interpret, Paradigm shift--break from tradition, change way of thinking, Pygmalion effect--the way people perceive governs how they behave. | |
| | | |
| | | |
| | | |
| |Planning/organizing--setting goals, Staffing--right people in right jobs, Directing--communicate, motivate and guide, Controlling--monitor and measure progress and Reporting--report to upper | |
| |management. | |
| | | |
| | | |
| | | |
| |E. Communication…………………………………………………………. | |
| | | |
| | | |
| |Performance evaluations--provide a formal, written record of performance. Set standards, monitor progress, compare progress to standards and corrective action if necessary.Money, achievement, | |
| |leaderships, affiliation and recognition are different motivators. | |
| | | |
| | | |
| | | |
| |Counseling--Help an employee resolve a personal or attitude problem that is adversely affecting their job performance. | |
| | | |
| | | |
| | | |
| |Leadership--Have a vision, build team support, seek partners and lead by example. | |
| | | |
| | | |
| | | |
| |Coaching--helps improve the knowledge and skills employees need to perform their jobs. | |
| | | |
| | | |
| | | |
| |Feedback--provides what performance was expected and what performance was achieved, a reward to reinforce positive behavior or a punishment to encourage modified behavior. Be specific, praise | |
| |not punish, don't personalize, keep current. Listen. | |
| | | |
| | | |
| | | |
| |Other | |
| | | |
| | | |
| | | |
| |5. Resident/non-resident aliens, expatriates, and totalization agreements | |
| | | |
| | | |
| | | |
| |Resident aliens-- an individual who passes either the “green card” or “substantial presence” test for determining resident status in the U.S. Resident aliens are generally subject to federal | |
| |income tax withholding and social security and Medicare taxes on the same basis as U.S. citizens. | |
| | | |
| | | |
| | | |
| |Totalization agreements--an agreement between US and foreign countries where expatriates working temporarily in a foreign country only pay US Social Security. If working permanently subject | |
| |only to foreign Social Security taxes. Holds true also for foreign EE's working in the US. | |
| | | |
| | | |
| | | |
| |Tax Equalization Plan--More favorable. Make taxes a nonissue. Incur tax liability as if in the US.Tax Protection Plan--EE pays taxes as if US citizen and ER will pay difference. Basically | |
| |leaves EE in same tax position as if working in the US. (FUTA applies to US citizens working abroad). | |
| | | |
| | | |
| | | |
| |Local national--an EE who works in the country where his home base is located even though they may be a citizen of another country.Third country national--non-US citizen working in a country | |
| |other than the US. | |
| | | |
| | | |
| | | |
| |Bona-fide residence test--Form 2555(Foreign Earned Income) to claim status. Resident of a foreign country for an uninterrupted period of at least a full taxable year. Physical presence | |
| |test--physically present in a foreign country for 330 full days during a consecutive 12 month period. | |
| | | |
| | | |
| | | |
| |Hypothetical taxes--amount that EE would have paid if EE remained in US. ER's could provide the difference to EE's because of higher foreign taxes. | |
| | | |
| | | |
| | | |
| |Foreign earned income exclusion--an election to exclude a certain amount of foreign earned income. Maximum exclusion is $102,100. | |
| | | |
| | | |
| | | |
| |Foreign housing cost exclusion—2017 exclusion above a base housing amount allowable for exclusion from gross income. Foreign housing cost exclusion = reasonable housing expense less base | |
| |housing amount. Base housing amount is 16 %($16,336) of $102,100. Limited to full amount of the housing costs to a maximum of 30% ($30,630) so the maximum exclusion is what is the cost of | |
| |housing; if equal to or less than $16,336 no amount is taken; but if amount of housing is greater than $16,336 the amount over $16,336 up to $30,630 can be excluded max = $14,294 (30,630 - | |
| |16,336). | |
| | | |
| | | |
| | | |
| | | |
| |I-551 Permanent Resident (Green)Card. W-7 Individual TIN for aliens not eligible for a SSN. Form 8233--exemption from withholding for nonresident alien. Form 1042-S Foreign Person's US source| |
| |Income Subject to Withholding. ER files a 1042 Annual return. | |
| | | |
| | | |
| | | |
| |US possessions Guam, American Samoa and US Islands if earned income is at least 80 % not subject to federal tax, Puerto Rico must be 100 % for no federal tax. | |
| | | |
| | | |
| | | |
| |Visas--F-1 Student Visa not subject to FUTA, SS or Med. J-1(Exchange)not subject to FUTA, SS or Med. H-1(Professionals), TN NAFTA professionals--Canadian or Mexican workers under the | |
| |NAFTA(North American Free Trade Agreement). | |
| | | |
| | | |
| | | |
| |Domicile--place where the EE has his true or permanent home to which they plan to return. Residence--place where the EE lives--physical presence, children attend school, works, accounts are | |
| |maintained. Foreign country--country or territory not under US jurisdiction. | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |Abbreviations | |
| | | |
| | | |
| | | |
| |ACH--Automated Clearing House, ADP--Actual deferral percentage, AEIC--Advance earned income credit, BLS--Bureau of Labor Statistics, CODA--Cash or deferred arrangement, CCPA--Consumer Credit | |
| |Protection Act, CB--Cumulative Bulletin, A68EFT--Electronic Funds Transfer, ESPP--Employee Stock Purchase Pla, EIN--Employer Identification Number, FMV--Fair Market Value, GTL--Group Term Life,| |
| |ITIN--Individual Taxpayer Identification Number, IRB --Internal Revenue Bulletin, IRC--Internal Revenue Code, MMREF--Magnetic Media Reporting and Electronic Filing, NACHA--The Electronics | |
| |Payments Association, PDS--Private Delivery Service, PLR--Private Letter Ruling, SECA--Self Employment Contributions Act. | |
| | | |
| | | |
| | | |
| |Laws | |
| | | |
| | | |
| | | |
| |Equal Pay Act of 1963(EPA)--mandates equal pay for equal work. | |
| | | |
| | | |
| | | |
| |Title VII of the Civil Rights Act of 1964--prohibits discriminatory employment practices. | |
| | | |
| | | |
| | | |
| |The Consolidated Omnibus Budget Reconciliation of 1985(COBRA)--COBRA right to insurance after termination. | |
| | | |
| | | |
| | | |
| |The Immigration Reform and Control Act of 1986(IRCA)--verify legal right to work in US. | |
| | | |
| | | |
| | | |
| |The Worker Adjustment and Retraining Notification Act of 1988--advance notification of plant layoffs or closings to certain employers. | |
| | | |
| | | |
| | | |
| |The Americans with Disabilities Act of 1992(ADA)--prohibits discrimination against people with disabilities. | |
| | | |
| | | |
| | | |
| |The Family and Medical Leave Act of 1993(FLMA)--provides for unpaid leaves for illness, birth, etc. | |
| | | |
| | | |
| | | |
| |The Personal Responsibility and Work Opportunity Reconciliation Act of 1996--report information about newly hired employees. | |
| | | |
| | | |
| | | |
| |Federal Insurance Contributions Act of 1935(FICA)--required SS, Disability and Medicare withholding along with federal and state unemployment tax. Established SS program. | |
| | | |
| | | |
| | | |
| |The Fair Labor Standards Act of 1938(FLSA)--regulates OT, child labor and minimum wage for certain employees, record keeping and equal pay. | |
| | | |
| | | |
| | | |
| |Title IV-D of the Social Security Act of 1975--child support orders. | |
| | | |
| | | |
| | | |
| |The Family Support Act of 1988--specifies taxability of unsubstantiated business expenses and automatic withholding of child support. | |
| | | |
| | | |
| | | |
| |The North American Free Trade Agreement of 1994--mandates the payment of employment and other taxes by electronic funds transfer(EFT). | |
| | | |
| | | |
| | | |
| |Tax Reform Act of 1986--lowered tax rates and sought to eliminate loophole in laws. | |
| | | |
| | | |
| | | |
| |Portal to Portal Act 1947--Regulations concerning travel time for FLSA employees. | |
| | | |
| | | |
| | | |
| |Federal Unemployment Tax Act(FUTA)--state unemployment insurance benefits are provided to unemployed workers under each state program. | |
| | | |
| | | |
| | | |
| |Age Discrimination in Employment Act 1967(ADEA)--prohibits discrimination for men and women over 40. | |
| | | |
| | | |
| | | |
| |Occupational Safety and Health Act 1970-(OSHA)--protect workers by promoting job and safe working conditions. | |
| | | |
| | | |
| | | |
| |Employee Retirement Income Security Act 1974(ERISA)--provides for employee participation and vesting, insurance and reporting of pension plans. | |
| | | |
| | | |
| | | |
| |Employee Polygraph Protection Act 1987--prohibits use of polygraph before hiring. | |
| | | |
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| |EEOC--Equal Employment Opportunity Commission--Administers and enforces the Civil Rights Act of 1964, Age Discrimination in Employment Act of 1967, American With Disabilities Act of 1990 and | |
| |the Equal Pay Act of 1963. | |
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