Rent 9780324188585 | South-Western's Payroll Accounting 2004

Table of Contents

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1 THE NEED FOR PAYROLL AND PERSONNEL RECORDS

1-2

(1)

The Payroll Profession

1-4

(1)

Fair Labor Standards Act

1-5

(1)

State Minimum Wage and Maximum Hours Laws

1-5

(1)

Federal Insurance, Contributions Act (FICA)

1-7

(1)

Income Tax Withholding Laws

1-7

(1)

Unemployment Tax Acts

1-7

(1)

Fair Employment Laws

1-8

(1)

Other Federal Laws Affecting the Need for Payroll and Personnel Records

1-10

(1)

Other State Laws Affecting the Need for Payroll and Personnel Records

1-12

(1)

Human Resources and Payroll Accounting Systems

1-13

(1)

Human Resources System

1-13

(1)

Payroll Accounting System

1-19

(1)

Outsourcing Payroll

1-21

(1)

Questions and Problems

1-22

(1)

2 COMPUTING AND PAYING WAGES AND SALARIES

2-2

(1)

The Fair Labor Standards Act

2-4

(1)

Determining Employee's Work Time

2-13

(1)

Records Used for Timekeeping

2-15

(1)

Methods of Computing Wages and Salaries

2-21

(1)

Questions and Problems

2-29

(1)

3 SOCIAL SECURITY TAXES

3-2

(1)

Coverage Under FICA

3-4

(1)

A Self Employed Person

3-13

(1)

Application for Employer Identification Number (Form SS-4)

3-14

(1)

Employee's Application fur Social Security Card (Form SS-5)

3-16

(1)

Returns Required for Social Security Purposes

3-18

(1)

Preparing Form 941 (Employer's Quarterly Federal Tax Return)

3-24

(1)

Failure-to-Comply Penalties

3-29

(1)

Questions and Problems

3-31

(1)

4 INCOME TAX WITHHOLDING

4-2

(1)

Coverage Under Federal Income Tax Withholding Laws

4-4

(1)

Withholding Allowances

4-9

(1)

Federal Income Tax Withholding

4-13

(1)

Other Methods of Withholding

4-16

(1)

Supplemental Wage Payments

4-17

(1)

Advance Earned Income Credit

4-19

(1)

Tax-Deferred Retirement Accounts

4-22

(1)

Wage and Tax Statements

4-24

(1)

Returns Employers Must Complete

4-29

(1)

Information Returns

4-29

(1)

Independent Contractor Payments

4-30

(1)

Backup Withholding

4-30

(1)

Magnetic Filing Form W-2 and Information Returns

4-31

(1)

Withholding State Income Tax

4-31

(1)

Questions and Problems

4-35

(1)

5 UNEMPLOYMENT COMPENSATION TAXES

5-2

(1)

Coverage Under FUTA and SUTA

5-4

(1)

Unemployment Compensation Taxes and Credits

5-10

(1)

Unemployment Compensation Reports Required of the Employer

5-19

(1)

Unemployment Compensation Benefits

5-28

(1)

Questions and Problems

5-31

(1)

6 ANALYZING AND JOURNALIZING PAYROLL TRANSACTIONS

6-2

(1)

The Payroll Register

6-4

(1)

The Employee's Earnings Record

6-6

(1)

Recording the Gross Payroll and Withholdings

6-8

(1)

Methods of Paying Wages and Salaries

6-10

(1)

Recording Payroll Taxes

6-13

(1)

Recording Workers' Compensation Insurance Expense

6-17

(1)

Recording the Deposit or Payment of Payroll Taxes

6-18

(1)

Recording End-of-Period Adjustments

6-19

(1)

Recording Transactions Pertaining to Other Payroll Deductions

6-20

(1)

Summary of Accounts Used in Recording Payroll Transactions

6-23

(1)

Illustrative Case

6-24

(1)

Questions and Problems

6-31

(1)

7 PAYROLL PROJECT

7-2

Books of Account and Payroll Records

7-4

(1)

General Information

7-5

(1)

Narrative of Payroll Transactions

7-9

(1)

Questions on the Payroll Project

7-23

(1)

Employees' Earnings Records

7-43

(3080561)

APPENDIX A: COMPUTERIZED PAYROLL

A-1

Introduction

A-2

Software Program Overview

A-2

Start-Up Procedures

A-3

Basic Operating Procedures

A-4

File Menu

A-11

Options Menu

A-12

Employee Maintenance

A-14

Payroll Transactions

A-16

Generate and Post Payroll Journal Entries

A-18

Generating the Current Payroll Journal Entries

A-18

Key General Journal Entries

A-19

Reports Menu

A-22

Printing the Contents of a Report Window

A-22

Employee List Report

A-22

Graphs

A-24

Help Menu

A-25

Payroll Project

A-25

Optional Activities

A-40

Student Project Audit Test

A-43

APPENDIX B: EXCEL TEMPLATE INSTRUCTIONS FOR THE GLO-BRITE PAYROLL PROJECT

B-1

Getting to Know Excel

B-1

APPENDIX C: SOCIAL SECURITY BENEFITS

C-1

What Factors Are Used to Determine Social Security Benefits

C-2

What Benefits Are Provided by Social Security?

C-3

What Are Reduced Benefits?

C-5

How Does Working After Retirement Affect Social Security Benefits?

C-6

How Do You Apply for Social Security Benefits?

C-7

What Is Medicare?

C-8

Key Terms

C-8

Tax Table A: Tables for Percentage Method of Withholding

T-1

Tax Table B: Wage-Bracket Withholding Tables

T-5

Answers to Self-Study Quizzes

S-1

Check Figures

CF-1

Glossary

G-1

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