The payroll department has one of the most difficult jobs in business. It must comply with a maze of payroll regulations, volumes of paperwork, and an array of disjointed systems to somehow pay employees the correct amounts, remit taxes to the government on time, and issue accurate and timely reports to the government and management. This course describes how to properly manage the payroll department with a variety of efficiency techniques, procedures, and controls. It also shows how to comply with an array of payroll regulations, deposit taxes, account for payroll transactions, and issue payroll reports. Finally, special topics such as payroll recordkeeping systems and whether to outsource payroll processing are covered. Numerous examples and practical advice illustrate each of the topics covered.
Upon successful completion of this course, participants will be able to:
• Cite the types of payroll systems, and note how payroll confidentiality is maintained.
• Specify the circumstances under which someone is defined as an employee, and how an employee designation impacts the applicability of payroll taxes.
• Identify the circumstances under which different time tracking methodologies are most useful.
• Specify the methods under which compensation is calculated for employees.
• Cite the tax treatment of various types of benefits.
• State the types of deductions from pay, and why they are used.
• Recognize the methods for calculating payroll taxes.
• State the methods and related rules under which a business remits payroll taxes to the government.
• Specify how unemployment taxes are calculated.
• Identify how payments to employees are made, and the forms used to do so.
• Specify where payroll transactions are recorded in the accounting records and how payroll accruals are used.
• Define the contents of the various payroll reports and the circumstances under which these reports are issued.
• State the forms used to update payroll events, when these forms should be used, and where they are stored.
• Itemize the key steps involved in payroll activities.
• Specify the types of reports run as a part of payroll processing.
• Cite the actions taken to maintain control over the payroll function, and note the types of controls that can be used.
• Identify the more common payroll measurements and note how they can be calculated and why they are used.
• Recognize the responsibilities of the parties in an outsourcing arrangement and the negotiation points for this arrangement.
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