14 Credits: Accounting
Payroll management in accounting is fraught with challenges, ranging from maintaining accuracy in payroll processing to adhering to complex and ever-changing payroll regulations in the United States. For many accountants and payroll specialists, these tasks can be overwhelming, often leading to inefficiencies and error rates that can have significant financial implications. Keeping up with the latest regulations, managing payroll taxes, and ensuring confidentiality in payroll systems add layers of complexity to the payroll process. Without a robust understanding and an efficient system in place, managing payroll can become a daunting and error-prone task.
This self-study CPE course is designed as a comprehensive guide to revolutionize the payroll function within an organization. It covers everything from time tracking and payroll processing to in-depth insights into payroll regulations and reporting requirements. Participants will learn about various payroll systems and how to ensure payroll confidentiality, the criteria for employee designation and its impact on payroll taxes, and effective time tracking methodologies. Additionally, the course delves into the intricacies of calculating compensation and the tax treatment of different types of benefits. With annual updates reflecting the latest payroll regulations, this course is an invaluable asset for anyone new to payroll management or looking to enhance their current payroll systems. By the end of this course, participants will be equipped with the knowledge and tools to streamline payroll processes, reduce error rates, and ensure compliance with payroll regulations, ultimately enhancing the efficiency and accuracy of their payroll department.
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 paying 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 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.
- Specify the responsibilities of the parties to an outsourcing arrangement, and the negotiation points for this arrangement.
January 8, 2024
There are no prerequisites.
CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
Meet The Experts
Steven M. Bragg, CPA, is a full-time book and course author who has written more than 300 business books and courses. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and …