Payroll Accounting 2018 28th edition by Bernard Bieg, Judith Toland ISBN 1337291048 9781337291040

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Product details:

ISBN 10: 1337291048
ISBN 13: 9781337291040
Author: Bernard Bieg, Judith Toland

Gain first-hand experience and the foundation you need to calculate payroll, complete payroll taxes, and prepare payroll records and reports. The market-leading PAYROLL ACCOUNTING 2018 introduces today’s latest payroll laws and developments. This edition focuses on practical applications rather than theory with hands-on exercises. Detailed examples and real business applications demonstrate the relevance of what you are learning. Each example or illustration corresponds to a specific problem so you can easily follow the steps to solve the problem.An extensive project in the last chapter lets you apply what you’ve learned as a payroll accountant. This edition also covers the Fundamental Payroll Certification (FPC) from the American Payroll Association. Digital resources further help ensure a thorough understanding of payroll for success both now and throughout your business career.

Payroll Accounting 2018 28th Table of contents:

Chapter Overview:

1. The Need for Payroll and Personnel Records:

   • Payroll Profession: Understanding the role and responsibilities in payroll management.

   • Labor Laws: Various acts such as the Fair Labor Standards Act (FLSA), Equal Pay Act, and the Affordable Care Act (ACA) shape how payroll is handled.

   • State and Federal Requirements: Detailed explanation of the various state and federal regulations impacting payroll.

2. Computing Wages and Salaries:

   • Wage Calculation: Includes minimum wage laws, exemptions, and different methods to compute wages (e.g., time rate, piece rate).

   • Timekeeping Systems: Tools such as timesheets and timecards to track employee hours and payroll data.

3. Social Security Taxes:

   • FICA (Federal Insurance Contributions Act): This chapter explains Social Security tax obligations for employers and employees.

   • Filing and Reporting: Procedures for filing necessary returns (e.g., Form 941) and paying employment taxes.

4. Income Tax Withholding:

   • Withholding Requirements: Explains how to calculate and withhold federal income taxes from employees’ wages, including fringe benefits and pretax deductions.

   • Forms for Reporting: Specific forms like W-2, W-3, and W-4 for tax withholding and reporting.

5. Unemployment Compensation Taxes:

   • FUTA and SUTA: Focuses on the unemployment tax obligations for employers, including required forms (Form 940, etc.) and penalties for noncompliance.

6. Analyzing and Journalizing Payroll:

   • Payroll Register and Journal Entries: Detailed instructions for recording payroll transactions, including earnings, withholdings, and employer tax contributions.

7. Payroll Project:

   • Hands-On Project: A comprehensive payroll project that walks through the practical application of payroll processing, including bookkeeping and tax preparation.

Key Payroll Concepts:

• Tax Withholding: Understanding how to calculate and withhold income taxes based on employee information.

• Wages and Salaries: Various methods for calculating wages and applying deductions.

• Payroll Taxes: Including Social Security, unemployment taxes, and other required deductions.

• Recordkeeping: Maintaining accurate payroll records and complying with legal requirements.

• Employee Benefits: Managing non-taxable and taxable benefits, such as healthcare or retirement contributions.

Practical Application:

• Payroll Systems: This includes designing and maintaining efficient payroll accounting systems, processing timesheets, and ensuring proper tax calculations.

• Outsourcing: Exploring when and why companies might outsource payroll to third-party services.

• Employee Records: Ensuring all personnel records are complete and compliant with employment laws.

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