302 pages [194 self-teaching + 108 self-quizzes with detailed answers]
Section 1: FIT withholding: The wage bracket and percentage methods. How to use IRS tables and special withholding rates.
Section 2: Fringe benefits. How to tax working condition fringe benefits . . . health insurance . . . qualified employee discounts . . . transit passes and parking . . . gift certificates, and more.
Section 3: Fringe benefits. How to tax—or not tax—various fringe benefits and report each one on the W-2, 941 and 940.
Section 4: Expense reimbursements, advances and allowances. What’s taxable v. nontaxable. Required substantiation. The cents-per-mile, standard mileage and federal per diem reimbursement methods. W-2 reporting.
Section 5: Personal use of company cars. 3 safe-harbor methods for valuing personal use and 4 requirements for using them. Reporting the value on the employee’s W-2.
Section 6: Deferred compensation and “cafeteria” plans. How to withhold pretax and report contributions to 401(k) plans and SEPs on the 941 and W-2. Contribution limits.
Section 7: Disability v. third-party sick pay. Handling sick pay from the employer v. self-insured plan v. insurer. FUTA and FIT taxability. Reporting sick payments on the W-2, 941 and 940.
Section 8: Taxing and reporting life insurance benefits. Reporting group-term life on the 940, 941 and W-2.
Section 9: Imputed income and gross-up for cash payments. How to compute a bonus that includes the employee’s share of taxes or withhold taxes after a cash bonus has been given.
Section 10: Imputed income and gross-up for fringe benefits. How to compute the employee’s share of taxes on noncash fringe benefits.
Section 11: Voluntary v. involuntary deductions. Child support orders, federal/state levies, other notices. Deductions permitted from employee pay before levy. Limits on the levy.
Section 12: Basics of workers’ comp insurance. Variations by state. Classification codes, computing premiums, taxation of workers’ comp benefits.
Glossary of key terms.
Appendix of sample payroll forms with instructions: W-4, 940, 940-Sched. A, 941, 941-Sched. B, 944, 945, 945-A, W-2, W-3, W-2c, W-3c, 941-X, I-9, 1099-MISC.
Easy to follow and understand. I appreciate having the double quizzes at the end of each chapter to test and help solidify the skills.
Evelyn Baldo –
Confusing but interesting and informative
Well detailed and explanatory book!!
It is wonderful and revealing.
Easier than Payroll I
Very easy to understand.
Very help appreciate it
Lots of good & much needed information. Has me re-evaluating some in-house processes to be sure we are IRS compliant.
Great course content.
I used this as a refresher. It fulfilled my needs.
Very in dep, up to date.
I felt that the course was a good next step for payroll basics. The subjects were covered in a concise, but in dep, review. The IRS forms instructions were a nice bonus.
Great follow up to Payroll I!
I found most of the book to be quite helpful but often the material itself to be overwhelming due to the nature of tax laws and how intricate they can become and often they change as do the various limits and thresholds year-to-year. The only thing I found truly lacking was it would have been tremendously helpful to 1) distribute the appendix of payroll forms at the end of the book (its a very good resource) as a separately bound book as it lends tremendously to the weight of the book. This only matters if you travel around as a freelance bookkeeper and/or have to travel alot due to family urgencies (and airport time can become valuable study time). 2) It would have been very, very, very helpful in each chapter discussion that referred to W-2 forms and how to complete them for various situations, to have illustrated their completion by having actually put in a W-2 form and shown how the fields should be populated per that example. However, the book is a tremendously valuable resource. I thank you for your time and consideration on this review.
This was a very thorough course.
Textbook was very helpful. Information was brief and to the point which I like and not too wordy. I would have like to have seen some more detail and information regarding FMLA, as far as how long the coverage period is, which states have paid leave etc..
Book covers the topic well
The course provided knowledge and insight on how certain benefits affect payroll income and taxes.
too many manual calculations
Great to refresh and take a closer look at the fine details of Payroll.
It’s a good course. Very clear and guide you step by step.
Enhanced my payroll knowledge.