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.
Publisher: AIPB
STEVE –
Don’t use as much as payroll part 1, but has a more in depth treatment of the subject
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JANET –
Detailed information. Chapters were divided nicely with challenging quizes.
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WILLIAM –
What I found lacking in the course is probably too expensive to do at a national level. There are different adjustments that have to be performed to the total payroll, such as the separation of exempt and non exempt for Workers Compensation Insurance or some of the fringe benefit calculations, that aren’t addressed. Rather then provide specific calculations for each state, maybe a general discussion of the most common adjustments would give the student some advanced notice of what additional categories he/she would have to subdivide the payroll history, before the request arrives.
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MICHAEL –
Book was helpful in my continuing study of Payroll entries
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HOWARD –
Good book. Handy for gross ups. Would like to see more examples.
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JING –
I have not finished to read it yet. But it is useful.
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GAYLE –
Very good
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ANITA –
No comments.
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CLAIRE –
Helpful
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CLAIRE –
Helpful
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LESLIE –
Great information to enhance payroll knowledge.
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