Mastering Payroll
- April 19, 2023
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Learn to do a payroll, starting at square one. Includes: who gets overtime pay and who does not . . . how to process a W-4 and complete the 941, 940, W-2 and W-3 . . . how and when to deposit withheld taxes using actual forms. Double-quiz in each section assures that you master it.
Course Content
Mastering Payroll Lesson 1
- Who is an employee? How to classify—and pay—employees, independent contractors, leased employees, temporary help, agency referrals.
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Mastering Payroll Lesson 2
- Federal v. state laws. How to know if your employer or employees are covered by key federal laws. Minimum wage rules. The enterprise test.
- Paying employees. Who is paid overtime; computations. Paying for nonproductive time (showering, changing, etc.). When you can dock employee pay.
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Mastering Payroll Lesson 3
- Required payroll data. Information, data and forms for each employee. How long to keep each kind of information.
- Form W-4 and state withholding forms. How it must be completed. When you must reject a W-4. Rules on withholding a flat dollar percentage or dollar amount of tax.
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Mastering Payroll Lesson 5
- Filing federal reporting forms. Computing Federal Unemployment Tax (FUTA). Who must file a 940, W-2, W-3, 941 and Schedule B, and 945. Backup-tax rules.
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Mastering Payroll Lesson 6
- When wages are taxable. When wages are earned v. when they are paid. Handling wages paid in January for December work.
- Other federal and state requirements. Handling the 1099, 1099-MISC, 1099-DIV, 1099-INT, 1099-R, 1096. State unemployment insurance (SUI). Each state’s due dates for filing the state W-2 and distributing copies to employees.
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Mastering Payroll Lesson 7
- Journal entries. How to record salary, deductions and employer/employee payroll expense, payment of taxes, premiums, pension contributions and more.
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Mastering Payroll Final Exam
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