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Study Guide for Payroll Management

The study guide is provided to guide you through the course material in a step by step format.

Course material is Payroll Management 2016 Edition by Steven M. Bragg, CPA.  

 

Chapter 1. Payroll Management

The learning objectives for this lesson are to gain an understanding of:

  • Payroll cycle duration
  • Streamlined timekeeping
  • Electronic payments
  • Employee self-service
  • Manager self-service
  • Transaction error analysis
  • Staff training program
  • Information confidentiality

Chapter 2. Definition of an Employee

The learning objectives for this lesson are to gain an understanding of:

  • The employee defined
  • Employee withholding liability
  • The independent contractor designation
  • The W-2 contractor
  • The Salesperson designation
  • Employees of exempt organizations
  • Ministers
  • Employee Scenarios
  • People in business for themselves
  • Family employees
  • Working off the books
  • Intern rules

Chapter 3. Employee Time Tracking

The learning objectives for this lesson are to gain an understanding of:

  • Time tracking scope
  • Employee exclusions
  • Data collection scope
  • Handwritten time sheets
  • Time cards
  • Computerized time clocks
  • biometric time clocks
  • Web-based time tracking
  • Smart phone time tracking
  • Time keeping methods usage grid
  • Automated time tracking reminders

Chapter 4. Employee Compensation

The learning objectives for this lesson are to gain an understanding of:

  • The difference between salaries and wages
  • The work week
  • Cpmpensation definition
  • Supplemental wages
  • Commission calculations
  • Commissions based n cash receipts
  • Final commission calculations
  • Employee business expense reimbursements
  • Golden parachute payments
  • Hourly rate plan
  • Idle time
  • Overtime pay
  • Payments in kind
  • Piece rate plan
  • Salaries paid for partial periods
  • Sick pay
  • Tips
  • Vacation pay
  • The minimum wage

Chapter 5. Employee Benefits 

The learning objectives for this lesson are to gain an understanding of:

  • The provider and recipient of benefits
  • Adoption assistance
  • Athletic facilities
  • Cell phones provided by the employer
  • De Minimis benefits
  • Disability insurance
  • Educational assistance
  • Employee discounts
  • Flexible spending accounts
  • Health savings account
  • Leaves of absence
  • Life insurance
  • Lodging on business premises
  • Meals
  • Medical insurance
  • Medical insurance - COBRA
  • Moving expense reimbursement
  • No-additional cost services
  • Pension plans
  • Retirement planning services
  • Stock options
  • Stock purchase plans
  • Transportation benefits
  • Tuition reduction
  • Vacation benefit reporting
  • Working condition benefits
  • How to value your benefits
  • Rules for withholding, depositing, and reporting benefits
  • Taxability of benefits

Chapter 6. Payroll Deductions

The learning objectives for this lesson are to gain an understanding of:

  • Deductions for the corporate benefits package
  • Deductions ofr payments to third parties
  • Deducations for financing repayments
  • The reduction of deductions
  • Garnishment processing
  • Deduction management by employees

Chapter 7. Payroll Taxes 

The learning objectives for this lesson are to gain an understanding of:

  • Income tax withholding
  • Social security tax
  • Medicare tax
  • Calculating whthholdings
  • Earnings not subject to payroll taxes
  • Underwithheld taxes
  • Overwithheld taxes
  • Employee taxes paid by the employer
  • The earned income credit
  • Tax deductions of the self-employed person
  • The common paymaster rule
  • Payroll taxes for a successor employer
  • Payroll taxes for part-time employees
  • State payroll taxes
  • Totalization agreements

Chapter 8. Tax Remittances

The learning objectives for this lesson are to gain an understanding of:

  • Types of tax deposit schedules
  • Monthly deposit schedule
  • Semiweekly deposit schedule
  • Federal Unemployment deposit schedule
  • $100,000 next-day deposit rule
  • Accuracyy of deposits rule
  • Deposits not on business days
  • Remittance method
  • The Form 941 quartely federal tax return
  • Form 941 discrepancies
  • Prior period adjustments
  • Federal tax deposit penalties
  • Trust fund recover penalty
  • state tax remittances
  • Local tax remittances

Chapter 9. Unemployment Taxes

The learning objectives for this lesson are to gain an understanding of:

  • Responsibility for unemployment tax payments
  • FUTA tax calculation
  • FUTA tax deposits
  • FUTA tax payment timing
  • FUTA tax reporting
  • State unemployment taxes
  • Unemployment benefit claims
  • Calculation of the state unemployment tax rate
  • Voluntary unemployment contributions
  • Transferring an unemployment experience rating

10. Payments to Employees

  • Payments with cash
  • Payments by check
  • Payments by direct deposit
  • Payments by pay card
  • Flexible spending account debit cards
  • Unclaimed wages

Chapter 11. Accounting for Payroll

The learning objectives for this lesson are to gain an understanding of:

  • The accounting journal entry
  • The chart of accounts
  • The general ledger
  • The payroll journal
  • Where to record payroll transactions
  • Types of payroll journal entries
  • Primary payroll journal entry
  • Accrued wages
  • Accrued bonuses
  • Accrued commissions
  • Benefit payments
  • Accrued benefits
  • Stock subscriptions
  • Manual payment entry
  • Employee advances
  • Accrued vacation pay
  • Tax deposits
  • Payroll information on the financial statements - wages
  • Payroll information on the financial statements - Payroll taxes

Chapter 12. Payroll Reports

The learning objectives for this lesson are to gain an understanding of:

  • Payroll register
  • Internal management reports
  • Form W-2
  • Form W-3
  • Corrections to Forms W-2 and W-3
  • Form 1099-MISC
  • New hire reporting

13. Payroll Recordkeeping

The learning objectives for this lesson are to gain an understanding of:

  • The employment application
  • The empllyer identification number
  • The social security number
  • Employment eligibility verification
  • The withholding allowance
  • The personnel file
  • Mandated document retention

14. Payroll Procedures

The learning objectives for this lesson are to gain an understanding of:

  • Forms: the timecard
  • Forms: the paycheck and remittance advice
  • Procedure: Add an employee
  • Procedure: Timecard data collection
  • Procedure: Commission calculation
  • Procedure: Process payroll
  • Issue payments to employees

15. Payroll Controls

The learning objectives for this lesson are to gain an understanding of:

  • General controls
  • Payroll calculation controls
  • Cash payment controls
  • Direct deposit controls
  • Self-service controls
  • Garnishment controls
  • Employee advances controls
  • Vacation pay controls

16. Payroll Measurements

The learning objectives for this lesson are to gain an understanding of:

  • Payroll entries to headcount ratio
  • Payroll transaction error rate
  • Form W-2c to From W-2 ration
  • Proportion of manual checks
  • Outsourced payroll cost per employee
  • Annualized compensation per employee
  • Net benefits cost per employee
  • Sales per person
  • Profit per employee
  • Employee turnover

17. The Outsourcing Option

The learning objectives for this lesson are to gain an understanding of:

  • Overview of payroll outsourcing
  • Reasons to outsource payroll
  • Reasons not to outsource payroll
  • The outsourced payroll contract
  • The transition to payroll outsourcing
  • Managing outsourced payroll
  • Measuring outsourced payroll
  • Terminating an outsourcing arrangement

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