Payroll Concepts. Lessons. Module 1:

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1 Module 1: Payroll Concepts Introduction to Payroll in the United States Documents Employers Request Social Security Numbers Methods of Paying Employees Withholding Taxes Social Security Medicare Unemployment Insurance Tax Disability Insurance Tax Employee Benefits Introduction to Payroll Challenges The Payroll Process Employee/Independent Contractor Employee Classification Backup Withholding New Hire Reporting Social Security Numbers Fair Labor Standards Fair Labor Standards: Concepts Exempt/Nonexempt Employees: Concepts Exempt/Nonexempt Employees: Definition Minimum Wage Tips Regular Rate of Pay The Workweek Overtime Work Hours Other FLSA Provisions Employment Forms Employee Forms Fundamentals of Payroll

2 Module 2: Payroll Calculations 2.1 Calculation of Regular Pay Calculate Regular Rate of Pay Calculate Tip Pay Calculate Pay for Time Worked Calculate Other Pay Calculation of Overtime Premium Calculate FLSA Overtime Premium Pay Calculate Overtime Using a Weighted Average Calculate Salaried Overtime Premium Pay Calculate Commission Overtime Premium Pay Calculate Piecework Overtime Premium Pay Calculation of Gross Pay Calculation of Federal Income Tax Taxable Wages Federal Income Tax Withholding Calculation of Social Security and Medicare Taxes Employee Taxes Employer Taxes Calculation of Voluntary Deductions Calculate Other Deductions Calculation of Involuntary Deductions Withholding Orders Child Support Federal Tax Levy Creditor Garnishment Other Withholding Orders Calculation of Net Pay Calculate Total Deductions Calculate Total Payroll Calculate Net Pay Fundamentals of Payroll

3 Module 3: Fringe Benefits 3.1 Fringe Benefit Rules IRS Regulations Impacting Payroll Nontaxable Benefits Section 132 (Income Exclusion Basics) No-Additional-Cost Fringe Benefits Qualified Employee Discounts De Minimis Fringe Benefits Working Condition Fringe Benefits Qualified Transportation Fringe Benefits On-Premises Athletic Facilities Qualified Retirement Advice Qualified Moving Expenses Employer-Provided Benefits Awards and Prizes Income/Exclusion Personal Use of Company Vehicles Group-Term Life Insurance Other Payments Advances and Overpayments Bonuses Commissions Jury Duty Pay Retroactive Wage Payments Taxable Tips Repayment of Employer-Provided Loans Cafeteria Plans IRC Section 125 Components IRC Section 125 Elections Flexible Spending Arrangements Retirement Plans Qualified Plans Calculate Deferred Compensation Contributions Deferred Compensation Regulations Nonqualified Plans Fundamentals of Payroll

4 Module 4: Payroll Reporting and Employment Taxes 4.1 Tax Deposit Requirements Lookback Period Tax Deposit Frequency Calculate Federal Tax Deposits Tax Deposit Methods Federal Tax Forms (An Overview) Quarterly Returns Purpose of Form Form 941 Reporting/Filing Requirements Employment Tax E-File System for Forms 940 and Annual Returns Forms W-2, W-3, and Electronic Filing Federal Unemployment Tax Forms Other Annual Returns Correcting Returns Purpose of Form W-2c Form W-2c Reporting/Filing Requirements Purpose of Form 941-X Form 843 Purpose and Reporting/Filing Requirements Other Reporting Requirements Taxation and Reporting of Wages Paid to Deceased Employees Calculate Withholding for Wages Paid to Deceased Employees Purpose of Form Fundamentals of Payroll

5 Module 5: Record Keeping and Payroll Practices 5.1 Payment Methods Payment by Check or Cash Payment by Direct Deposit Payment by Payroll Card Escheat Other Payment Regulations Payroll Practices Payroll Processing Confidentiality Legislation Impacting Payroll Record Keeping DOL Record Keeping Regulations IRS Record Keeping Regulations USCIS Record Keeping Regulations HIPAA Record Keeping Regulations Systems System Processes Other System Issues Penalties DOL Penalties IRS Penalties Fundamentals of Payroll

6 Module 6: Payroll Accounting 6.1 Accounting Terminology Accounting Principles Accounting Periods Accounting Entries Account Classification Account Classifications Journal Entries Purpose and Recording of Payroll Journal Entries Recording and Posting Payroll Transactions Purpose and Recording of Accruals and Reversals Reconciliations Repayment of Wages Reconciliation of Output Reports Internal Control Internal Controls Fundamentals of Payroll

7 Module 7: Administration 7.1 Customer Service Definition Responding Efficiently to and Resolving Customer Requests Communication Communicate Effectively Time Management Time Management Techniques Fundamentals of Payroll

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