Ch_1 - Payroll Accounting 2009 Bernard J. Bieg and Judith...

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Click to edit Master subtitle style CHAPTER 1  THE NEED FOR Developed by Lisa Swallow, CPA CMA MS Payroll Accounting 2009 Bernard J. Bieg and Judith A. Toland 0
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Payroll Profession q Positions within payroll profession q Range from payroll clerk to senior payroll manager q Salaries range accordingly q Professional membership – American Payroll  Association (APA) q Certified Payroll Professional exam q Code of Ethics  sets direction for profession
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Many Laws Affect Payroll q Fair Labor Standards Act of 1938 q State minimum wage and maximum hour laws  q Federal Insurance Contribution Act (FICA) q Income tax withholding laws q Federal, state and local q Unemployment tax acts q Fair employment laws q Other federal and state laws 0
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Fair   Labor Standards Act q q Minimum wage until 7/24/09 = $6.55/hour q Then raises to $7.25/hour by end of 2009 q Overtime must be paid – with exceptions q Equal pay for equal work provisions  q Sets law for companies involved q   in interstate commerce  or q   in production of goods/services for     interstate commerce q Requires payroll records be maintained q 0
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State   Maximum Hours Laws q Established minimum wage rates for specific  industries q Employees covered by both federal and state  laws receive the higher hourly rates q State minimum rates and regulations vary 0
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Federal Insurance Contribution Act  q Comprised of two taxes paid by employers (ER) and  employees (EE) q q 6.2% with a cap that changes each year q ER and EE pay q HI (Hospital Insurance, part of Medicare) q 1.45% with no ceiling  q ER and EE pay 0
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Ch_1 - Payroll Accounting 2009 Bernard J. Bieg and Judith...

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