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

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