Ch_1 - Payroll Accounting 2009 Bernard J Bieg and Judith A Toland 0 THE NEED FOR PAYROLL PERSONNEL RECORDS PAYROLL Developed by Lisa Swallow CPA

Info iconThis preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
THE NEED FOR THE NEED FOR Developed by Lisa Swallow, CPA CMA MS 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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
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
Background image of page 2
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
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
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
Background image of page 4
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
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Comprised of two taxes paid by employers (ER) and  employees (EE) 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
Background image of page 6
Federal income tax 
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

This document was uploaded on 01/20/2010.

Page1 / 20

Ch_1 - Payroll Accounting 2009 Bernard J Bieg and Judith A Toland 0 THE NEED FOR PAYROLL PERSONNEL RECORDS PAYROLL Developed by Lisa Swallow CPA

This preview shows document pages 1 - 8. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online