ch1_2012

ch1_2012 - PayrollAccounting2012...

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

View Full Document Right Arrow Icon
Payroll Accounting 2012 Bernard J. Bieg and Judith A. Toland PERSONNEL RECORDS PERSONNEL RECORDS CHAPTER 5  CHAPTER 1 CHAPTER 1
Background image of page 1

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

View Full DocumentRight Arrow Icon
Learning Objectives Identify various laws that affect employers in their payroll operations Examine the recordkeeping requirements of these laws Describe employment procedures generally followed in a Human Resources Department Recognize the various personnel records used by businesses and outline the type of information shown on each form Identify the payroll register and the employee’s earnings record
Background image of page 2
Payroll Profession Positions within payroll profession range from payroll clerk to senior payroll manager Job responsibilities increasing – average entry-level salary is $33,409 Need to keep current Professional membership – American Payroll Association (APA) “Code of Ethics” sets direction for profession (Figure 1-1)
Background image of page 3

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

View Full DocumentRight Arrow Icon
Many Laws Affect Payroll Fair Labor Standards Act (FLSA) Federal Insurance Contribution Act (FICA) Income tax withholding laws Federal, state and local Unemployment tax acts Recordkeeping requirements Fair employment laws Other federal laws State minimum wage and maximum hour laws and other state specific laws
Background image of page 4
Fair Labor Standards  Act (FLSA) Minimum wage is $7.25/hour 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 Covered in greater detail in Chapter 2 LO-1
Background image of page 5

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

View Full DocumentRight Arrow Icon
Federal Insurance  Contributions Act (FICA) Comprised of two taxes Both taxes paid by employer and employee OASDI (Old Age, Survivors & Disability Insurance) HI (Health Insurance Plan - Medicare) Covered in greater detail in Chapter 3 LO-1
Background image of page 6
Income Tax Withholding Laws Federal income tax Levied on earnings of employees Income tax is withheld from paychecks State and local income tax Income tax is withheld from paychecks Different in each state Not all states have state income tax Covered in greater detail in Chapter 4 LO-1
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 note was uploaded on 01/19/2012 for the course ACCT 101 taught by Professor Shah during the Spring '10 term at HCCS.

Page1 / 21

ch1_2012 - PayrollAccounting2012...

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