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Study Guide - Payroll Management

The study guide is provided to guide you through the course material in a step by step format.

Course material is Payroll Management 2016 Edition by Steven M. Bragg, CPA-.  The cost of the text and free shipping is included in the price.

Prerequisite: None

Course level: Basic

Advanced preparation: None

Teaching method: Text and exam

 

Chapter 1. Payroll Management

The learning objectives for this lesson are to gain an understanding of:

  • Payroll cycle duration
  • Streamlined timekeeping
  • Electronic payments
  • Employee self-service
  • Manager self-service
  • Transaction error analysis
  • Staff training program
  • Information confidentiality

Chapter 2. Definition of an Employee

The learning objectives for this lesson are to gain an understanding of:

  • The employee defined
  • Employee withholding liability
  • The independent contractor designation
  • The W-2 contractor
  • The Salesperson designation
  • Employees of exempt organizations
  • Ministers
  • Employee Scenarios
  • People in business for themselves
  • Family employees
  • Working off the books
  • Intern rules

Chapter 3. Employee Time Tracking

The learning objectives for this lesson are to gain an understanding of:

  • Time tracking scope
  • Employee exclusions
  • Data collection scope
  • Handwritten time sheets
  • Time cards
  • Computerized time clocks
  • biometric time clocks
  • Web-based time tracking
  • Smart phone time tracking
  • Time keeping methods usage grid
  • Automated time tracking reminders

Chapter 4. Employee Compensation

The learning objectives for this lesson are to gain an understanding of:

  • The difference between salaries and wages
  • The work week
  • Cpmpensation definition
  • Supplemental wages
  • Commission calculations
  • Commissions based n cash receipts
  • Final commission calculations
  • Employee business expense reimbursements
  • Golden parachute payments
  • Hourly rate plan
  • Idle time
  • Overtime pay
  • Payments in kind
  • Piece rate plan
  • Salaries paid for partial periods
  • Sick pay
  • Tips
  • Vacation pay
  • The minimum wage

Chapter 5. Employee Benefits 

The learning objectives for this lesson are to gain an understanding of:

  • The provider and recipient of benefits
  • Adoption assistance
  • Athletic facilities
  • Cell phones provided by the employer
  • De Minimis benefits
  • Disability insurance
  • Educational assistance
  • Employee discounts
  • Flexible spending accounts
  • Health savings account
  • Leaves of absence
  • Life insurance
  • Lodging on business premises
  • Meals
  • Medical insurance
  • Medical insurance - COBRA
  • Moving expense reimbursement
  • No-additional cost services
  • Pension plans
  • Retirement planning services
  • Stock options
  • Stock purchase plans
  • Transportation benefits
  • Tuition reduction
  • Vacation benefit reporting
  • Working condition benefits
  • How to value your benefits
  • Rules for withholding, depositing, and reporting benefits
  • Taxability of benefits

Chapter 6. Payroll Deductions

The learning objectives for this lesson are to gain an understanding of:

  • Deductions for the corporate benefits package
  • Deductions ofr payments to third parties
  • Deducations for financing repayments
  • The reduction of deductions
  • Garnishment processing
  • Deduction management by employees

Chapter 7. Payroll Taxes 

The learning objectives for this lesson are to gain an understanding of:

  • Income tax withholding
  • Social security tax
  • Medicare tax
  • Calculating whthholdings
  • Earnings not subject to payroll taxes
  • Underwithheld taxes
  • Overwithheld taxes
  • Employee taxes paid by the employer
  • The earned income credit
  • Tax deductions of the self-employed person
  • The common paymaster rule
  • Payroll taxes for a successor employer
  • Payroll taxes for part-time employees
  • State payroll taxes
  • Totalization agreements

Chapter 8. Tax Remittances

The learning objectives for this lesson are to gain an understanding of:

  • Types of tax deposit schedules
  • Monthly deposit schedule
  • Semiweekly deposit schedule
  • Federal Unemployment deposit schedule
  • $100,000 next-day deposit rule
  • Accuracyy of deposits rule
  • Deposits not on business days
  • Remittance method
  • The Form 941 quartely federal tax return
  • Form 941 discrepancies
  • Prior period adjustments
  • Federal tax deposit penalties
  • Trust fund recover penalty
  • state tax remittances
  • Local tax remittances

Chapter 9. Unemployment Taxes

The learning objectives for this lesson are to gain an understanding of:

  • Responsibility for unemployment tax payments
  • FUTA tax calculation
  • FUTA tax deposits
  • FUTA tax payment timing
  • FUTA tax reporting
  • State unemployment taxes
  • Unemployment benefit claims
  • Calculation of the state unemployment tax rate
  • Voluntary unemployment contributions
  • Transferring an unemployment experience rating

10. Payments to Employees

  • Payments with cash
  • Payments by check
  • Payments by direct deposit
  • Payments by pay card
  • Flexible spending account debit cards
  • Unclaimed wages

Chapter 11. Accounting for Payroll

The learning objectives for this lesson are to gain an understanding of:

  • The accounting journal entry
  • The chart of accounts
  • The general ledger
  • The payroll journal
  • Where to record payroll transactions
  • Types of payroll journal entries
  • Primary payroll journal entry
  • Accrued wages
  • Accrued bonuses
  • Accrued commissions
  • Benefit payments
  • Accrued benefits
  • Stock subscriptions
  • Manual payment entry
  • Employee advances
  • Accrued vacation pay
  • Tax deposits
  • Payroll information on the financial statements - wages
  • Payroll information on the financial statements - Payroll taxes

Chapter 12. Payroll Reports

The learning objectives for this lesson are to gain an understanding of:

  • Payroll register
  • Internal management reports
  • Form W-2
  • Form W-3
  • Corrections to Forms W-2 and W-3
  • Form 1099-MISC
  • New hire reporting

13. Payroll Recordkeeping

The learning objectives for this lesson are to gain an understanding of:

  • The employment application
  • The empllyer identification number
  • The social security number
  • Employment eligibility verification
  • The withholding allowance
  • The personnel file
  • Mandated document retention

14. Payroll Procedures

The learning objectives for this lesson are to gain an understanding of:

  • Forms: the timecard
  • Forms: the paycheck and remittance advice
  • Procedure: Add an employee
  • Procedure: Timecard data collection
  • Procedure: Commission calculation
  • Procedure: Process payroll
  • Issue payments to employees

15. Payroll Controls

The learning objectives for this lesson are to gain an understanding of:

  • General controls
  • Payroll calculation controls
  • Cash payment controls
  • Direct deposit controls
  • Self-service controls
  • Garnishment controls
  • Employee advances controls
  • Vacation pay controls

16. Payroll Measurements

The learning objectives for this lesson are to gain an understanding of:

  • Payroll entries to headcount ratio
  • Payroll transaction error rate
  • Form W-2c to From W-2 ration
  • Proportion of manual checks
  • Outsourced payroll cost per employee
  • Annualized compensation per employee
  • Net benefits cost per employee
  • Sales per person
  • Profit per employee
  • Employee turnover

17. The Outsourcing Option

The learning objectives for this lesson are to gain an understanding of:

  • Overview of payroll outsourcing
  • Reasons to outsource payroll
  • Reasons not to outsource payroll
  • The outsourced payroll contract
  • The transition to payroll outsourcing
  • Managing outsourced payroll
  • Measuring outsourced payroll
  • Terminating an outsourcing arrangement

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