2021 PR101-201 Brochure - 3
Payroll 101: Foundations of Payroll
COURSE OUTLINE
What Does the Payroll Department
Do? (1.5 Hours)
* Pay employees
* Deduct, withhold, and
deposit taxes
* Report to federal, state, and
local tax authorities
* Pay federal and state
unemployment taxes
* Deduct, withhold, and pay
child support and garnishments
* Deduct and withhold employees'
benefit contributions
* Make and keep payroll records
* Provide support to auditors
* Explain impact of payroll issues
on employees' pay
Who Is an Employee? (1.0 Hour)
* Independent contractors vs.
employees
* Common law test
* Misclassification problems
* Employee's Form I-9
- New hire reporting
How Are Employees Paid (FLSA)?
(5.5 Hours)
* What is the significance of
exempt and nonexempt
employees
* Calculating pay
* Minimum wage
* Tips and tip credit
* Shift differentials
* Special payment issues
* Calculating overtime
- What are hours worked
- Workweek definition
- What is included in the
regular rate of pay
* Hospital/nursing home exception
* Overtime for public sector
employees
What Withholding Is Required?
(6.5 Hours)
* What wages are subject to
withholding
* Factors affecting withholding
* Form W-4
* Federal income tax
withholding methods
- Regular wages
- Supplemental wages
* Social security/Medicare tax
withholding
- Tax rates
- Employer portion
- Additional Medicare tax for
high earners
* Withholding issues
- Constructive payment
- Deceased employees
- Grossing-up
An Introduction to Deferred
Compensation Arrangements
(1.0 Hour)
* Qualified plans
- 401(k) plans
* Nonqualified plans
- 457(b) plans
An Introduction to Cafeteria Plans
(1.0 Hour)
* Requirements and options
* Tax implications
* Flexible spending arrangements
* Affordable Care Act's impact
on cafeteria plans
What Benefits Are Taxable?
(3.0 Hours)
* Nontaxable benefits
* Imputing income
* Defining fair market value
* Calculating taxable benefits
- Company vehicles
- Group-term life insurance
* Relocation benefits
* Prizes and awards
* Gift cards/certificates
* Education assistance
Deductions From Pay (2.0 Hours)
* Voluntary deductions
* Involuntary deduction
calculations
- Priority
- Disposable earnings/take-
home pay
- Child support
- Federal tax levies
- Creditor garnishments
Depositing Taxes (1.0 Hour)
* Frequency
* Special circumstances
- Fixed liabilities
- Holidays
- Quarter-ends
- Shortfall deposits
* Making the deposit
Preparing the Payroll and
Tax Returns (2.0 Hours)
* Complete tax returns
- Form 941
- Form W-2
* Federal unemployment tax
- Form 940
- Deposits
* Reconciliation of Forms 941
and W-2
* Penalties
Methods of Payment (1.0 Hour)
* Checks
* Direct deposit
* Payroll cards
Payroll Accounting (1.0 Hour)
* Accounting statements
* Types of accounts
* Double entry accounting
* Accounting periods
* Accruals/reversals
* General ledger reconciliation
* Payroll balancing
* Internal controls
Recordkeeping (0.5 Hour)
* Payroll master file
* Retention requirements
* Penalties
Improving Your Work Efficiency (2.0
Hours)
* Customer service
* Improving your
communication skills
© 2020 API Fund for Payroll Education, Inc.
2021 PR101-201 Brochure
Table of Contents for the Digital Edition of 2021 PR101-201 Brochure
2021 PR101-201 Brochure - 1
2021 PR101-201 Brochure - 2
2021 PR101-201 Brochure - 3
2021 PR101-201 Brochure - 4
2021 PR101-201 Brochure - 5
2021 PR101-201 Brochure - 6
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