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What narrative would you use for payroll if an employee is suspended on full pay?
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Are employers required to withhold payroll taxes for vendors?
A taxpayer only needs to withhold payroll taxes on employees. A vendor would not typically be an employee of the company buying the goods or services.
David needs to create a new spreadsheet that will help him determine the payroll deductions for each employee. Which function would he use when he wants the spreadsheet to decide a deduction based on?
nested IF statement
Disadvantages of manual payroll system?
The disadvantages of a manual payroll system would include the need for more time to complete payroll reports and payments. Another disadvantages of a manual payroll system would be to incur the cost of an accountant to assist with the job duties.
ER pays 12 EE pays 12 insurance How do you book this in an journal entry?
Assuming the employee paid via payroll deduction, most companies would post the P/R deduction as a credit to Insurance Expense (or a credit to a contra-account called something like Employee's Contributions to Insurance Expense) directly from the payroll entry. However, you could also post the P/R deduction credit to a liability account called Employee Insurance Payable. Then, when the insurance invoice was posted, half would be debited to Insurance Expense and half to the liability account. This would give you more cost control if you reconciled the payable account with each invoice.
What is the journal entry if the company paid the credit card of the employee?
It depends on the nature of the payment. If the expenses on the credit card were business expenses (for example, the employee purchased office supplies for the company), and the company made a payment to the credit card as reimbursement for those expenses, the entry would be a debit to the appropriate expense account(s) and a credit to cash. If the payment to the credit card was a loan to the employee and he/she was required to reimburse the company at a later date, the entry would be a debit to Accounts Receiveable and a credit to cash. If the payment to the credit card was not for business expenses and did not need to be repaid by the employee, then it becomes compensation to the employee as a bonus. This entry is more complicated because you should account for the payroll taxes that are incurred. For example, if the payment to the credit card company was $100 - this amount would be equivalent to the net pay check - so the actual bonus would be higher. If the employer was required to withhold 7% payroll tax and there was also a 7% employer paid tax, the $100 is equal to 93% of the bonus. So the gross bonus is $107.53, with $7.53 withheld (107.53 x 7%). The employers share of the taxes is also $7.53. So, the entry becomes a debit to Bonus Expense of $107.53, a debit to Payroll Tax Expense of $7.53, a credit to Payroll Taxes Payable of $15.06 and a credit to Cash of $100.
What are the functional and non functional requirements of a payroll system?
The functional requirements of a payroll system describe what the payroll system is the salary computed for each employee automatically. The non functional requirement of the payroll system would be the response time for calculations.
Are employers required to withhold payroll taxes for vendors?
A taxpayer only needs to withhold payroll taxes on employees. A vendor would not typically be an employee of the company buying the goods or services.
How would an employer be able to give his employee access to an online paycheck?
There are many services that offer online payroll services. These can be easily found with a quick engine search for "online payroll services". Some examples would be Paychex or PaycomOnline.
What is payroll cycle?
The payroll cycle is the period of a beginning date and an ending date of length of time. A weekly payroll cycle would be for any seven days. A biweekly payroll cycle is for 14 days. A semi-monthly payroll cycle is two equal periods each month. And, a monthly payroll cycle is for 30-31 days.
What the the benefit of outsourcing your payroll?
The Benefits of Outsourcing your Payroll Align attendance practices with company policy Improve time and attendance accuracy Track employee leaves Maintain fully-staffed work shifts Improve employee morale Access employee time-off trends To Know More, Visit: getifyhr dot com
Is a timekeeping system an information system?
Yes, I would say a timekeeping system is an information system. For employee timekeeping for example, the timekeeping software programs records employee information, when each employee logged in and logged out for the day and many time also tracks payroll information as well.
Do you hold a monthly payroll check for a new employee?
No - why would you? Your employees are entitled to compensation for hours worked, whether they've been with you twenty days or twenty years.
Why do most businesses have no employees other than the owner?
There are many reasons why a business would not have any employees. When the owner is the only employee, there is no payroll and you don't have to worry about anyone stealing from you.
David needs to create a new spreadsheet that will help him determine the payroll deductions for each employee. Which function would he use when he wants the spreadsheet to decide a deduction based on?
nested IF statement
What are the positive and negative of the payroll function and payroll processing?
The payroll function and the payroll processing are performed by the payroll department in a company. They must ensure that people get paid accurately and in time, which would be the positive aspect. The negative aspect concerns the effect payroll has on the income of the company.
Is my license suspended?
Only you would know whether it was suspended or not....
Disadvantages of manual payroll system?
The disadvantages of a manual payroll system would include the need for more time to complete payroll reports and payments. Another disadvantages of a manual payroll system would be to incur the cost of an accountant to assist with the job duties.
