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Payroll Services
A payroll service is an accounting service that provides payment remittance service for a company and its employees. The service includes proper calculation of withholding taxes, benefits, retirement plans, overtime, and basic pay.
1,185 Questions
What are the importance of computerized payroll system?
Computerized payroll systems are much faster and easier compared to the manual processing......
Also quick and accurate answers are produced by the computerized software
Accounting transactions from source documents are recorded in what?
The term you might be looking for is the "journal".
What Presentation and analysis of data about payroll system?
One of the presentation and analysis data that a payroll system can provide includes the job costing charges (in case one person does multiple jobs to be billed differently). Data on timeliness and absenteeism can be received from a payroll system.
What is the difference between invoice and proforma invoice?
An invoice is basically a receipt you get at the time you take possession of an item you purchased. A pro forma invoice is one that is sent to a buyer before they will actually receive their purchase.
no and just give it back to them
I believe... 12 months. On the calendar there are 12 months, one year. A calendar year.
a calendar year consists of 365 and a quarter days. it is divided into 12 months. there are 52 weeks in a calendar year
each week has the following days - Sunday, monday, Tuesday, Wednesday, Thursday, Friday,
Saturday.
January - 31 days
february - 28 days (29 in a leap year)
march - 31 days
April - 30 days
may - 31 days
June - 30 days
July - 31 days
august - 31 days
September- 30 days
october - 31 days
November - 30 days
December - 31 days
How do you write a service cancellation letter?
Dear Sir / Madam
Re: Cancellation of Booking
I am writing to request for a cancellation of my booking of your services for my planned function on August 10, 2010. I had requested for your services in planning for my Association's annual dinner at the Majestic Hotel but due to unforeseen circumstances, such as the unavailability of the venue on that day, the event has to be cancelled as no alternative date was given by the Hotel.
Please accept my sincere apologies for this cancellation. When an alternative date is confirmed, I will contact you again for your services.
Thank you for your kind understanding and cooperation. Any inconvenience caused by this cancellation is most regretted.
What is oregon's State House of Representatives current annual salary?
It depends on the role the Representative plays in the House. A typical member can make around $165,000 (it goes up if not frozen) and other members can make more like being a Majority/Minority Leader (over 180,000). The speaker of the House makes the most at about $220,000, a similar amount to the Vice-President.
Describe an important decision you made regarding audit in the absence of your boss?
When the head of the department is absent during a session of audit as an executive author made a critical decision. Author had to spend a challenging working environment as auditors were requesting access to all the confidential company information and but however with the effective communication tactics was able to manage successfully. This reveals that in case of absence of the supervisor immediate secondary office has to take up with the real company to make things happen. Author provided information needed by auditors to some extend to satisfy their day's work only until next day's head presence.
Will the IRS increase the gas mileage allowance for the balance of 2008 and current years?
In recognition of increasing gasoline prices, the IRS has announced an increase in the optional standard mileage rates for the second half of 2008. The standard mileage rate for business miles driven from July 1, 2008, through December 31, 2008, will be 58.5 cents per mile, an increase of eight cents over the rate for the first half of the year. The standard mileage rate for medical and moving expenses has been increased to 27 cents per mile from 19 cents per mile. The standard mileage rate for charitable purposes, however, remains unchanged at 14 cents per mile. Rev. Proc. 2007-70, I.R.B. 2007-50, 1162, is modified.
Update:
IR-2010-119, Dec. 3, 2010
Corrected on Dec. 13, 2010, to reflect changes for 2011WASHINGTON - The Internal Revenue Service today issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 51 cents per mile for business miles driven
- 19 cents per mile driven for medical or moving purposes
- 14 cents per mile driven in service of charitable organizations
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study. Independent contractor Runzheimer International conducted the study.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle.
In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously. The IRS is requesting public comments on whether taxpayers should be allowed to use the business standard mileage rate in this circumstance.
Beginning in 2011, a taxpayer may use the business standard mileage rate for vehicles used for hire, such as taxicabs.
Also beginning in 2011, the standard mileage rates are announced in a separate notice, which also provides the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate and the maximum standard automobile cost for automobiles under a FAVR allowance. The IRS plans to discontinue publishing the standard mileage rate revenue procedure annually but will publish modifications as required.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
Revenue Procedure 2010-51 and Notice 2010-88 contain additional details regarding the standard mileage rates.
What is the difference between Cash flow statement and income statement?
Cash flow shows the flow of cash in and out of a business while Income statement is a summarized statement showing the profit or loss made during a period.
What are the accounting journal entries to record payments to employees for salaries?
Debit salaries expense
Credit cash / bank
How much does accounten get paid?
The median annual salary for an accountant in the United States is $46,758. The low end of the scale is $38,235 and the high end of the scale is $56,576.
How do you calculate the employer's portion of payroll taxes?
The employer portion of the payroll taxes is computed by multiplying the gross wage by the appropriate percentage assigned to that tax. For example, the social security percentage would be 6.2% each for the employer and the employee. Medicare would be 1.45% for each. Your state/county will each have their own percentages. 1. The employer pays one half of the FICA taxes at 7.65% (Medicare is 1.45% - OASDI is 6.2%)
2. The employer pays Federal Unemployment Tax (FUTA) which is calculated at .8% of the first $7000 of employee wages - works out to $56 per employee per year if they make over $7000.00.
3. The employer pays State Unemployment Taxes - rates and amount vary by State. The remaineder of the taxes are withheld from the emplyees paychecks.
Vouching has several different meanings depending on how you are using the word. The main definition of vouching is to confirm something is true.
Do you have to file an IRS form 941 if you had no employees other than yourself or family?
If you paid wages to your employees, even if they are family, you must file Form 941, with two exceptions. If you're employees are household employees or farm employees, then you file a different form.
How much does a certified payroll professional make?
The salary for a certified payroll professional will vary depending on the specific position. Average yearly salary starts at 34,000 dollars for a payroll specialist, but can go as high as 126,000 for a payroll director.
Why do users of accounting information need accounting information?
External users of accounting information (especially investors) use accounting information like annual and quarterly reports to base their investing decisions on, and to compare different companies with one another.
Internal users of accounting (mostly managers) use internal accounting information in order to plan for the future.
Therefore accounting information is not only vital to the one's individual business or investments but is also of great benefit to the wider society and the world at large. In addition to which this will allow each country to organize their funds in a more systematic approach as such making room for development of one's country and the upward social mobility of the people of that specifis country. In all simplicity, accounting information prepares us for the future.
What are computerized payroll applications?
Computerized payroll applications include software such as Intuit. These programs help businesses pay their employees seamlessly because the system computes pay throughout the week.
Does a w-2 form show amounts paid by employer to a person's pension?
The W-2 form will only show the amount of money that the person has put into their pension. The W-2 will show all money you have received from company.
yes
How long do you have to keep time cards?
According to the Fair Labor Standards Act (FLSA) web site on this matter (http://www.dol.gov/whd/regs/compliance/whdfs21.pdf), time cards need to be kept for two years. Other payrolls records may need to be kept longer.
How do you calculate staff turnover as a percentage?
Take the total number of people employed during the year divided by the current number of employees. Subtract 1. Multiply by 100. So if you issued 75 W-2's and had 50 employees: 75/50=1.5, 1.5-1=.5, .5*100=50% turnover. You might need to adjust this calculation for certain factors, such as seasonal employees. If you added 10 people each year for a short period of time, you would want to subtract the seasonal employees before doing the calculation. If you found that you had 12 seasonal people amongst the 75 W-2's, then you had a 20% turnover of seasonal staff.
