This website uses cookies to ensure you have the best experience. Learn more

The Need For Payroll And Personnel Records

2564 words - 11 pages

Payroll and Business Tax Accounting
Chapter 1 – The Need for Payroll and Personnel Records

Fair Labor Standards Act (FLSA) or Federal Wage and Hour Law – A federal statute of the United States that was established in 1932 by Senator Hugo Black. This statute “contains provisions and standards concerning minimum wage.” It also covers equal opportunity requirements so that everyone is paid a fair wage regardless of race or sex. It covers overtime and holiday pay, record keeping, and child labor. (Textbook) These standards affect “employees in the private sector and in federal, state, and local governments. Covered nonexempt workers are entitled to a minimum wage.” ( ...view middle of the document...

2% for Social Security plus 1.45% for Medicare), and the tax is automatically withheld. Your employer contributes the rest.” (CNN Money)
Income Tax Withholding Laws – Withholding taxes cannot be withheld unless these three requirements have been met. “There must be, or have been, an employer-employee relationship. The payments received by the employee must be defined as wages under the law. The employment must not be exempted by the law.” (Textbook) There are three types of withholding. They are “Wage withholding taxes, Withholding tax on payments to foreign persons, and Backup withholding on dividends and interest.” The amount paid to be withheld is “based on the amount of payment subject to tax. Withholding of tax on wages includes income tax, social security and Medicare, and a few taxes in some states.” The amount withheld is determined by the number declared on the W-4. This amount is reported annually. (Wikipedia)
Federal Unemployment Tax Act (FUTA) – This is the tax act that provides workers compensation to people who have lost their jobs. ( This federal law “imposes a federal employer tax used to help fund state workforce agencies.” This is reported by filing Form 940 either annually or quarterly. “FUTA covers a federal share of the costs of administering the unemployment insurance (UI) and job service programs in every state. In addition, FUTA pays one-half of the cost of extended unemployment benefits (during periods of high unemployment) and provides for a fund from which states may borrow, if necessary, to pay benefits.” (Wikipedia) This tax is only enforced until the employee reaches $7,000 for gross earnings for the year.
State Unemployment Tax Act (SUTA) – “The State Unemployment Tax Act (SUTA) describes state unemployment taxes imposed on employers. The majority of employers are responsible for paying federal and state unemployment taxes. Employers are responsible for paying an employee's FUTA taxes under the Federal Unemployment Tax Act. Each state determines its SUTA tax rate. In most states, employers are responsible for paying state unemployment insurance taxes to fund their state unemployment insurance system.” ( Employers are only charged this rate until the employee reaches $9,000 for the year in gross earnings. The SUTA rate for 2014, has a minimum of 0.54%, a maximum of 7.35%, and a new employer rate of 2.7%. (

Civil Rights Act of 1964 – This is the equal opportunity law that ensures that all employees are treated fairly. This law “forbids employers to discriminate in hiring, firing, promoting, compensating, or in any other condition of employment on the basis of race, color, religion, gender, or national origin.” (Textbook) This law also includes unrealistic height and weight requirements, as well as, discrimination against individuals who are lesbian, gay, transgender, bisexual or transsexual. It also...

Other Papers Like The Need for Payroll and Personnel Records

The Development of Personnel/Human Resource Management and How Personnel/Hrm Operates in an Organisation One Is Familiar with

3341 words - 14 pages Group Europe (TGE) has grown to be one of the largest injection moulding companies in Ireland. TGE was established as a gateway to the European market for its parent company. Some of the core tasks undertaken by HRM on a day to day basis within the company would include;  Communication  Health & safety  Employee services  Administration of employee records  Policies and work practices  Working conditions  Personnel and

The Need for Early Childhood Education

627 words - 3 pages . The positive affect that can happen to children attending early childhood education centers such as head start, pre-k, or a local daycare center are extraordinary. The need for this early education is crucial to children’s futures. “Research shows the benefits to the child include improved readiness to learn, improved early literacy, decreased need for remedial or special education placement, and improved cognitive development. Long term, research

The Need for Veterans Specialty Courts

1120 words - 5 pages The need for Veterans Specialty Courts Natasha N. LaFon Columbia Southern University The need for Veterans Specialty Courts When an individual returns home from a war zone, there are many things that can happen, they can deal and seek help with the things they have been through or they can bottle it up and refuse to look “weak”. Either way, things will never be the same as when they left and that reason alone can change their lives

Changing Nature Of The Global Economy And The Need For Strategic Communication

686 words - 3 pages The Changing Nature of Global Economy and the Need for Strategic Communication Business today has become a very big venture and the need for expansion into the global economy is deemed necessary for large company growth. Business’s entering into the global market will need strong communications in order to survive a global economy. The concept of strategic communications will allow a company to expand worldwide with the competency that the

Free Essays - The Need For Capital Punishment

814 words - 4 pages Essays - The Need for Capital Punishment           Imagine yourself in a room, 12 feet long by 6 feet wide.  You're sitting on a metal bed bolted to the floor with a thin foam cushion.  The only other things in the room are a table and a chair, a sink and a toilet.  There is no window, only a small faint light on the ceiling.  You spend all of your time in this room, you have no choice.  This is your dining room, your den, your

Women’s Health – Assessing the Need for a Targeted and Specialized Approac

840 words - 4 pages “Women’s Health – Assessing the Need for a Targeted and Specialized Approach Summary Many of the diseases and conditions that affect mainly women are interlinked with similar root causes; however, placing all of the pieces of the puzzle together to ensure a cohesive management strategy remains a challenge. Women’s Health is a collection of multi-factorial conditions and diseases that solely affect or are more prevalent in

An Investigation Into The Challenges Influencing The Implementation Of Electronic Medical Records Systems For Hivcare Patient Monitoring And Clinical Management. (A Case Study Of Mbagathi District...

550 words - 3 pages dissemination of information technology . . In Nairobi province Mbagathi District hospital is one of the referral facilities serving over 10,500 clients who are receiving HIVcare services accumulated for the last 10 years hence there is need to move from the manual to electronic system of Medical records. With electronic medical records systems facilities will be ale to identify individual patient health and behavior factors as well as aspects of

Explain the Importance of Play to Children’s Learning and Development and the Need for an Inclusive Approach

1141 words - 5 pages Assignment Task 2 1. Outcome 5.1 Explain the importance of play to children’s learning and development and the need for an inclusive approach. Play is central to all aspects of learning from birth onwards: social, emotional, cognitive, linguistic and physical. • Playing is fun: it is how children enjoy themselves. • Play promotes children’s development, learning, imagination, creativity and independence

Discuss the Need for World Order and Evaluate the Effectiveness of Responses in the Maintenance of World Order

1321 words - 6 pages World order is a term used to describe the balance of power among the nations of the world. It is linked with the political, economic and social framework in the world at a particular time and the effect that this situation has on the relationship between countries. There is an increasing need for world order in the global community due to growing conflict both within and between nations and regions. The increased trade between countries has

Climate Change and Need for Disaster Risk Reduction

1254 words - 6 pages water security.Create education, training and public awareness: Bangladesh Government should develop and implement educational and public awareness programmes on climate change and its effects. Government should train scientific, technical and managerial personnel on climate change and its effects; and programmes should include strengthening of national institutions and the exchange of personnel to train experts in this field.Seek more support for

The Need for a National Health Care Plan

1027 words - 5 pages The Need for a National Health Care Plan in the United States Working in the health care industry for the past thirty years has permitted me to gain first hand, up close and personal knowledge of the health care system in our country. Dealing with the facets of humanity over the past ten years who have no health care coverage, or those who are aided by the state in which they live has led me to form a definite opinion’s about the necessity

Related Essays

Hrm Pay, Appraisal, Discipline, Grievance And Personnel Records Case Study

3913 words - 16 pages yourselves and outside organisations. • Maintain records needed for quality control. • Manage and track employees records of work, achievement and progression. • Record and track outcomes. • Manage marketing information. Data that may need to be held on the MIS: • Attendance and Absence Records: • Personal details – Name, address, qualifications • Teams worked within the organisation • Relevant experience • Leave of

Humanity And The Need For Divine Grace

1982 words - 8 pages LIBERTY UNIVERSITY BAPTIST THEOLOGICAL SEMINARY Humanity and the need for divine grace Submitted to Jonathan Pruitt, Teaching Assistant in partial fulfillment of the requirements for the completion of Theo 510 – D06 Survey of Theology by Barbara A Servello May 8, 2015 Humanity and the need for divine grace in this day and age seems to be out of our grasps. The world and humankind seems to be in chaos. No one

The Need For Project Management Essay

347 words - 2 pages Unit 1 Assignment 1: The Need for Project Management In Recent years why is project management Important? Project management is important because business professionals have been arriving on the scene with unique skills to start, coordinate, and complete organizations small and large projects. In the past these projects were usually given to a supervisors or managers regardless of his or her skill set. Now these highly trained professionals

The Need For More Staff Essay

639 words - 3 pages . She does all the purchasing and inventories herself. She also does a lot of the restocking herself, much of the time before and after store hours. Kathy likes to do this herself because much of the food she carries is perishable. Kathy also goes to all of her stores daily to take inventory and does the purchasing. Currently Kathy is spread very thin. She also handles all of the finances as well determining how much each product should sell for