Payroll Book - A Guide for Small Businesses and Startups

The Payroll Book is the only book that demystifies payroll with clear, concise, and real-world examples on how to tackle the process.
 
"The Payroll Book will be a valuable resource for the small business owner as well as for the entrepreneur planning a new venture. Thorough, well-organized, and thoughtfully written, this practical guide is an essential tool for managing the payroll process."
-Marilyn K. Wiley, Dean, College of Business, University of North Texas
 
"Failing to comply with the withholding, tax remittance, and report filing requirements in handling business payroll carries a high cost. Charles' book will guide entrepreneurs through the minefields of payroll processing and reporting in language that business owners can understand. Whether you already own or are planning to start your own business, The Payroll Book is an essential tool."
-James A. Smith, Past President and Chairman, Texas Society of CPAs
 
"If accounting is something you have not paid keen attention to in your startup, then this book can demystify the whole thing for you and then some! Logically set-up and highly practical in its approach! I highly recommend this book for any startup, entrepreneur, and, frankly, anyone thinking about starting a business. That said, if you already started a business it's just as important-this is a must-read!"
-Hubert Zajicek, CEO, Co-founder and Partner, Health Wildcatters
 
"Wow! This is the most comprehensive book of its kind. I have worked in payroll for over 25 years, and I would recommend this book as a reference to anyone who has a hand in payroll. From the novice just entering the field to the seasoned veteran, there is something in this book for everyone."
-Romeo Chicco, President, PayMaster

Sommario

Preface ix
 
How to Use this Book ix
 
Icons Used x
 
Part I: Payroll Setup
 
Chapter 1: Business Entity 3
 
Corporation 3
 
Partnership 5
 
Sole Proprietorship 6
 
Limited Liability Company (LLC) 7
 
Chapter 2: Employees and Nonemployees 9
 
You 9
 
Family Members 9
 
Employees Versus Independent Contractors 12
 
Statutory Employees and Statutory Nonemployees 19
 
Children 21
 
Volunteers 21
 
Interns 22
 
Religious Workers 24
 
Chapter 3: Earnings 25
 
Salary 25
 
Executive Exemption 33
 
Administrative Exemption 33
 
Professional Exemption 34
 
Highly Compensated Employees 36
 
Additional Guidance 37
 
When an Employer May Make Deductions from Salary Payroll 37
 
Hourly Wage 38
 
Basic Provisions/Requirements 39
 
Piecework 51
 
Training Wage 51
 
Subminimum Wage Provisions 53
 
Other Payroll Categories 54
 
Chapter 4: Deductions 63
 
Voluntary Deductions 63
 
Involuntary Deductions 68
 
Pre-tax Deductions 87
 
Chapter 5: Taxes 95
 
Tax Numbers 96
 
Employee Taxes 97
 
Chapter 6: Tax Penalties 123
 
Chapter 7: Workweek, Pay Period, Payday 129
 
Workweek 129
 
Pay Frequency (Pay Period) 130
 
Payday 131
 
Chapter 8: The Law 133
 
Federal 133
 
FMLA (Family Medical Leave Act) 140
 
Affordable Care Act 145
 
New Hire Reporting 146
 
Labor Posters 151
 
Davis-Bacon and Walsh-Healy 155
 
The Equal Pay Act (EPA) 156
 
Part II: Running a Payroll
 
Chapter 9: Collecting Time 161
 
Time Clocks 161
 
Timesheets 165
 
Salaried Employees' Time 165
 
Chapter 10: Calculating Payroll 167
 
Calculate Earnings Hourly 167
 
Overtime If a Staff Member Works Different Positions at Different Rates 169
 
Additions to Earnings 170
 
Reductions to Earnings 171
 
Chapter 11: Paying Your Employee 177
 
Method of Payment 177
 
Wages for Deceased Employees 184
 
Chapter 12: Taxes Depositing and Filing 187
 
Part III: Additional Essential Components
 
Chapter 13: Record keeping 191
 
Internal Revenue Service 192
 
Department of Labor 192
 
Family and Medical Leave Act (If You Have 50 Employees or More) 193
 
Title VII of the Civil Rights Act of 1964 and the Americans with Disability Act of 1990 193
 
The Age Discrimination in Employment Act of 1967 194
 
The Immigration Reform and Control Act 194
 
Payroll and Direct Deposit Records in General 195
 
Employee Handbook/Policy Manual 195
 
Medical Insurance 195
 
Chapter 14: Workers' Compensation Insurance 197
 
What is Workers' Compensation Insurance? 197
 
Monopolistic States versus Nonmonopolistic Workers' Comp States 200
 
Cost of Workers' Comp Coverage 200
 
Chapter 15: Payroll Security and Internal Controls 207
 
Manuals and Procedures 207
 
Who Are You Hiring? 209
 
Internal Controls 219
 
Disaster Recovery 221
 
Form 944 222
 
Chapter 16: US Citizens Abroad, Resident and Nonresident Aliens, and Illegal Aliens 223
 
Nonresident Alien Services Performed Outside the United States 224
 
Paying Nonresident Aliens Inside the United States 224
 
Exceptions to Mandatory Withholding of FIT on Nonresident Aliens 226
 
Paying

Info autore

CHARLES J. READ, CPA, has over 40 years of experience in the payroll industry and is the founder of Custom Payroll Associates and GetPayroll. He is a US Tax Court Practitioner, member of the IRS Advisory Council and a United States Marine Corp veteran.

Riassunto

The Payroll Book is the only book that demystifies payroll with clear, concise, and real-world examples on how to tackle the process.

"The Payroll Book will be a valuable resource for the small business owner as well as for the entrepreneur planning a new venture. Thorough, well-organized, and thoughtfully written, this practical guide is an essential tool for managing the payroll process."
-Marilyn K. Wiley, Dean, College of Business, University of North Texas

"Failing to comply with the withholding, tax remittance, and report filing requirements in handling business payroll carries a high cost. Charles' book will guide entrepreneurs through the minefields of payroll processing and reporting in language that business owners can understand. Whether you already own or are planning to start your own business, The Payroll Book is an essential tool."
-James A. Smith, Past President and Chairman, Texas Society of CPAs

"If accounting is something you have not paid keen attention to in your startup, then this book can demystify the whole thing for you and then some! Logically set-up and highly practical in its approach! I highly recommend this book for any startup, entrepreneur, and, frankly, anyone thinking about starting a business. That said, if you already started a business it's just as important-this is a must-read!"
-Hubert Zajicek, CEO, Co-founder and Partner, Health Wildcatters

"Wow! This is the most comprehensive book of its kind. I have worked in payroll for over 25 years, and I would recommend this book as a reference to anyone who has a hand in payroll. From the novice just entering the field to the seasoned veteran, there is something in this book for everyone."
-Romeo Chicco, President, PayMaster

Dettagli sul prodotto

• Autori: Charles Read, Read Charles
• Editore: Wiley, John and Sons Ltd
• Lingue: Inglese
• Formato: Tascabile
• Pubblicazione: 31.10.2020
• EAN: 9781119704430
• ISBN: 978-1-119-70443-0
• Pagine: 320
• Categorie: Saggistica > Politica, società, economia > Economia aziendale, impresa; Scienze sociali, diritto, economia > Economia > Economia aziendale; gehaltsabrechnung, Lohnbuchhaltung, Business & management, Klein- und Mittelbetrieb, Wirtschaft u. Management, Small Business & Entrepreneurship, Klein- u. mittelständische Unternehmen u. Existenzgründung