Payroll US and UK

Payroll can be the largest outlay of cash for a business every month. 

If the business doesn’t handle it correctly, not only can there be a loss of cash, but common mistakes often lead companies into trouble with the government.

With this course, you will understand payroll and how to avoid problems. We review the basics of payroll cycles and how to manage payrolls, how employees are defined and more.

We explore what you need to do legally to meet all the government regulations that impact payroll, involving tax & labor laws. Then focus on how to calculate paychecks, take out the proper deductions and manage the actual payment to employees. Finally, we show you how to deal with all the paperwork and accounting procedures related to payroll.

Highlights

On completing this course, you will have:

  • Understood how to use the payroll cycles
  • Identified the key employee types and their government regulations
  • Understood the different types of pay and benefit options
  • Learned how to file government and tax reports
  • Identified key accounting functions and understood the related accounting reports

Preview

Course Content

Course Content

Course Content

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Syllabus Explorer

Course Certificate

Syllabus

Section 1: Payroll Basics

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Unit 1.1 - Payroll Cycles

Distinguish the various types of payroll cycles that are common used by business and the tasks involved in maintaining them. Recognize the key information to be included on a monthly payroll calendar.

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Unit 1.2 - Timekeeping

Timekeeping is the key piece of data needed to calculate paychecks. Identify the basics of timekeeping, the alternatives for tracking time, and the standards expected of managers and employees to keep time accurately.

Section 2: Hiring Employees

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Unit 2.1 - Defining Employee Types

You can hire a person in several ways:  as a common-law employee, independent contractor, statutory employee, leased employee and someone who is self-employed.  Different types of government reporting is required for each, and the way the company calculates pay and taxes is different for each type of employee.  In this unit we review the employee types, required government forms, and the tax implications of each.

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Unit 2.2 - Government Forms

Once an employee is hired, there are a number of government forms that must be completed.  In this unit we review the forms and how they impact payroll.

Section 3: Payroll Employees

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Unit 3.1 - Salaries versus Wages

Determine the difference between salaries and wages and how these differences impact the paycheck.

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Unit 3.2 - Compensation Alternatives

In this unit we define various alternatives to traditional compensation:  commissions, bonuses, expense reimbursements and golden parachutes.  We show you have each of these alternatives impact the calculation of paychecks.

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Unit 3.3 - Employee Benefits

Companies offer benefits to employees.  In some cases these benefits are the same for all employees and the company pays the entire bill.  But, more often the employee is given benefit options that are paid for by the employer and the employee.  In this unit we look at the most commonly offered benefits and their impact on payroll.

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Unit 3.4 - Payment

Once the paycheck is calculated, the payroll department will actually prepare a payroll to pay each employee during each pay period.  In this unit we identify the different ways employees can be paid and how to manage each payment method.

Section 4: Payroll Deductions and Taxes

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Unit 4.1 - Deductions

Identify deductions that employees must pay, as well as those for third parties, charities, garnishments, loans and union dues payments, and how deductions impact paychecks.

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Unit 4.2 - Taxes

Understand income tax statuses, social security and medicare taxes, non-taxable earnings, and those taxes paid by employers.

Section 5: Government Reporting

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Unit 5.1 - Government Reporting

Employers are both tax collectors for the government, as well as tax payers.  In this section, we differentiate the types of tax deposits a company must make to both state and federal governmental agencies and the reports they must file regarding these tax payments.

Section 6: Payroll Accounting

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Unit 6.1 - Accounting Basics

Payroll staff are usually not responsible for the accounting aspects of entering payroll in the books, but must provide information to the accounting staff. 

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Unit 6.2 - Reports & Controls

Identify the information and reports completed by the payroll staff.  Understand the types of controls the payroll department should institute to avoid fraud.

Section 1: Payroll Basics

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Unit 1.1 - Payroll Cycles

Distinguish the various types of payroll cycles that are common used by business and the tasks involved in maintaining them. Recognize the key information to be included on a monthly payroll calendar.

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Unit 1.2 - Timekeeping

Timekeeping is the key piece of data needed to calculate payslips. Identify the basics of timekeeping, the alternatives for tracking time, and the standards expected of managers and employees to keep time accurately.

Section 2: Hiring Employees

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Unit 2.1 - Defining Employee Types

You can hire a person in several ways:  as a full-time employee, freelancer, contractor, zero hour contract, part-time employee, and agency staff.  Different types of government reporting is required for each, and the way the company calculates pay and taxes is different for each type of employee.  In this unit we review the employee types, required government forms, and the tax implications of each.

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Unit 2.2 - Government Forms

Once an employee is hired, there are a number of government forms that must be completed.  In this unit we review the forms and how they impact payroll.

Section 3: Paying Employees

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Unit 3.1 - Salaries and Wages

Determine the difference between salaries and wages and how these differences impact the payslip.

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Unit 3.2 - Compensation Alternatives

In this unit we define various alternatives to traditional compensation, like commissions and bonuses.  We show you have each of these alternatives impact the calculation of paychecks.

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Unit 3.3 - Employee Benefits

Companies offer benefits to employees.  In some cases these benefits are the same for all employees and the company pays the entire bill.  But, more often the employee is given benefit options that are paid for by the employer and the employee.  In this unit we look at the most commonly offered benefits and their impact on payroll.

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Unit 3.4 - Payments

Once the paycheck is calculated, the payroll department will actually prepare a payroll to pay each employee during each pay period.  In this unit we identify the different ways employees can be paid and how to manage each payment method.

Section 4: Payroll Deductions and Taxes

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Unit 4.1 - Third Party Deductions

Identify deductions that employees must pay, as well as those for child benefit, student loan, other loans, and pensions, and how deductions impact payslips.

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Unit 4.2 - Income Taxes

Identify the different allowances for income tax.

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Unit 4.3 - Preparing Payroll

Identify the steps required to satisfy government regulations.

Section 5: Government Reporting

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Unit 5.1 - Government Reporting

Employers are both tax collectors for the government, as well as tax payers.  In this section, we differentiate the types of tax deposits a company must make and the reports they must file regarding these tax payments.

Section 6: Payroll Accounting

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Unit 6.1 - Accounting Basics

Payroll staff are usually not responsible for the accounting aspects of entering payroll in the books, but must provide information to the accounting staff. 

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Unit 6.2 - Reports & Controls

Identify the information and reports completed by the payroll staff.  Understand the types of controls the payroll department should institute to avoid fraud.

Pricing

Pricing is for 12 months access.

Requirements

Software:

  • Required: none

Completion Time: 3.5 hours (average)

About the Authors

Lita Epstein, MBA

She is author of multiple books including: - Bookkeeping Kit for Dummies, Complete Idiot's Guide to Accounting, Reading Financial Reports for Dummies, Business Owner's Guide to Reading and Understanding Financial Statements, Trading for Dummies and Complete Idiot's Guide to Improving Your Credit Score.

She has an MBA from Emory University's Goizueta Business School where she ran the Accounting Lab and managed the finances for five departments under Facilities Management of the Emory Clinics. She also raised funds as Associate Director of Development for former President Jimmy Carter's international activities.