About This Chapter
Calculating Employee Paychecks - Chapter Summary
Engaging lessons in this chapter can help you grasp the basics of calculating employee paychecks. Use these lessons to closely examine payroll cost calculations, shift differentials, overtime laws and regulations and other related topics. Once you've completed this chapter, you will have the knowledge to:
- Describe the methods and timing of employee payment
- Detail the laws, requirements and exceptions of minimum wage
- Share the meaning of FICA tip credit and explain how it is used to calculate wages
- List and describe wage laws for nursing home and hospital employees
- Define special payroll payment
- Discuss special considerations for overtime law and pay for public sector employees
- Explain the factors and process of calculating overtime
- Provide the definition of and detail how to calculate net pay
Customize your review of this chapter based on your current understanding of ways to calculate employee paychecks. Choose any lessons that can help you better understand this subject, navigate them in your sequence of choice, and visit them as often as you'd like. When ready, check your knowledge of the lessons by taking multiple-choice quizzes. If you need to clarify specific topics covered in this chapter, be sure to send your questions to our experts.
1. Payroll Cost Calculations
Watch this video lesson to learn how the money you earn from a job, your paycheck, is calculated based on the number of hours you have worked. Also learn how taxes are calculated as well as overtime pay.
2. Employee Payment: Methods & Timing
Anyone with a job gets a 'paycheck,' but how and when that 'paycheck' is delivered may vary. In this lesson, we'll discuss how the timing of payroll and the method of payment may differ between companies.
3. Minimum Wage: Laws, Requirements & Exceptions
The federal minimum wage is under eight dollars per hour, but states also have minimum wage laws. Which one applies when they conflict? This lesson will cover this as well as the working Americans who are not covered by minimum wage laws and may be paid less.
4. Calculating Wages with FICA Tip Credit
The FICA tip credit was established to encourage employers to accurately report the tips their employees make. In this lesson, we'll take a look at how the FICA tip credit works, including how it is calculated.
5. Wage Laws for Nursing Home & Hospital Employees
There are specific laws about how a nursing home or hospital employee's wages should be calculated and what activities for which the employee is due pay. This lesson will cover these, and how they are different from pay rules for other types of employee.
6. Shift Differentials: Definition & Payroll Calculations
In this lesson, we will define shift differential pay and learn how to calculate it in payroll. We will also discuss its uses in different industries and the federal laws by which shift differentials have to follow.
7. Overtime Laws & Regulations
This lesson will describe what overtime is, and how it is regulated at the federal and state levels, as including differences in state and federal requirements.
8. Overtime Pay & Laws for Public Sector Employees
The U.S. Department of Labor and the state labor departments regulate and enforce the laws concerning employee pay and overtime rules. The lesson discusses the labor laws concerning federal, state, county and city employees.
9. What Is Net Pay? - Definition & How to Calculate
This lesson will define net pay, a term typically used by working individuals. How to calculate net pay will be explained, and an example will be explored.
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Other chapters within the Certified Payroll Professional (CPP): Exam Prep & Study Guide course
- Payroll Processes & Laws
- Employee Classification
- Payroll Withholding & Deductions
- Employer Benefit & Contribution Plans
- Taxable & Nontaxable Employee Benefits
- Preparing, Depositing & Reporting Taxes
- Payroll Accounting Overview
- Payroll Audits & Internal Controls
- Managing a Payroll Department
- Certified Payroll Professional (CPP) Flashcards