About This Chapter
Payroll Processes & Laws - Chapter Summary
If you need help understanding various payroll processes and laws, you've reached the right place! This chapter takes a close look at payroll tax, common payroll issues, wage and hour laws and much more. Reviewing our entertaining lessons will enable you to do the following in a short period of time:
- Discuss the terms and practices of the departmental payroll system
- List the roles and responsibilities of the payroll staff
- Describe how payroll processes and systems are used
- Explain how departmental payroll records in accounting are completed
- Detail the laws and regulations of compensation and benefits
- Share how wages for workers' compensation and fringe benefits are calculated
- Identify and discuss the laws and restrictions surrounding wage garnishment
This chapter serves as a fantastic study resource for individuals strapped with a busy schedule. All lessons are available 24/7 via any computer or mobile device, enabling you to study anytime and anyplace your schedule permits. Access the lessons you feel will help you best understand payroll processes and laws, and test your knowledge of their contents by taking accompanying quizzes. Get a broader review of the lessons by taking the practice chapter exam.
1. Departmental Payroll System: Terms & Practices
After reading this lesson, you will understand how you end up with a paycheck from your company's payroll department every pay period. Learn how they know how much to deduct and how much to pay you.
2. Payroll Staff: Roles & Responsibilities
Payroll staff are an important part of every business. This team ensures that employees are compensated for the correct amount and on the designated date. These staff members also need to have some understanding of general accounting practices. Read on to learn about some common payroll team responsibilities.
3. Using Payroll Processes & Systems
Payroll processing is a task completed by Finance and Human Resources departments. This lesson reviews the systems and processes used to complete payroll.
4. Completing Departmental Payroll Records in Accounting
Entering payroll information correctly into your accounting system is extremely important so your financial records are accurate. An accurate financial record may be in less danger of being audited.
5. What is Payroll Tax? - Definition & Example
This lesson will define the payroll tax and explore the various types of payroll taxes. Also, an example that looks at payroll taxes from the viewpoint of the employee will be provided.
6. Wage and Hour Laws: Overview of the Fair Labor Standards Act
Most people work for others to make a living by trading their labor for a wage and other benefits. In this lesson, you'll learn about the Fair Labor Standards Act and the minimum standards it sets for certain labor practices.
7. Compensation & Benefits: Laws & Regulations
Compensation and benefits are two of the hottest topics in the job market, but do you know what they are? In this lesson, you'll learn what compensation and benefits are and explore laws that affect them both.
8. Calculating Wages for Workers' Compensation & Fringe Benefits
Workers' compensation covers medical bills and wage loss due to work-related injury or illness. This lesson shows how to calculate lost wages and how fringe benefits impact that calculation.
9. Laws & Restrictions Around Wage Garnishment
The process of wage garnishment compels an employee to pay owed debts through payroll withholding but is subject to a number of protections and limits. Let's review the highlights of relevant wage garnishment laws and restrictions.
10. Common Payroll Issues
Payroll can be biggest expense for a company, however, it's complicated and error-prone. This lesson reviews the most common issues in payroll and explains how they can affect an employee's pay.
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Other chapters within the Certified Payroll Professional (CPP): Exam Prep & Study Guide course
- Employee Classification
- Calculating Employee Paychecks
- 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