The Payroll Book: A Guide for Small Businesses and Startups

ISBN-13: 9781119704430 / Angielski / Miękka / 2020 / 320 str.

Charles Read

Spis treści

Preface ixHow to Use this Book ixIcons Used xPart I: Payroll SetupChapter 1: Business Entity 3Corporation 3Partnership 5Sole Proprietorship 6Limited Liability Company (LLC) 7Chapter 2: Employees and Nonemployees 9You 9Family Members 9Employees Versus Independent Contractors 12Statutory Employees and Statutory Nonemployees 19Children 21Volunteers 21Interns 22Religious Workers 24Chapter 3: Earnings 25Salary 25Executive Exemption 33Administrative Exemption 33Professional Exemption 34Highly Compensated Employees 36Additional Guidance 37When an Employer May Make Deductions from Salary Payroll 37Hourly Wage 38Basic Provisions/Requirements 39Piecework 51Training Wage 51Subminimum Wage Provisions 53Other Payroll Categories 54Chapter 4: Deductions 63Voluntary Deductions 63Involuntary Deductions 68Pre-tax Deductions 87Chapter 5: Taxes 95Tax Numbers 96Employee Taxes 97Chapter 6: Tax Penalties 123Chapter 7: Workweek, Pay Period, Payday 129Workweek 129Pay Frequency (Pay Period) 130Payday 131Chapter 8: The Law 133Federal 133FMLA (Family Medical Leave Act) 140Affordable Care Act 145New Hire Reporting 146Labor Posters 151Davis-Bacon and Walsh-Healy 155The Equal Pay Act (EPA) 156Part II: Running a PayrollChapter 9: Collecting Time 161Time Clocks 161Timesheets 165Salaried Employees' Time 165Chapter 10: Calculating Payroll 167Calculate Earnings Hourly 167Overtime If a Staff Member Works Different Positions at Different Rates 169Additions to Earnings 170Reductions to Earnings 171Chapter 11: Paying Your Employee 177Method of Payment 177Wages for Deceased Employees 184Chapter 12: Taxes Depositing and Filing 187Part III: Additional Essential ComponentsChapter 13: Record keeping 191Internal Revenue Service 192Department of Labor 192Family and Medical Leave Act (If You Have 50 Employees or More) 193Title VII of the Civil Rights Act of 1964 and the Americans with Disability Act of 1990 193The Age Discrimination in Employment Act of 1967 194The Immigration Reform and Control Act 194Payroll and Direct Deposit Records in General 195Employee Handbook/Policy Manual 195Medical Insurance 195Chapter 14: Workers' Compensation Insurance 197What is Workers' Compensation Insurance? 197Monopolistic States versus Nonmonopolistic Workers' Comp States 200Cost of Workers' Comp Coverage 200Chapter 15: Payroll Security and Internal Controls 207Manuals and Procedures 207Who Are You Hiring? 209Internal Controls 219Disaster Recovery 221Form 944 222Chapter 16: US Citizens Abroad, Resident and Nonresident Aliens, and Illegal Aliens 223Nonresident Alien Services Performed Outside the United States 224Paying Nonresident Aliens Inside the United States 224Exceptions to Mandatory Withholding of FIT on Nonresident Aliens 226Paying Illegal Aliens 226Chapter 17: Other Issues 231Professional Employer Organization (PEO) 231Human Resource Management or HR 235Escheat 235Technology/Outsourcing 237Federal Laws Based on the Number of Employees 238The Employee Handbook/Policy Manual 242Conclusion 251Appendix: Payroll Tax Calender 253Glossary 255Index 285

O autorze

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.