Payroll Essay

fraud was committed by someone in the payroll department. I also think if this is not the case, it can be either by an employee submitting fictitious vendor invoices that contain specific banking information to wire funds or by an outsider that knows specifics log in and passwords of the company’s online banking profile, such as someone from the Board Members or someone from an outside accounting firm hired by the company. In the first place, why is the Payroll Department taking care of all vendor

important than with payroll and the ACA. If you do not remain compliant in this important area, it is possible for you to face fines and penalties. For this reason, learning more about ACA and how it affects your payroll is important. Doing so will allow you to know everything you must do to keep both your business and your employees safe from the dangers of doing something incorrectly. Here are just a few of the things to keep an eye out for. Why is Payroll Important? Payroll is the central location

during the Great Depression (Associated Press). The economy effected Social Security’s projection that it would collect $45 billion less in payroll taxes in 2011 than it pays out in retirement, disability and survivor benefits, according to the nonpartisan Congressional Budget Office (CBO). That number almost tripled to $130 billion when the new cut in payroll taxes was included (The Fiscal Times Staff). CBO said in 2010 that Social Security would post surpluses for a few more years before permanently

Oct 3, 2014 The Impact of Payroll Tax Payroll taxes are the federal tax and the state tax contributed by the employer and employee to finance health care, pension, benefits for disability and compensation for the injured employee. Pay roll tax falls under two categories: one deduction from the employee’s wage and another is based on employee’s wage paid by the employer. In the first kind of payroll tax, employer reserve certain fraction of their employee’s earning’s. It is

Have you ever faced a time when making payroll was difficult? That is a common occurrence in many small businesses. Cash is not flowing as expected. Too much money is tied up in inventory. There are tons of accounts receivable pending. But, there is not enough cash to pay the employees. Factoring is one way to make payroll when money is tight. Paying Employees is Not Optional It is very easy to slip into the thinking that paying employees is much like paying any other bill. You can fudge a few

Payroll taxes first appeared numerous years ago and have since evolved, grown, and underwent major changes. Payroll taxes are taxes that are paid by employers and their employees. Payroll taxes are collected by the federal, state, and local governments to fund certain programs or projects. The employee’s tax proportion is typically deducted from the employee’s wages every earning period, and the employer fraction of the payroll taxes are paid directly by the employer and are based upon their employee’s

and Job Creation Act of 2010. This Act instituted a 2% reduction in employee’s payroll taxes. (www.ssa.gov/history) The state of our current Social Security program is that there are fewer workers to fund the Social Security program through payroll taxes due to the decrease in number of birth rates per woman. Simple math shows that less people to contribute equals less money being funded. Social Security payroll taxes were just reduced from 6.2% to 4.2% per worker. To be eligible to receive

one. One such instance this holds true for is when deciding rather it’s time to give an employee a raise or not. We like to reward an employee when they stand out for their extra effort in the workplace, but a raise is not always the best idea. Payroll is an vital part of a company that has

Social Security Tax Taxes are a necessary evil in any civilization. In order to keep the government running and pay for goods and services, like police and a defense force, everyone must pay their fair share so that money can be collected to foot the bill, so to speak. Social Security is one such service. The Social Security program helps seniors to be able to live in retirement and also helps the less fortunate who need government assistance for various reasons. While most citizens

This chapter shows much about payroll, it has many different ideas in how our pay check stubs are reduced. Gives an understanding of how much we can pay in taxes, due to social security, medicare and many more. For those employed it can help if their employer is doing things write when it comes to payrool for its employees. I have learned some elements about payroll before in math for accounting. The basic was being taught. For example, on your w-2’s you can see your dependents and how much is being