Payroll Primer

According to the National Payroll Association, America's payroll professionals contribute, collect, report and deposit approximately 1.7 trillion dollars, or 65.2 percent of the annual revenue of the U.S. Treasury. The process of paying America's workers involves managing the payroll details surrounding the financial records of salaries, wages, bonuses and deductions. Taxes and benefits must be deducted and paid, wages must meet minimum requirements, and retirement funds must be placed into the proper accounts. And all of this must occur within the complicated framework of local, state and federal tax and regulatory requirements.

Ceridian's Payroll Primer begins to explore some of the payroll basics involved with legal, processing and regulatory payroll concerns. Materials included here area drawn from Ceridian's HR and payroll compliance services as well as payroll industry resources.

 

Federal Income Tax (FIT): Payroll Considerations
Income tax withholding is an IRS regulated system that requires employers to deduct an estimated amount of income taxes from taxable wages paid to each of its employees.

Federal Insurance Contributions Act (FICA) - Social Security and Medicare Taxes: Payroll Considerations
Social Security payroll taxes are collected under the authority of the Federal Insurance Contributions Act (FICA). As a result, the related payroll taxes are sometimes called "FICA taxes."

Federal Unemployment Tax: Payroll Implications
The Federal Unemployment Tax Act (FUTA) provides the legislative authority for the federal government to collect taxes from employers to fund unemployment compensation programs at the state level. Employers in every state must pay unemployment taxes under the Act.

Payroll Tax Deposits, Filing and Reporting
The IRS is strict about the timely depositing of taxes withheld from payroll. Employers have schedules to follow, and noncompliance leads to tough penalties.

Worker Status: Payroll Implications
Determining worker status is critical to administering payroll correctly. Furthermore, the way payroll checks are processed depends on whether the worker is truly an employee, and if so, on whether he or she has exempt status.

Wages and Hours - Fair Labor Standards Act: Payroll Implications
The federal Fair Labor Standards Act encompasses several areas of concern to payroll professionals.

Wages and Hours - Minimum Wage and Overtime Exemptions: Payroll Implications
Not all employees are entitled to minimum wage or overtime pay. This section of Wages and Hours provides HR and payroll professionals with details the myriad payroll issues surrounding a determination of who is entitled to minimum wage and over time pay and who is not.

Wages and Hours - Minimum Wage: Payroll Implications
Minimum wage details for payroll professionals.

Wages and Hours - Compensation: Payroll Implications
Determining employee payroll compensation can be a complicated process involving meal and break periods, on-call time and training time.

Wages and Hours - Overtime: Payroll Implications
Strict rules and regulations govern all aspects of overtime pay, including how to compute it, what's consider unauthorized overtime, and scheduling the workweek.

Learn more about Ceridian's Payroll and Human Resources services.

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