Accounting for Payroll: A Comprehensive Guide (Hardcover)

The most comprehensive resource available on the subject, Accounting for Payroll: A Comprehensive Guide provides up–to–date information to enable users to handle payroll accounting in the most cost–effective manner.

From creating a system from scratch to setting up a payroll department to record–keeping and journal entries, Accounting for Payroll provides the most authoritative information on the entire payroll process. Ideal for anyone new to the payroll system or as a skill–honing tool for those already immersed in the field, this hands–on reference provides step–by–step instructions for setting up a well–organized payroll system or improving an existing one.

Accounting for Payroll focuses on the main issues of payroll, including the overall set of policies, procedures, controls, best practices, and measurements that comprise a payroll system; the processing of specific transactions, encompassing compensation benefits, taxes, and deductions; and other related issues. The book closes with reference–oriented discussions of laws, government publications and forms, Internet sources, and a dictionary of payroll terms. Complete coverage addresses:

• Outsourced and in–house payroll systems for both manual and computerized systems
• Detailed policies and procedures for the primary payroll functions, which can be easily adapted to suit individual circumstances
• Highly efficient payroll best practices
• Measurements for determining the efficiency of the payroll function, as well as a number of payroll reports not normally found in the standard report package accompanying most payroll systems
• The calculations and related regulations for a number of payroll deductions related to asset purchases, charitable contributions, child support, pay advances, tax levies, and other items
• Payroll issues related to employee benefits, including cafeteria plans, insurance, pension plans, sick pay, stock options, and workers’ compensation
• Specific procedures for paying employees, covering cash, check, and direct deposit payments, as well as state regulations related to the frequency and timing of both regular and termination payments to employees
• The structure of the federal unemployment tax system, the calculations of unemployment taxes at the state level, and the completion and proper depositing of related tax forms
• Every payroll–related journal entry a payroll staff is likely to need, including accruals for benefits, bonuses, vacations, and wages, as well as cafeteria plan transactions and manual payroll checks
• Twenty–one payroll–related laws impacting the payroll department
• Payroll issues related to the employment of U.S. citizens in foreign countries
• Step–by–step instructions for setting up and fine–tuning the payroll department
• The primary IRS publications and forms that a payroll department is most likely to use, as well as the lesser requirements imposed by several other government agencies