Group Term Life: Sid Born March 25, 1953 Age 55 – 59: $.43 per $1,000 of excess coverage per month Annual Salary = $80,000 Employer provided life insurance.

Slides:

Advertisements

Similar presentations

Massachusetts HC Reform November 29, The Context The problem of the “uninsured” and “underinsured” is perennial issue Clinton Health Security Act.

Advertisements

Determining Payroll Deductions

Imperative Payroll Calculations David Diaz 6/19/2014.

Financial Accounting, Sixth Edition

© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater Calculating Pay and Payroll Taxes: The Beginning of the.

Tax Vocabulary. Gross Pay The amount of money you earn each pay period.

Chapter Eight Employee Earnings and Deductions Accounting Is Fun! Performance Objectives 1.Calculate total earnings based on an hourly, piece-rate,

ORIENTATION AMFASOFT CORPORATION 1.  Employees V. Nonemployees  Federal and State Wage-Hour Law  Paying Employees under Federal Law  Employment Records.

Warm up Joe’s employer pays 60% of his annual medical insurance premiums. The total annual cost per employee is $5,000. Joe is paid bi-weekly. What dollar.

Frank Wood and Alan Sangster, Frank Wood’s Business Accounting 1, 12 th Edition, © Pearson Education Limited 2012 Slide 21.1 Chapter 21 Employees’ pay.

W-2’s & Other Tax Reporting John M. Lauer, MST State & Local Government Tax Specialist Internal Revenue Service.

Plan for Today Class Presentations Other Group Insurance Life Disability Cafeteria Plans A Few Words about Grading Course Evaluation.

Long Term Disability Insurance Chapter 51 Employee Benefit & Retirement Planning Copyright 2009, The National Underwriter Company1 What is it? An employer-sponsored.

Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 9 Employee Earnings, Deductions, and Payroll.

20-1 General Nature of Disability Income Insurance 1.Provides periodic payments to person insured when he or she is unable to work because of injury or.

 Employer provided group term life insurance in excess of $50,000 for employees is considered by the Internal Revenue Service (IRS) to be a benefit that.

Preparing Payroll Records

Chapter 13 Preparing Payroll Records. Salary The money paid for employee services.

Chapter 12 Preparing Payroll Time Cards. 2 L 12-1 Paying Employees page 341 Money paid for employee services is called a salary. The period covered by.

Preparing Payroll Records Preparing Payroll Time Cards Salary – money paid for employee services Pay period – period covered by a salary payment.

Chapter 2 Income, Benefits, and Taxes

Keeping Your Job and Employee Pay Benefits. Becoming Employed.

Income Tax Withholding Unit 5 Chapter 4 in Your Textbooks.

Payroll Computations, Records, and Payment

Objectives: -List and discuss types of earned income, such as wages, salaries, tips, and commissions. -Discuss the advantages and disadvantages of self-employment.

© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

GOALS BUSINESS MATH© Thomson/South-WesternLesson 7.3Slide 1 7.3Disability Insurance Calculate disability insurance benefits.

Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Computing Gross Pay Calculating Gross Earnings Section 12.1 gross.

1 Overview Bencor Special Pay Plan (DROP Participants) For Employees of the School District of Lee County.

PowerPoint® Slides to accompany Basic Bookkeeping, Seventh Edition Prepared by JD Chazan CPA, CA National Taiwan University 10-1 Copyright © 2015 by Nelson.

Payroll Accounting, Taxes, and Reports

1 Overview Bencor Special Pay Plan For Employees of the School District of Lee County.

Employee Handbook and Human Resource Management Policies Page 1 : Cover page – include company name, logo, slogan, address, ‘EMPLOYEE HANDBOOK Page 2:

Academic Disability Program Provost’s Department Chairs Leadership Program Human Resources Office of March 26, 2009.

Copyright © 2015, 2011, and 2007 Pearson Education, Inc. 1 Chapter 6 Payroll Section 3 Social Security, Medicare, and Other Taxes.

Unit 9 Federal Payroll and Tax Returns McGraw-Hill/Irwin Copyright © 2006 The McGraw-Hill Companies, Inc. All rights reserved.

23 - 1Copyright 2008, The National Underwriter Company Taxation of Individual Disability Income Insurance  What is it?  Policy that provides benefits.

Sick Pay (Short Term Disability) Chapter 50 Employee Benefit & Retirement Planning Copyright 2009, The National Underwriter Company1 What is it? A plan.

All business will insure their business against loss. This is normally a big expense for a business. It is a contract between 2 parties – the insurer.

LESSON 12-1 Preparing Payroll Time Cards

4.01 FORMS OF COMPENSATION / PAY. MONETARY COMPENSATION Wage - The amount of money paid for a specified quantity of labor. Salary - A set amount of money.

G1 © Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck Funded by a grant from.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 12-2 Determining Payroll Tax Withholding Original created by M.C. McLaughlin, Thomson/South-Western.

© 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Understanding Paychecks Where Does Your Money Go?.

Chapter 4: Payroll Benefit Basics Payroll Source FPC Review Course 2014 Presented by: Mary Lou Sipple, CPP 1.

NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image. Getting.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1 Completing Payroll Records for Employee Earnings and Deductions.

Basic Goals of Payroll System  Prepare and issue payroll checks  Produce records for accounting purposes and reporting to government and management.

Payroll Unit Terms Write down as many payroll terms or payroll taxes that you can think of in 2 minutes. Ready, Set, Go!

Tax Forms & Deductions. Net Income vs. Gross Income Gross income is the total amount a worker is paid before any required or voluntary deductions are.

NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image. Getting.

EARNED INCOME #1 WHERE DO PEOPLE RECEIVE MONEY?  Working  Investments  Government transfer payments.

FORMS OF INCOME Wage Minimum Wage Piecework Income Salary Commission Tips Bonus.

G1 © Family Economics & Financial Education – February 2006– Get Ready to Take Charge of Your Finances – Planet Paycheck – Slide 1 Funded by a grant.

Chapter 2 Net Income (page 114)

GLENCOE / McGraw-Hill. Payroll Computations, Records, and Payment.

2.1 F EDERAL I NCOME T AX FIT: (Federal Income Tax) is money withheld by employers. Required by law Amount is dependent on how much is made Taxes are used.

Income Taxes for Individuals Calculated as a percent of your taxable income Taxable Income = Gross Pay - Pre-Tax Deductions (examples: retirement plan.

Lesson 1: Reading a Pay Stub. Objectives: Identify sections of a pay stub Determine how to calculate net pay Recognize various paycheck deductions.

My Paycheck Chapter 3. Types of Income Earned Income – Money received from working. Six types: wages, tips, salaries, bonuses, commissions, royalties,

LESSON 12-1 Preparing Payroll Time Cards

Calculations All Sections.

Calculations All Sections.

Calculations Employees Working Abroad and Aliens in the U.S.; Federal Wage Hours Laws; Taxable and Nontaxable Compensation; Health, Accident, and Retirement.

Flexible Spending Arrangement (FSA)

Types of Insurance Advanced Level.

Calculations Employees Working Abroad and Aliens in the U.S.; Federal Wage Hours Laws; Taxable and Nontaxable Compensation; Health, Accident, and Retirement.

Presentation transcript:

Group Term Life: Sid Born March 25, 1953 Age 55 – 59: $.43 per $1,000 of excess coverage per month Annual Salary = $80,000 Employer provided life insurance coverage = $40,000 Taxable Income = ?

Group Term Life: Sam Born March 25, 1953 Age 55 – 59: $.43 per $1,000 of excess coverage per month Annual Salary = $80,000 Employer provided life insurance coverage = 2 x Annual Taxable Income Per Month = ? Taxable Income reported on W-2 = ? Reported in W-2 Box _?_ Using Code _?_

Personal Use of Auto: Annual Lease Valuation Total miles = 25,000 Business miles = 20,000 Personal miles = 5,000 Annual Lease Value from table = $8,250 Employer provides fuel Taxable amount included on W-2 = ? Additional amount for Employer provided fuel = ? Reported in Boxes ___, ___, ___ on W-2

An employer provides educational assistance to its employees through a qualified educational assistance program. Employees are reimbursed for tuition costs after successfully completing their course work. A member of the payroll staff has enrolled in extension courses to complete her undergraduate degree in accounting. Based upon the following reimbursement information, calculate the amount of income that is subject to withholding and must be reported on the employee's Form W-2 for If no income should be reported, enter 0. Tuition Date Reimbursed Class 1 $1, /15/2014 Class 2 $2, /31/2014 Class 3 $1, /30/2014 Taxable income =

Stormy Inc. rewards its employees with awards for length of service. The award program is described in Stormy Inc.'s Employee Handbook and does not discriminate in favor of highly compensated employees. A member of the payroll team has been employed by Stormy Inc. for 10 years and during 2014 received his first award, a gold watch valued at $ Calculate the amount of the award that will be included in the employee's income. If the award is not taxable, enter 0. Taxable Amount of Award =

An employee is injured in a non-job-related accident. Her employer has a short-term disability plan to which employees contribute through an after-tax payroll deduction. Over the past three years, the company contributed $28, in premiums to the policy. Total premiums for the same period are $80, The injured employee is paid biweekly and receives $1, in disability pay each pay period. Calculate the amount of disability pay that is subject to federal income tax. Taxable income =

During the holiday season, Stormy Inc. provides all employees gift cards with a face value of $25.00 that can only be used in selected grocery stores for purchases of non-alcohol and non- tobacco products. Determine the value of the gift card that must be included in all of Stormy Inc.'s employees' income. If the gift card is not taxable, enter 0. Value of gift card to include in income =

As the result of a non-job-related injury on February 15, 2014, an employee receives $1, per week in sick leave benefits for which the employer has paid the entire premium. Assume that the employee has not reached the social security wage base. Calculate the social security tax withholding on the sick leave payment for July 15, If no tax applies, enter 0. Social security tax =