Intro to Business • HR: Payroll Fundamentals
- Description
- Curriculum
- FAQ
- Reviews
From how to calculate earnings to determining which taxes apply and how to file them, processing payroll can be kind of confusing.
In this course, we use everyday, easy-to-understand language to explain the fundamentals every person responsible for getting payroll processed should understand – whether you’re the person actually doing, a small business owner overseeing someone else, or a student learning the activity.
While this course uses United States information as examples, the information and principles included apply to almost every country in the world.
Successful students will not only grasp how each of the different aspects of payroll process work, they will understand how (and when) those pieces come together resulting in employees receiving actual paychecks.
Throughout the entire course, quizzes and actual working “homework assignments” are used to reinforce the lessons as well as help the student understand what they are grasping or needing to restudy.
Some of the many areas covered in the course include:
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Starting off, students learn the basic legal requirements that must be met before employees start receiving payroll, along with expectations employers should keep in mind when they work with their employees.
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Next, the course delves into how gross pay is determined, whether it’s hourly wages, annual salary, tips, commissions, bonuses, incentives or more. Also, the definition and expectations of Independent Contractors is covered, along with tax forms for these services.
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How often are employees paid and how that affects many different steps of the entire operation.
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Which payroll deductions are Mandatory according to government, versus which ones are Voluntary. How are all those different deductions calculated, collected, matched, and paid.
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Several different tax form types are required to successfully process payroll each pay period and every year.
MANY other lessons are included such as:
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What is Unemployment Insurance and is it paid by the employee or employer?
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Court-ordered Garnishments legally require an employer to withhold an employee’s pay and turn it over to someone else. Understand how and why.
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How does an employer process and prepare an employee’s final paycheck.
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Which records need to be kept and for how long.
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4
The "Basic" BasicsThe most basic elements to understand before processing payroll are explained.
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Three Big Laws
No one expects you to be a lawyer, but there are a few basic laws that need to be in the back of anyone's mind as they process payroll.
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Hiring Requirements
Potential employees need to be able to provide information about themselves. Find out what that information is...
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I-9
Your new employee has proven they're eligible to work. How do you document that?
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Quiz - Section 2
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9
Wages, Salary, And Commissions
Who earns how much? How do you determine the amounts? Find out here.
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10
Pay Periods And Calculating Gross Pay
When's payday? What days does that cover?
Find out how to answer those questions when they come up.
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Bonuses, Incentives, Tips, Piecework
Sometimes employees receive more than just their base pay. Learn what some of those payments are for.
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12
Non-Employee Comp
So you're paying that person to do some work for you... But they're not an employee. What is that considered?
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Homework Assignment - Section 3 -
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Quiz - Section 3
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Introduction To Some Terms
What is Mandatory vs Voluntary deductions? Before we get into that, let's agree on some terms.
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FICA - Social Security & Medicare
These two deductions apply to ALMOST everyone that earns pay. Learn what they are and how they're calculated.
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Income Tax
How many dependents? How much money?
Find out how this whole income tax system works.
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State Disability - if applicable
Currently, there are five states that require employers to pay into this fund. Which ones and why?
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Homework Assignment - Section 4
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Quiz - Section 4
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Gross Pay vs TAXABLE Pay
You don't have to pay taxes on everything that's earned? Why not? Find out here.
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Insurance
At one time, insurance was an "expected" benefit for employees. Now, many of them are expected to help pay for it. Find out how why and that works.
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Cafeteria Plans
The company's buying lunch? NO. That's not what we're talking about here. Find out why Cafeteria Plans allow employees to save some tax money on items of their choice.
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Retirement
We're all aiming to be able to retire. How can voluntary deductions help employees get to that point.
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Union Dues
Helping employees get their Union Dues paid is covered in this short lesson.
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Advances, Purchases, Etc.
Other deductions that could be utilized is covered in this Odds and Ends lesson.
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Homework Assignment - Section 5
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Quiz - Section 5
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Withholdings
It's time to pay the taxes. What money has been held from employees and what money does the employer have to add to that?
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W4
Find out why the W-4 is the form to fill out BEFORE you start processing the employee's payroll.
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W2 / W3
It's the end of the year. Make sure your employees (and the government) know what was paid, withheld, and deducted last year.
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How And When To Submit / 941
You know how much needs to be paid. You know what forms to use. But exactly HOW do you get all that to the government?
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Independent Contractors - 1099 / 1096 / W9
If an individual was paid for services they performed for you, you might need to report that to the government. Find out which forms and how.
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Quiz - Section 6
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Unemployment - State And Federal
Who pays "Unemployment Insurance" and how is it calculated?
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Garnishments
You receive a court order to withhold pay from a specific employee's check. Why? How? And more...
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37
Payroll Services
No, you don't have to do ALL of this yourself. There are companies that will help, if you're willing to pay for it.
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Final Paychecks
You're preparing an employee's final paycheck. What do you need to do and think about?
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Record Keeping
What records you have to keep and how long do you need to keep them? Let's dig into that...
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Certifications In Payroll
Finding payroll processing enjoyable? Consider becoming a Payroll Professional with certification.
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Quiz - Section 7
