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- Question
What are Payroll source documents?
- Correct Answer
- The Payroll source documents are the employee Time Sheets (or equivalent) that record when the employee worked and generally what they did These records are subject to audit by the Labor Department, EEOC and probably others that I haven't encountered These should be bound into a Payroll Source Document folder However, there are other employee documents that need to be retained, eg, their original employment application, employee reviews (if you do them),that record their federal/state tax exemption choices,reporting their annual wages and withholdings, etc These can be filed in separate Employee files (by employee name or number) -- or simply integrated into the Payroll Source Document folders (in the week in which they occur) I very much favor the latter -- especially if you're doing computer accounting -- in keeping with my "always file chronological" bias
- 1. What report are provided to accounting dept. from payroll every month? What reports are generate at end month, qtr & year end in payroll dept? Discuss
- 2. Who is contingent worker? can we run payroll for a contingent worker? Discuss
- 3. How to define payroll? Discuss
- 4. What are the benefits achieved by computerized payroll system? Discuss
- 5. Can You Describe Typical IRS Forms Such as Form W-2 and W-4? Discuss
- 6. What is Payroll Journal? Discuss
- 7. What is Payroll transaction? Discuss
- 8. What are payroll inputs? Does it changes from company to company? Discuss
- 9. What are the benefits achieved by payroll giving? Discuss
- 10. What are the general deductions made while doing payroll for an employee in an organization? Discuss
Accounting and Finance problems
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Correct Answer: For making accounting entries the accounting dept will need the total transactions of the particular payroll run grouped into various expenditure/liability/Income items like salary,loans,ees pension,ers pension,tax, PF/NI etc This information should be employee wise & relevant cost center of the employee(in a large organisation) Mostly payroll will have expenses/liabilities only Few payrolls might have Income also To be specific to the reports bit of your question following reports are produced 1) Net pay reconciliations report 2) Deductions report comprising all voluntary and non voluntary deductions 3) Payments report 4) Costing report 5) Exceptions report 6) High pay salary report 7) No pay salary report
Correct Answer: Contingent or temporary workers have little or no job security as their employment is based on a temporary Contingent workers are not committed to the organization for a long run, as they know that they will be out of there in very short period of time
Correct Answer: Payroll is defined as its a remuneration given for work done by individuals on daily,monthly,weekly etc
Correct Answer: With the computerised payroll systems - =>You saved a lot of your time, =>Your accuracy and efficiency is increased by many times =>Your are free from small and small human mistakes in calculation and linking etc =>Once master data is updated(CTC,Reimbursement), rest is taken care by the systems once input is given as and when salary is processed =>Better control is exercised
Correct Answer: Payroll administrators process payroll tax information IRS forms W-2 and W-4 provide employers with the information needed to withhold income taxes from employees' wages Familiarity with these forms ensure the candidate understands how to properly prepare these documents
Correct Answer: A payroll journal is like a payroll register It has salary, bonuses, commission in other words earnings, any deductions such as 401k, fsa etc, state and income taxes etc It shows the gross salary less any deductions "Net pay" for the period
Correct Answer: Payroll Transaction is nothing but the calculation of salary for a month / week / day of an individual / group of employees depends upon the attendance / variable inputs / other benefits / salary component and generate the reports for IT / Statutory / PT payments
Correct Answer: Payroll input includes: Monthly,Qtrly,Yearly payments,adjustements, recoveries etc Inputs can be received either from HR or finance or both Current month New joinees, resignees recovery's etc Yes, inputs changes company to company
Correct Answer: Payroll Giving enables employees to give to any UK charity straight from their gross salary (before tax is deducted), giving immediate tax relief of up to 40% on their donations
Correct Answer: Professional Tax ESI PF Recoveries Advances if any
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