Business Basics #1: Payroll Fundamentals

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Understand the Basics of Processing Employee Payroll

What you'll learn
Master the basic information required for payroll process
Understand what is required for an employee to be legally hired and paid for their work
Learn the process for calculating gross pay when using hourly wages, salary, commissions, and more
Grasp the difference between Mandatory and Voluntary deductions from an employee's paycheck
Work through the entire process of calculating earnings, deductions, and net pay for employees

Requirements
As long as you understand addition and subtraction, you're ready to take this course!

Description
From how to calculate earnings to deteing 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 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: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.Next, the course delves into how gross pay is deteed, 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.How often are employees paid and how that affects many different steps of the entire operation.Which payroll deductions are Mandatory according to government, versus which ones are Voluntary. How are all those different deductions calculated, collected, matched, and paid.Several different tax form types are required to successfully process payroll each pay period and every year.MANY other lessons are included such as:What is Unemployment Insurance and is it paid by the employee or employerCourt-ordered Garnishments legally require an employer to withhold an employee's pay and turn it over to someone else. Understand how and why.How does an employer process and prepare an employee's final paycheck.Which records need to be kept and for how long.

Overview
Section 1: Course Intro

Lecture 1 Introduce The Course

Lecture 2 Meet The Instructor And Resources

Lecture 3 Tips For The Experience

Section 2: New Employees

Lecture 4 The "Basic" Basics

Lecture 5 Three Big Laws

Lecture 6 Hiring Requirements

Lecture 7 I-9

Section 3: Employee Pay

Lecture 8 Wages, Salary, And Commissions

Lecture 9 Pay Periods And Calculating Gross Pay

Lecture 10 Bonuses, Incentives, Tips, Piecework

Lecture 11 Non-Employee Comp

Section 4: Mandatory Payroll Deductions

Lecture 12 Introduction To Some Terms

Lecture 13 FICA - Social Security & Medicare

Lecture 14 Income Tax

Lecture 15 State Disability - if applicable

Section 5: Voluntary Payroll Deductions

Lecture 16 Gross Pay vs TAXABLE Pay

Lecture 17 Insurance

Lecture 18 Cafeteria Plans

Lecture 19 Retirement

Lecture 20 Union Dues

Lecture 21 Advances, Purchases, Etc.

Section 6: Tax Reporting

Lecture 22 Withholdings

Lecture 23 W4

Lecture 24 W2 / W3

Lecture 25 How And When To Submit / 941

Lecture 26 Independent Contractors - 1099 / 1096 / W9

Section 7: "Other Stuff"

Lecture 27 Unemployment - State And Federal

Lecture 28 Garnishments

Lecture 29 Payroll Services

Lecture 30 Final Paychecks

Lecture 31 Record Keeping

Lecture 32 Certifications In Payroll

Section 8: Now What

Lecture 33 Bonus Lecture

Business owners, employees, and students Anyone wanting to better understand how payroll works from the fundamentals up.

HomePage:

https://www.udemy.com/course/payroll-fundamentals/

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