Payroll Answer Book gives payroll professionals guidance on what steps they need to take to comply with the laws and regulations governing payroll. The Q&A format helps you quickly and easily find answers to all of your employees' payroll questions.
From both a legal and practical standpoint, broad and deep coverage is given to:
- Payroll implications of the wage and hour law
- How to handle the federal employment taxation of benefits offered to employees
- Computing and paying payroll taxes
- How to handle garnishments and other deductions
- How to determine whether workers are employees or independent contractors
- What records must be kept
- What the benefits and disadvantages of direct deposit of employees' wages are
- How to treat sick pay
- How to handle a merger or acquisition
- What to ask when employees work abroad
In addition to answering the full range of payroll questions, the Payroll Answer Book contains abundant examples that illustrate necessary calculations.
The 2012 Edition of Payroll Answer Book brings you up to date on the latest federal law and regulatory changes. Highlights include:
- What legislative changes will affect Payroll in 2012 and beyond
- How to complete the 2012 W-2 form
- The changes to Form 941
- 2012 withholding allowance amounts per pay period
- An example illustrating withholding for a 2012 levy
- When must an employer reject an income withholding order
- The 2012 figures used to withhold federal income tax from wages paid to nonresident aliens
- The electronic options to receive and respond to income withholding orders for support from the state
- Continuation of the decreased Social Security tax rate for employees
- The FUTA tax rate
- The 2012 indexed amounts for adoption assistance, mileage allowance, high-low per diem rates, pension limits, and qualified transportation fringe benefits
- The 2012 personal exemption and standard deduction amounts needed to compute exemption from tax levies
- What additional duties may apply when an employee who is subject to child support withholding receives a bonus, back-pay award, or other lump-sum payment
- IRS clarification about the employment taxability of employer-provided cell phones
- Which states had their employers experience a credit reduction for 2011
- Update on data privacy requirements in international payroll
- Expanded list of steps employers should take in processing garnishments
- Exception to the rule to provide periodic statements for pay card accounts
- Updated SIFL rates
- New threshold and updated example for withholding on gaming profit payments made to Indian tribal members
- IRS discontinuance of Attributable Tip Income Project program for employers
- Reporting of the cost of employer-provided health care in a merger or consolidation
- Updated state directories for labor, income tax withholding, and employment security agencies
- What information is included in a notice of garnishment or assignment
- New requirement about remitting withheld child support to an SDU
- New statistics on whysome employees opt for direct deposit of their pay
- New address for filing Schedule D
- Updated state direct deposit requirements
- When must a successor or predecessor furnish an accelerated W-2 to a California employee who is terminated before the close of the year
- Why there may be a need to pay off-cycle in Latin America and Europe
- What form must be filed by religious organizations to exempt their members from FICA taxes
- 2012 example of annualized wages method
- Options for employers that can no longer participate in the ATIP program
- 1. Overview
- New Employees
- Wages
- Deposits
- Other Depositors
- Guidance
- 2. Computing Tax Withholding
- Employer Responsibilities
- Federal Insurance Contributions Act
- Federal Income Tax Withholding
- Form W-4
- Withholding Methods
- Wage-Bracket Method
- Percentage Method
- Annualized Wages Method
- Part-Year Employment Method
- Cumulative Wages Method
- Average Estimated Wages Method
- Additional Withholding Requirements
- Supplemental Wage Payments
- Wage Payments to Family Members
- Indians and Gaming Profits
- Special Employer Classifications
- Tipped Employees
- Independent Contractors
- Backup Withholding
- Earned Income Credit
- Form W-5
- The Common Paymaster
- Taxation and Reporting for the Deceased
- Penalty Assessment
- Disregarded Entities
- Getting IRS Assistance
- 3. Federal Unemployment Insurance
- Employers Defined
- Wages Subject to FUTA Tax
- Special Classes of Employment
- Calculating FUTA Tax
- Controlling Unemployment Costs
- Title XII Loan
- Paying FUTA Taxes
- Form 940: Employer's Annual Federal Unemployment (FUTA) Tax Return
- Penalties
- Financing State Benefits
- Benefit Eligibility
- 4. Depositing and Reporting Federal Income and FICA Taxes
- Employer Identification Number
- Deposit Schedules and Deadlines
- Electronic Deposits
- Filing Requirements
- Form 941
- Corrections to Form 941
- Form 943
- W-2 Forms
- Tip Reporting for Large Food or Beverage Establishments
- Corrections to Form W-2
- Penalties
- Special Reporting Situations
- 5. Direct Deposit
- Processing Direct Deposit
- State Law
- Common Concerns for Employers and Employees
- International Payments
- 6. Employees and Independent Contractors
- Independent Contractors
- Worker Classification
- Employee Status
- Specific Occupations and Industries
- Statutory Classifications
- Misclassification of Workers
- Section 530 of the Revenue Act of 1978
- Classification Settlement Program
- Assistants of Independent Contractors
- Temporary Workers
- Benefit Plans
- Leased Employees
- 7. Garnishment and Other Deductions
- Overview of Federal Garnishment Law
- Child Support Orders
- Medical and Spousal Support
- Disposable Wages (CCPA)
- New-Hire Reporting
- Multiple Garnishments
- Student Loans
- Administrative Wage Garnishment (AWG)
- Pay Periods
- Federal Tax Levies
- Voluntary Wage Assignments
- Fair Labor Standards Act
- 8. The Fair Labor Standards Act
- Coverage - Jurisdiction
- Exemptions
- How to Achieve Compliance
- Penalties
- Federal Government Contracts
- Other Laws Affecting Employer–EmployeeRelationship
- Equal Pay Act
- WARN Act
- 9. Benefits Treated as Compensation
- Fringe and Employee Benefits: General Overview
- Withholding Requirements: Taxable Fringe Benefits
- Reporting of Fringe Benefits
- Reimbursements for Business Expenses
- Accountable Business Expense Reimbursement Plans
- Achievement Awards
- Adoption Assistance
- Advances and Loans
- Athletic Facilities
- De Minimis Awards
- Back-Pay Awards
- Bonus Payments
- Cafeteria Plans
- Cellular Phones
- Chauffeur Services
- Club Dues
- Company Aircraft or Vehicles
- Special Valuation Methods
- Dependent Care
- Director Fees
- Disability (Insured) Benefits
- Domestic Partner Benefits
- Eating Facilities
- Educational Assistance
- Employee Business Expenses
- Employer Payments to an Employee's Estate
- Family and Medical Leave Act
- Flexible Spending Accounts
- Frequent Flyer Miles
- Fringe Benefits
- Gifts to Employees
- Golden Parachutes
- Group-Term Life Insurance
- Health Care Benefits
- Idle-Time Payments
- Income Tax Services
- Interviewee Expenses
- Jury Pay
- Leave Sharing
- Legal (Group) Benefits
- Life Insurance (Non-Group-Term Insurance and Split-Dollar Insurance)
- Long-Term Care Benefits
- Meals and Lodging
- Medical Savings Accounts
- Moving Expenses
- Nondiscrimination Requirements
- Nonqualified Deferred Compensation
- Outplacement Services
- Pension and Profit Sharing Plans
- Scholarships and Fellowships
- Severance Pay
- Spousal Travel
- Stock and Stock Options
- Supplemental Unemployment Benefits
- Tax-Deferred Annuities
- Taxes (Employees' Share) Paid by Employer
- Tool Allowances
- Transportation Fringe Benefits
- Tuition Reduction Benefits
- Uniform Allowances
- Workers' Compensation Benefits
- W-2 Reporting for 2010
- 10. Sick Pay
- Federal Income Tax Withholding
- FICA and FUTA Taxes
- Forms W-2 and W-3
- Employee-Paid Benefits
- State Disability Insurance Plans
- 11. Required Recordkeeping and Record Retention
- FLSA Record Retention
- IRS Employment Records
- I-9 Record Retention
- Other Federal and State Requirements
- Machine-Sensible Records
- Employee Privacy Concerns in Recordkeeping
- Summary of Retention Requirements
- 12. Mergers, Acquisitions, Divestitures, and Other Business Restructurings
- Federal Payroll Rules for Statutory Mergers and Consolidations
- "Statutory Mergers and Consolidations" Defined as "A" Reorganizations
- Federal Income, FICA, and FUTA Tax Compliance for Statutory Mergers and Consolidations
- Form 941 Requirements for Surviving Corporations
- Matters to Be Resolved in Filing a Final Form 941 under Current Rules
- Impact of Mid-Quarter Effective Dates
- More about Schedule D (Form 941)
- Statutory Mergers and Consolidations: Employee Forms W-4 and W-5
- Year-End Filing in Statutory Mergers and Consolidations: Forms W-2
- FUTA and Form 940 for Statutory Mergers and Consolidations
- Special Recordkeeping and Due Diligence Needs in Statutory Mergers and Consolidations
- Common Pay Agents
- Federal Successor Employer Rules
- Standard Procedure
- Alternate Procedure
- Successor Employer Rules for FUTA and Form 940
- Transactions Outside the Successor Employer and Statutory Merger Rules
- Partnerships and Disregarded Entities
- Section 530 Relief - Safe Harbor for Independent Contractor Status
- FICA Exemptions for Nonprofit Organizations in M&A Events
- Federal Employer Identification Numbers
- Filing Forms 1099 Series in an M&A Event
- State Issues for M&As
- State Tax Identification Numbers
- Other Concerns
- Qualified Retirement Plans
- Federal CP 253 and CP 102 Notices and Other Agency
- Inquiries in Context of Change of Ownership
- Compensation Benefits
- Administration and M&A Events
- 13. Paying Employees Abroad
- Legal Requirements
- Employment Contracts
- Time Reporting
- Payment of Wages to Foreign Workers
- Benefits
- Time Off
- Taxes
- Year-End Processing
- Accountability
- APPENDIX A: Directory of State Labor Departments
- APPENDIX B: Directory of State Agencies Dealing with Income Tax Withholding
- APPENDIX C: State Employment Security Agencies Dealing with State Unemployment Insurance Tax Programs
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