visual basic barcode generator BOOKKEEPING AND ACCOUNTING in Java

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104 BOOKKEEPING AND ACCOUNTING
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The amounts withheld for either income tax or FICA represent a liability for the employer, as these amounts are required to be remitted to the Internal Revenue Service. The same is true for other withholdings, such as retirement contributions or union dues.
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State and Local Withholding Taxes Most states and some cities impose a tax on the gross earnings of each residential employee. These taxes are also withheld from the employee s pay and turned over periodically by the employer to the appropriate agency. All the deductions discussed so far have been mandatory. Often, through agreement with the employer, amounts will be withheld for re tirement plans, union dues, savings bonds, insurance, and other deduc tions.
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An employee is entitled to one personal exemption and one for his or her spouse and each dependent (child) when ling their Form W-4.
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The Payroll System
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The payroll system generally consists of input data (time cards), a pay roll register (to compute the payroll each pay period), individual earnings cards (a separate record for each employee), paychecks, and a system for
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CHAPTER 14: Payroll
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recording both the payroll and the related employer taxes with appropri ate liabilities. Individual Time Card Although the overall payroll is recorded in a payroll register, it is also necessary to know both the earnings and the deductions for each em ployee separately. These individual records facilitate the preparation of required governmental reports and assist the employer in maintaining control over payroll expenditures. They also act as convenient references to basic employee information such as earnings to date, exemptions, l ing status, and employee classi cation. Information from the payroll reg ister is posted immediately after recording the payroll to the individual earnings cards. Payroll Register A payroll register is a specially designed form used at the close of the pay roll period to summarize and compute the payroll for the period. Al though the design of this form may vary slightly depending on desired in formation and the degree of automation, most contain the same basic information. The ve main sections of the payroll register include: 1. Computation of gross earning 2. Taxable earnings, used as a reference to compute FICA tax with held or paid by the employer and unemployment tax payable by the em ployer. 3. Deductions from gross pay a place is provided for each tax with held and for miscellaneous deductions. 4. Net pay. This is the employee s take home pay. This may be checked by adding the total of deductions to the net pay. 5. Gross salaries charged to speci c accounts.
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Recording the Payroll
The payroll is generally recorded initially in the general journal. Since the payroll register is the input for the entry, it is generally totaled for the payroll period and proved before any entry is made. Employers are required to pay unemployment taxes to both the fed eral and state governments. Although the typical state unemployment tax rate is 5.4 percent, rates vary depending on the state, nature of the busi ness, and the employer s experience with unemployment. The of cial
106 BOOKKEEPING AND ACCOUNTING
federal unemployment tax rate is 6.2 percent. As long as the employer is up to date on the state tax, the employer is allowed an automatic credit of 5.4 percent no matter what rate the employer actually pays. The effective federal unemployment rate is therefore 0.8 percent.
Summary
1. The amount of federal income tax withheld from a person is based on the individual s ______ and _______. 2. Form _____ will yield information pertaining to the number of ex emptions an employee is ling. 3. The payroll ______ is the input for the payroll entry. 4. The two types of payroll taxes imposed on the employer are ______ and _______. 5. The one tax that is paid by the employee and matched by the em ployer is ______. Answers: 1. ling status, number of exemptions; 2. W-4; 3. register; 4. FICA, unemployment; 5. FICA
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