The payroll tutorial and course provides an introduction and overview of payroll and the laws, rules, regulations, forms, records, and calculations that small business owners and/or their employees responsible for payroll need to be familiar with.
Although the calculations used in this tutorial have not been revised to reflect the new minimum wage and use the old minimum wage of $5.15, the methods and procedures using the minimum wage ,regardless of the rate, are all still applicable.
The Introduction provides an overview of payroll, employees, and your requirements as a business.
Lesson 1 Types Of Compensation discusses and explains that an employee's compensation includes not only direct payments (salary and wages) but also indirect benefits known as fringe benefits or "perks".
Lesson 2 Types Of Deductions discusses and explains the different types of deductions that are taken from an employee's salary or wages such as social security, medicare, federal and state income tax, and other deductions such as health insurance and retirement plans.
Lesson 3 Calculating Payroll uses a fictitious company called Mom's Secret Recipes to illustrate what calculations are needed and how to do them in order to correctly calculate and pay your employees.
Lesson 4 Payroll Taxes and Withholdings discusses and reviews how an employer reports and deposits amounts deducted from their employees' wages and salaries and also how an employer is required to "match" amounts deducted for social security and medicare.
Lesson 5 Payroll Records illustrates and discusses the records needed by employers to properly documents and record their employee's wages and salaries and deductions taken.
Lesson 6 Self Employed reviews and explains what self employment tax is, who is required to pay this tax, and how to properly calculate, report, and deposit this tax.
Lesson 7 Government Regulations presents a brief overview of the federal and state laws, rules, and regulations that you as a business owner or manager need to be aware of.
Lesson 8 What You Should Know summarizes and reviews the major points covered in this tutorial.