Q1: Payroll Rules
The internal revenue service (IRS) puts out a publication called (Circular E), Employer's Tax Guide (2013). An employer can access it in order to keep up with the many payroll rules related to employees. You can locate this publication on the Internet using keywords such as employer's tax guide and Circular E. Based on your readings of this publication, complete the following tasks:
Identify and list three areas that you found interesting. Give detailed reasons for your selections.
How can a business use the knowledge of these areas in making well-informed business and employee decisions? Explain in detail.
Q2: Payroll Accounting
You are responsible for training the payroll clerk for a new company. Based on your knowledge of payroll accounting, create a learning module for her that covers the following aspects:
The steps to setting up payroll accounting in payroll clearing account (PCA).
The information that needs to be inputted for each employee.
The accounts that will be affected when payroll is posted.
The deductions that will need to be deducted from each employee's paycheck.