Payroll Register and City Income Taxes

Payroll Register and City Income Taxes

  1. What is the purpose of a payroll register?
  2. Why is it important to pay attention to rounding in completing payroll calculations? Give an example.


Just make response each posted from # 1 and 2 only down below?

1. From: Tyler Cugino posted Aug 25, 2018 1:34 PM

The payroll register is used for employers to keep track of all of their employees’ payroll information. It is usually an electronic spreadsheet but can be a hard copy as well that lists all employee payroll information for each payroll period. The payroll register keeps a record of the employees’ gross pay, hours worked, net pay, the total deductions, and the dates of the period. The importance of rounding is to ensure the payroll is done accurately. If a number were to be rounded up instead of down, then the employee will be paid to much and if the number were to be rounded down instead of up, the employee would be paid too little.

References

Accounting Tools. (2018). Payroll Register. Retrieved from https://www.accountingtools.com/articles/2017/5/16/payroll-register

2. From: Christina Watson posted Aug 23, 2018 5:26 PM

Hello Professor and class,

A payroll register is a report that summarizes the payments made to employees during a pay period. The information stated in a payroll register can include the following: name, employee identification number, SSN, pay period date, gross and net pay, tax withholdings, regular and overtime hours worked, YTD earnings, and several other payroll deductions. A basic payroll register format comprises of multiple columns that list and summarize payroll information for specific payroll periods. The register is basically a summary of all the payroll details for each employee and activity during a pay period. Payroll registers are used to write payroll checks and also to file quarterly payroll reports and remit taxes to the government. Besides checks, reports and taxes, year-end W-2 reporting is based off of the payroll register also. Year to date totals usually are the final calculations maintained so that deductions can be tracked throughout the year. It must include all the information to record the payroll in the payroll journal and comply with all the proper payroll findings (Payroll Register, 2018).

Under federal and state law, you must pay your employees at least the required minimum wage for their time worked according to the state they work in. Additional laws apply to different areas of compensation. This includes policies relating to overtime, final wages, employee benefit days such as vacation time and holidays, deductions for wage garnishments, timekeeping, meals and breaks, tipped employees and supplemental wages including severance pay and bonuses. Failure to compensate employees according to federal and state law may lead to penalties from the labor department (Ferguson, n.d.). According to the Fair Labor Standards Act, employers must keep accurate records of the hours worked by nonexempt employees. The U.S. Department of Labor also allows for rounding of hours, for example for .50 and above, round up to the nearest dollar. Improper rounding can cause costly errors. Improper payroll calculations can lead to problems for employees when filing their tax returns. Wage and hour lawsuits are the most common lawsuits between employees and employers. If an employer violates the FLSA they could be fined for the damages of unpaid wages, as well as liquidated damages equal to the amount of unpaid wages. In the end employees may also be awarded additional remedies as well (Beyda & Jefferiss, 2011).

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