Payroll Terms & Concepts NCSC Product Certification Payroll Anytime, Anywhere!

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Payroll Terms & Concepts NCSC Product Certification Payroll Anytime, Anywhere!

Transcript of Payroll Terms & Concepts NCSC Product Certification Payroll Anytime, Anywhere!

Page 1: Payroll Terms & Concepts NCSC Product Certification Payroll Anytime, Anywhere!

Payroll Terms & ConceptsNCSC Product Certification

Payroll Anytime, Anywhere!

Page 2: Payroll Terms & Concepts NCSC Product Certification Payroll Anytime, Anywhere!

Welcome!

Page 3: Payroll Terms & Concepts NCSC Product Certification Payroll Anytime, Anywhere!

What do these words have in common?

Pay Periods

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DeductionsPayroll

ProcessCompliance

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Welcome!

Of all employee-related demands that our clients face, payroll administration is one of the most complex.

Definitions and basics of payroll processing

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Page 5: Payroll Terms & Concepts NCSC Product Certification Payroll Anytime, Anywhere!

Introduction

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Accounting Periods

Calendar Fiscal Quarter Pay Period

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Pay Periods

Weekly Bi-Weekly Semi-Monthly Monthly Other

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Pay Rates

Hourly Piece Rate Salary

Salary + Bonus Commission Salary + Commission

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Recap

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Payroll Basics

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Payroll Process

Manage Employee Records

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Collect time and attendance data

Input payrolldata

Period EndProcessing

Process and Distribute Payroll

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Managing Employee Records

Creating- Collect static data- Verify employee contracts- Verify compensation and benefits- Verify tax information and jurisdiction- Enter employee information

Reporting- Respond to inquiries about employee records- Assemble data for audits or other reporting needs- Report new hires to the U.S. Department of Labor

(DOL)

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Collect Employee Time and Attendance

Label and set up time cards or

time sheets Collect time cards or sheets Supervisor sign-off or approval Review for missed punches and

exceptions then reconcile

missing information or damaged

time cards Audit the totals and check for

errors Enter the data

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Input Payroll Data

Collect Payroll Data Calculate Payment Generate and Review Pay Reports Update Files

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Produce Payroll

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Print and sign checks Stuff checks into

envelopes and distribute For direct deposit,

transfer funds to

employee accounts Transfer garnishments Submit tax payments

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Period End Processing

Each Pay Period Monthly Quarterly Calendar Year End Fiscal Year End

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Compliance

Fair Labor Standards Act

Requires employers to keep a record of employee hours; sets minimum wage and requires overtime pay of 150%–the

pay rate for work over 40 hours per week.

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How Can ADP Help?

Increased Accuracy Improved Decision Making Enhance Employee Satisfaction Accommodate Needs Increased Productivity Save Time and Money

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Summary

Payroll Terms and

Concepts Basic Payroll

Processes Compliance How ADP Can Help

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Welcome!