Term
| New Hire Report's features are: |
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Definition
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Term
| Worker's Compensation rates are set how? |
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Definition
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Term
| What is the purpose of WC insurance? |
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Definition
| WC's laws are intended to provide the financial means necessary to allow a worker injured on the job to be "made whole. " |
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Term
| What happens at the end of a WC insurance plan year? |
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Definition
| once a policy expires, a premium audit is conducted to determine the earned premium for the policy period that just ended. |
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Term
| And insurance company is also referred to as ______ |
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Definition
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Term
| What is the WC report service? |
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Definition
| WC report provides a client with a tool for budgeting and tracking premiums. The client retains his own insurance company and makes payments. A sales rep can sell the WC report. |
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Term
| What is the WC payment service? |
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Definition
| it provides the client with insurance, calculates premiums every check date and electronically debits the premium from the client's account. Paychex automcatically pays the premium to the carrier on the client's behalf, and the client rec's the WC report monthly. It is sold by a licensed insurance rep through PX agency. |
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Term
| How does the WC report assist an employer in a premium audit? |
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Definition
| The Worker's Comp report assists and employer during an audit by providing the actual premium owed to date, thus eliminating any surprises at the end of the policy period. |
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Term
| What features can be found on the WC report that can aid in tracking WC premiums? |
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Definition
| * regular and OT wages and other wages *total wages *excluded overtime *excluded wages * subject wages *job classification codes *current rate * curren premium *month to date premium * premium to date premium. |
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Term
| Does a client who uses a paychex WC payment service still receive a premium audit from insurance carrier? |
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Definition
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Term
| What is the equation to calculate a WC premium? |
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Definition
| renumeration (subject wages) x rate / $100 |
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Term
| If a client's WC policy does not expire for 10 months -what do you do? |
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Definition
| set him up on WC report now and let client know that that Paychex agency will call him 60 days before his policy expires to discuss the Paychex WC payment Service |
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Term
| A client who uses the WC report service must receive the report at least… |
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Definition
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Term
| A client who uses the WC payment service must receive the report at least… |
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Definition
|
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Term
|
Definition
|
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Term
|
Definition
| = wages/salary (hourly rate x hours + Overtime – which is 1.5% times hourly ) + earnings and other items |
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Term
|
Definition
| is (hourly rate x hours + Overtime – which is 1.5% times hourly ) as well as commission and bonus |
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Term
| Exempt v. Non-exempt employees |
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Definition
| * Exempt is exempt from overtime |
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Term
| Earnings.. Expect to get it in your __________. |
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Definition
| Earnings – expect to get it in net pay (ex: Charge tip) |
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Term
| Other Items - go ___ to the check and then come ____ – |
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Definition
| go IN to the Check and then COME OUT! |
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Term
| CASH REWARDS & Gift cards (deductable or not?) |
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Definition
| * Cash reward can be either taxable or not – If it is gift or something (ex: A turkey or gift card) it goes in as an item but then it is backed out at the end of the computation |
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Term
|
Definition
| = total comp – exempt comp (such as sec. 125 and 401K) |
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Term
|
Definition
| (SS + Medicare) 7.65% because SS is 6.2% and Medicare is 1.45% |
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Term
| SS WAGE BASE LIMIT (CAP): |
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Definition
| cap at 106,800 which is a wage base limit |
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Term
| Medicare Wage base limit: |
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Definition
| * There is no limit in Medicare |
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Term
|
Definition
|
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Term
| 401K exempt from ________ taxes but not _______ taxes |
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Definition
| 401K is only exempt from FIT so must taxable for FICA and must still compute FICA with 401K |
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Term
| Section 125 is exempt from _______________. |
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Definition
| Section 125 is exempt from FICA and FIT taxes |
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Term
|
Definition
| Net Pay = wages/salary + other earnings - taxes + EIC + reimbursements – |
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Term
| Federal Income Tax is based on: (which is on your W-4) |
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Definition
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|
Term
| Employer must call the check information in _____ hours before the check is cut. |
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Definition
| Employer must call the check information in 48 hours before the check is cut. |
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Term
|
Definition
| earned income credit (only for people who don’t make a lot of money) but this is SUBTRACTED at the end. |
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Term
| EIC - the employer can ask for a ____ and then: |
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Definition
| the person can ask for a w-5 and the employer fills it out and signs it. The Employer then assumes the responsibility of paying the $200 over your pay periods. So, if weekly pay then it would be broken up over 52 weeks. |
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Term
| TREAT EIC as a ______ when computing tax liability |
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Definition
| * EIC is a reimbursement and would not be taxed so you would add it at the end and that’s all. TREAT IT LIKE A REIMBURSEMENT!! (And e/r must put on W3) |
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Term
| Social Security is paid by: |
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Definition
| Social Security is paid by both employee and employer |
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Term
| Who is responsible for paying SSN, Medi and FIT? |
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Definition
| - The Medicare, SSN and FIT is retained by the employer who is then responsible for paying that money to the IRS (along with their match) |
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Term
| Over ________penalties assessed last year – and the avg penalty is between __________ |
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Definition
| Over 8 million penalties assessed last year – and the avg penalty is between 3-5K |
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Term
|
Definition
| fed labor law that was set up to protect the employees |
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Term
| The basis for the calculation of Federal Income Tax Withheld is: |
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Definition
| the employee’s marital status, number of exemptions, taxable compensation for federal income tax and pay frequency. |
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Term
| Employee Social Security Withheld is calculated by: |
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Definition
| is calculated by multiplying social security taxable compensation by 6.2%. This social Security wage base limit changes every year. |
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Term
|
Definition
| when the IRS looks back to see how much of the federal tax periods have you incurred (normally the last 2 quarters and first 2 quarters of the previous years). This information is on the 941 and we add up all their liability and figure out if they would be monthly or SW. |
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Term
| you are a MONTHLY Depositor if: |
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Definition
| If lookback period is between 0-50K in tax liability. |
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Term
| When is Monthly Depositor deposited? |
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Definition
| So, the entire liability is paid once on the 15th of the next month. If the 15th is a weekend then it goes to the next business day. |
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Term
| Brand New Business is what kind of depositor? |
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Definition
| Brand new businesses are always monthly depositors since they have 0 in tax liability from the previous look back period. |
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Term
| You are a semi-weekly depositor if: |
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Definition
| - If it’s more than 50K in federal tax liability for the look back period, the employer is a semi-weekly depositor. |
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Term
| Deposit periods and due dates are designated as follows: |
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Definition
| * If the check date is a Saturday, Sunday, Monday, or Tuesday, the taxes must be deposited by the current Friday. |
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Term
| When coutning deposit date - Holidays/Weekends are: |
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Definition
| • Remember not to count the weekends –since they are bank holidays. |
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Term
| Federal Liability is paid by: |
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Definition
| o The Form 8109 Coupon is how the liability is paid now – but that is about to go away. They now fill out the 8109 coupon and then pay at the bank. |
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Term
| E/R w/h fed. Tax income, SS and Medicare are required to file a _________ |
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Definition
| Form 941 quarterly and must be signed, postmarked and sent to the IRS before the last day of the following month at the end of the quarter. If due on a holiday r weekend - then due date is next bus. Date |
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Term
| When is the liability officially reconciled and closed? |
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Definition
| You then reconcile what your liability should have been and then the IRS compares it to what was paid to them. If they don’t match up – then an issue. If they match up – then closed for the quarter. |
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Term
|
Definition
| *Credit – (if SUI payment paid on time… you get a credit capped at 5.4%) So, when you subtract 6.2 – 5.4% = .8% |
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Term
|
Definition
| – each state has a different SUI rate! And the state assigned the rate once a year (from Jan 1 - Dec 31) and some from (July 1 - June 30) based on the employer's experience rating. You can buy the rate down and new employers have the lowest rates. |
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Term
| What form is FUTA reconciled on? |
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Definition
| On the 940 at the end of the year. Must be filed on or before the last day of the month following the end of the year (Jan 31) |
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Term
|
Definition
| Determine the SUI tax comp for each employee. |
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Term
| Sui is deposited when and how? |
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Definition
| It is deposited every QUARTER regardless of the deposit amount (same schedule as FUTA) and is reconciled on a state specific tax return. |
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Term
| What is part of the Payroll Essentialls Package? |
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Definition
| *payroll *taxpay * direct deposit * check signing *readychex *check insertion new hire report *garnishment payment service *GL or GL reporting service *online reports *HR benefits essentials and Labor law compliance poster kit |
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Term
| What is part of the Payroll ENHANCED package? |
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Definition
| all that's included with Essentialls plus SUI service (SUIS) |
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Term
| What is part of the Entrepreneur package? |
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Definition
| all that's included with Essentialls plus SUI service (SUIS) and workers comp report and time off accrual service. |
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Term
| Paytoll is the foundation of paychex and the service includes? |
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Definition
| checks, management reports and tax return filings. |
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Term
|
Definition
| the payment of the client's federal, state and local tax deposits and quarterly and annual filing of fed. Forms 941 and 940 and state and local tax returns. |
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Term
| What is the Paychex amount charged for tWC service? |
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Definition
| o Paychex asks for $75 up front – and a one time only deal and the next year you are automatically renewed. |
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Term
| When does the premium audit take place for WC? |
|
Definition
| * 1 year later – premium audit takes place and if the e/r lowballed the estimate, then e/r ends up owing a premium again. And then, the rep will then ask what they expect to pay next year (and it can’t be less than the year before) |
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Term
| What is exempt from WC figures? |
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Definition
| o Meals, sect 125, etc… are all exempt for the worker’s comp figures and a lot of people don’t back those out so the employer pays on an inflated figure (they essentially get cheated). And Paychex does not do that! |
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Term
|
Definition
| REPORTS: All green are for employers - - All blue is for employees |
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Term
| What reports are generated? |
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Definition
| *they would get the earnings statement, department summary, cash requirements, payroll journal, timesheet, (And GL – only if they are on one of the packages and they subscribe to it) |
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Term
| Different ways to get paid? |
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Definition
| *Top of the statement is the check and the bottom is the statement |
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Term
| o Paycheck and Earnings Statement – |
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Definition
| *Top of the statement is the check and the bottom is the statement*Bottom has all the personal info of the employee - the check is perforated. * |
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Term
| What element of the live check protect against fraud? |
|
Definition
| * On the bottom of the check – the line at the bottom is made up of the word paychex but if you copy it – it comes out as “VOID” instead of Paychex. Also, the back of the check has a little place that if you rub it says “Paychex” but if it is copied – the heat of the copier makes it disappear. |
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Term
|
Definition
| * It can help answer questions for the employee if they have questions. * Businesses can see what they are spending and who is making the most money, etc. * Shows all Tax liabilities, checks that you will need to reconcile (balance check book). * Main purpose of this report is to act as a bank reconcile and to help employee’s answer questions. * Total Tax Liability is also computed on the bottom. |
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|
Term
| Cash requirements report: |
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Definition
| § The top figure is your total payroll responsibility is on the top of the page. (with the exception of our invoice for the administration of payroll, etc). |
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Term
|
Definition
| § They have 20 days from hiring date to advise the gov of the new employee but we do it for them. |
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Term
| o Retirement Plan Summary – |
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Definition
| § We only provide this if they are NOT on our 401K plan. |
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Term
| o Worker’s Compensation Report |
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Definition
| The subject wages are an important line because it shows the client that they are paying the right amount and also shows the amount that needs to be paid MINUS 401K and Sec 125 |
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|
Term
| o Employee Earnings Record |
|
Definition
| ONLY GET THIS QUARTERLY – goes up to 18 months of history |
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Term
|
Definition
| o Quarterly reports: 941, state and local |
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|
Term
|
Definition
| Annual – W2, W3 (summary of w2’s) or 1099 and 1096; 940 |
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|
Term
| Basic components of a load: |
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Definition
| Misc ; tax returns that have to do with payroll; deposits; and e/e and e/r gross to net |
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Term
| In a load , what does MISC include? |
|
Definition
| * W4: employee Personal information, SSN, etc * Federal and State ID number (employee) – EIN – must be a recent document (within the past 2 years) * SUI rate (TARG – on intranet). GREAT reference tool to know what forms to look for – for any state |
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|
Term
| In a load, what tax returns do we need? |
|
Definition
| § 941 ‘s - For lookback so• Q1 (from last year 2009) |
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Term
| In a load what deposits do we need? |
|
Definition
| *Federal Tax Liability – only quarter because all other documents are on the 941. *FUTA deposits for the year * SUI – for the year because not every state is the same. Some only reconcile annually and some do it quarterly *State tax liability (withholding) for the quarter (current) |
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Term
| In a load what do we need for Employee gross to net totals – |
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Definition
| • Need it for the current year (in order to do W2’s) |
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|
Term
| In a load what do we need for Employer gross to net totals – |
|
Definition
| • Need it current year (year to date) |
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Term
|
Definition
| Federal Insurance Contributions Act |
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|
Term
|
Definition
| Purpose: helps clients prepare for the next payroll reporting session and recod of personal information. |
|
|
Term
|
Definition
| Features: - maritial status and # of exemptions; name; SSN; list of pay-per-period and ytd adjustment amount; control totals; rates of pay/salary |
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|
Term
| Check and Earnings Statement - purpose |
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Definition
| Purpose: provides payment for services rendered; provides earnings documentation |
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|
Term
| Check and Earnings Statements - features |
|
Definition
| Features: pay-per-period and year to date totals; marital status and number of exmptions; safety paper; check logo; check stub messaging |
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|
Term
| Three types of checks processed by Paychex? |
|
Definition
| 1) Negotiatable payroll checks: ReadyChex and Employer check signing 2) Direct Deposit - non-negotiable and 3) Cas Payroll Checks - non-negotiable |
|
|
Term
|
Definition
| wages/salary + other earnings + (Reimbursements + other payments) - Taxes + EIC - Deductions |
|
|
Term
| some examples for Net Pay? |
|
Definition
| Cash awards and Charge Tips |
|
|
Term
| When is an employer's liability incurred? |
|
Definition
|
|
Term
| The components of federal tax liability are: |
|
Definition
| * Federal Income Tax, *Employee’s Soc Sec, * Employer’s SS (6.2% up to 106,800) (So, you take the taxable compensation and multiply by 12.4% then back out the employer’s SS). * Employees’ Medicare * Employer's Medicare (1.45%) |
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|
Term
| When is an employer a monthly depositor? |
|
Definition
| If less than $50K was deposited in federal tax liability during the lookback period |
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|
Term
| Federal tax liabilites incurred throughout the year are reconciled on what form? |
|
Definition
|
|
Term
| Federal tax liability amounts are paid with _________ |
|
Definition
| a Federal Tax Deposit Coupon, Form 8109 |
|
|
Term
| How often does Paychex calculate a client's federal tax liability? |
|
Definition
|
|
Term
| What is the equation to determine the employer's social security expense? |
|
Definition
| SS tax. Comp x 12.4% - employee SS withheld (6.2%) |
|
|
Term
| What is the equation to determine the employer's medicare expense? |
|
Definition
| medicare taxable compensation x 2.9% - employee medicare withhheld (1.45%) |
|
|
Term
| The two federal tax deposit frequencies are: |
|
Definition
|
|
Term
| Explain a monthly depositor |
|
Definition
| is a federal tax deposit frequency for someone who reported 50K or less in federal liability during the lookback period. Deposits are due on the 15th of the following month. |
|
|
Term
| Explain a semiweekly depositor |
|
Definition
| is a federal tax deposit frequency for someone who reports more than 50K in fed. Liab. During the LB period. If check date is: Sat - Tues then deposits are due the current fri. If check date is Wed-Fri then deposits are due the following wed. |
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|
Term
| Who is responsible to pay FUTA? |
|
Definition
|
|
Term
| what are the tax rates for unemployment taxes? |
|
Definition
gross rates - 6.2%
Max credit - 5.4%
Net Rate - .8% |
|
|
Term
| What is the taxable wage base for unemploy taxes? |
|
Definition
|
|
Term
| when is the liability for unemployment taxes deposited? |
|
Definition
| If the deposit exceeds $500 at the end of the quarter, it must be deposited wit form 8109 by the last day of the month following the end of the quarter. FUTA liability canot be rolled over into the new year. |
|
|
Term
| Under what circumstances is liability carried over to the next quarter? |
|
Definition
| When the total accumulated FUTA liability is $500 or less at the end of the quarter may be carried over into the next quarter |
|
|
Term
| How is the payment of unemployment liability made? |
|
Definition
|
|
Term
| What tax returns must be filed to reconcile the liabilities deposited? |
|
Definition
|
|
Term
| When must the tax returns be filed (their frequency and due date) |
|
Definition
| Annually, at the end of the month the following the end of the year (Jan. 31) |
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|
Term
| What tax rate does an employer have the most control over? |
|
Definition
|
|
Term
| Employers can reduce their SUI rate by _______ |
|
Definition
| Having a good experience rating or making a voluntary contribution |
|
|
Term
|
Definition
| SUI taxable wages x SUI Tax rate |
|
|
Term
| How often is SUI deposited? |
|
Definition
|
|
Term
| What is the purpose of the General Ledger Report? |
|
Definition
* Provides payroll data to be used in posting to the general ledger.
* Aids in budgeting process |
|
|
Term
| What are the features of the Department Summary report? |
|
Definition
* payroll totals by dept
*employer tax expense
*deducations and adjustments broken down by dept.
*pay per perdiod; quarter to date; month to date; and year to date totals |
|
|
Term
| Decribe the Tax Pay service: |
|
Definition
| Taxpay deposits a client's federal, state and local taxes and files his tax returns. Taxpay also provides clients with a toll free number to call for answers to SUI questions. |
|
|
Term
|
Definition
| Open Liability is incurred but not yet deposited (because the deposit period is not closed). |
|
|
Term
| How long is the approval period for Taxpay? |
|
Definition
| The approval period is 72 hours. |
|
|
Term
| What happens during the approval period for Taxpay? |
|
Definition
| Paychex ensures that they fed. Id number and the employer name match the name and ID number registered with the IRS. |
|
|
Term
| If a client uses Readychex/direct deposit, which one output report regarding the bank reconciliation would you want to cover and why? |
|
Definition
| The Cash requirements report because the lump sum debits are provided for each product. |
|
|
Term
| If a client uses Check Signing, which one output report regarding the bank reconciliation would you want to cover and why? |
|
Definition
| You would want to cover the payroll journal because it provides each individual check number and net pay amount. |
|
|
Term
| If a FUTA Liability was $500.00 is it due in that quarter? |
|
Definition
| NO NO NO! It needs to be $500.01+ |
|
|
Term
| What products are included in the Entrepreneur package? |
|
Definition
| Payroll, Taxpay, direct deposit, check signing, readychex, check insertion, new hire reporting, garnishment payment service, general ledger report or GL reporting service; online reports; SUI service (SUIS); worker's comp report; time off accrual service |
|
|
Term
| List the features of the SUI service? |
|
Definition
*Unemployment Claims Administration
*Auditing Charge Statements
*Toll Free Number |
|
|
Term
| Features of the Unemployment Claims Administration in SUI service? |
|
Definition
* Prompt claim response - by deadline
*Prehearing preparation and support - Paychex contacts client and tells them of hearing and helps with paperwork
*Voluntary Contribution anaylsis: we complete a rate analysis for SUI clients and indicates whether a vol. contrib. is beneficial |
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|
Term
| Features of the Auditing Charge Statements in SUI service? |
|
Definition
| Monitoring of benefit charge stateemnts: Paychex reviews and monitors the employer's benfit charge statements to ensure proper charging on the claim. |
|
|
Term
| What are the benefits of the Toll Free Number of the SUI service? |
|
Definition
| Paychex staffs a support line of fully trained specialists on call during regular business hours. Unemployment specialists provide peace of mind |
|
|
Term
|
Definition
| is the service that deposits a client's federal, state and local taxes and files his tax return. Taxpay also provides clients with a toll free numer to call for answers to SUI questions. |
|
|
Term
| What is the debit day for Taxpay? |
|
Definition
|
|
Term
| Specific Features/Procedures of Taxpay |
|
Definition
The client is reponsible for any tax payment notices received from Paychex until he is live on taxpay.
Clients excluded from taxpay: Form 943, form 941M and multi-client numbers using one fed. ID number |
|
|
Term
| When should client set up call for taxpay? |
|
Definition
|
|
Term
| What is the approval period for taxpay and what happens? |
|
Definition
| * 3 business days - but banking holidays delay it. During the process, HRS verifies client name and EIN with the IRS to ensure accuracy. * |
|
|
Term
| What day is Direct Deposit debited? |
|
Definition
|
|
Term
| What is the definition of direct deposit? |
|
Definition
| eliminates the need to cash a payroll check. Payroll funds are electonically transferred from the client's accont to the employee's account. |
|
|
Term
| What date is day is the chase pay card debited? |
|
Definition
|
|
Term
| What is the defin of Chase Pay card? |
|
Definition
| Chase pay card plus provies the same benefits as direct deposit to employees who do not have a bank account. |
|
|
Term
| What are the features of the Direct Deposit? |
|
Definition
DD clients must allow 48 hours b/w payroll reporting day and the check date.
When a client's employee's use direct deposit, the centralized direct deposit report will be provided at no charge each period. |
|
|
Term
| If a client chooses direct deposit - do all employees have to use it? |
|
Definition
|
|
Term
| If a client chooses chase card - do all employees have to use it? |
|
Definition
|
|
Term
| What are the features of Chase Pay Card Plus? |
|
Definition
| When a client's employees use Chase Pay card plus, the centralized direct deposit report will be provided at no charge at no charge each pay period |
|
|
Term
| When is the debit day for Chase card? |
|
Definition
|
|
Term
| How much time must be allowed between payroll reporting and the check date for check pay card plus? |
|
Definition
|
|
Term
|
Definition
| a service that allows a paychex client to distribute negotiable checks to employees withuot the admin hassle of negotiable check reconciliation. |
|
|
Term
| When is the debit day for Readychex? |
|
Definition
|
|
Term
| Features/procedures for readychex? |
|
Definition
Client must allow 48 hours b/w payroll reporting day and the check date.
Sr. vp of finance - John Morphy signs readychex |
|
|
Term
|
Definition
| Paychex calculates garnishments, witholds required payments and makes agency payments for the client |
|
|
Term
| Garnishment service debit date is: |
|
Definition
|
|
Term
| Features/Procedures for Garnishment Services: |
|
Definition
Cllients must process payroll 48 hours before check date.
*client receives a separate garnishment detail report for each employee on the service. |
|
|
Term
| Features/Procedures for Garnishment Services: |
|
Definition
Cllients must process payroll 48 hours before check date.
*client receives a separate garnishment detail report for each employee on the service. |
|
|
Term
| Cash Requirements report purpose is: |
|
Definition
| to provide a record of payroll liabilities and expenses. |
|
|
Term
| Cash requirements report features are: |
|
Definition
| * total cash required for payroll obligations. *transaction dates and amount for each product. * itemized list of payroll services that are not handled by EFT. * Tax deposit amounts and due dates. * Bank account information regarding Paychex products. |
|
|
Term
| New Hire Report's purpose is: |
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Definition
| *Provides a complete record of new hire info and *helps clients remain in compliance with fed. Law. |
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Term
| What is the FICA Rate for EE's |
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Definition
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Term
| What is the 2010 lookback period? |
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Definition
Q1/Q2 of 2009
Q3/Q4 of 2010 |
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Term
| If there are 6 employees and 3 make 2500/month plus 100 401k, and the others make 2800/mo plus 100 401k, what is the quarter one FUTA liability |
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Definition
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Term
| Essentials Package Components |
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Definition
| Payroll, taxpay, check signing, check insertion, new hire reporting, GL reporting, readychex, direct deposit, garnishment service, HR essentials website, HR compliance poster kit |
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Term
| Essentials + _____________ = Enhanced |
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Definition
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Term
| Enhanced + _____ + ____ = Entrepreneur |
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Definition
| Time off Accrual and WC Report |
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Term
| What filers are unable to benefit from taxpay |
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Definition
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Term
| Who is responsible for reconciling readychex checks? |
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Definition
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Term
| The IRS assesses new businesses as what type of depositor |
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Definition
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Term
| If a company has $72,000 of liability in the lookback period, what type of depositor are they? |
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Definition
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Term
| If a company has $72,000 of liability in the lookback period, what type of depositor are they? |
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Definition
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Term
| How long do you have to report new employees? |
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Definition
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Term
| What form is used to deposit tax liability at the bank? |
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Definition
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Term
| Voluntary Contribution Analysis |
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Definition
| Strategic Calculation by Paychex to see if paying down the rate is a beneficial cost savings tool |
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Term
| What is the only major service that Paychex cannot provide regarding SUI? |
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Definition
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Term
Calculate Net Pay:
$7.50 per hour, 40 hours, $200 cash tips, $40 charge tips, $125 POP, $50 401k, $15 Reimbursement, $10 garnishment |
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Definition
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Term
| What is the record of address when Paychex administers the SUI service? |
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Definition
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Term
| Calculate FIT for Joe. His salary is $2000, paid bi-weekly. His tax rate is 16%. How much does he pay in a quarter? |
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Definition
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Term
| How much does the Workers Comp Report cost in the Entrepreneur Package? |
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Definition
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Term
| What two things happen when you sign up for Workers Comp Payment Service? |
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Definition
- Reports begin monthly
- Payments are deducted each pay period, rather than a large estimate up front |
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Term
| How much is required up front to start on Workers Compensation Payment Service? |
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Definition
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Term
| Juanita earns $1500 in salary, $500 in overtime, and $50 in a reimbursement. How much is exempt from Workers Compensation Income? |
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Definition
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Term
| What is the difference between the earnings statement and earnings record? |
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Definition
Statement= paystub= 1 pay period
Record= whole page= year/quarter/period |
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Term
| taxable income= _________+ total wages |
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Definition
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Term
| Accrual Accounting Methods use the _______ date |
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Definition
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Term
| Cash Accounting Methods use the __________ date |
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Definition
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Term
| What are the two methods of accounting |
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Definition
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Term
| What do Taxes, Workers Comp Premium, and 401k have in common on the cash requirements report |
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Definition
| All withdrawn on the check date |
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Term
| What tax form needs to be kept on file to gain the new hire benefit? |
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Definition
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Term
| What form is the Quarterly Employer Tax Liability form |
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Definition
|
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Term
| what is the new setup fee for any payroll? |
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Definition
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Term
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Definition
| Proof that the company is a new business that has not filed for an EIN yet |
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Term
| What are the two Section 125 Plans Paychex sells? |
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Definition
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Term
| POP plans are exempt from which Federal Taxes? |
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Definition
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Term
| If employees paid $1345 in post tax healthcare and were paid bi weekly, what would be the employers tax savings in FICA from switching to a POP? |
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Definition
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Term
| How much is the administrative charge to manage a POP plan 25 EE's or under? |
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Definition
| $40 per month or $480 total. |
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Term
| what are the five structures of business? |
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Definition
| Sole Prop, Partnership, SCORP, LLC/P, Corporation |
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Term
| What is the attribution rule? |
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Definition
| Owner, Spouse, Childen, and Parents ineligible for Section 125 POP |
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Term
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Definition
| may not contribute more than 25% of the overall premium cost or they will be excluded from the benefit |
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Term
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Definition
| If you are an owner and are ineligible, this means that your immediate family +1 and -1 generation are excluded |
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Term
| Four types of key employees |
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Definition
| 5% shareholder, 1% shareholder with 150k+, qualified family member, officer of the company with $160k+ comp |
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Term
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Definition
| If you own multiple businesses and own more than 80% of either and you offer 125 plans to one business, you must offer them to the other business |
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Term
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Definition
| Prospecting, Pre Call Planning, Presentation, Closing, Pick Up, Payroll Deilvery |
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Term
| What is the benefit of verbal agenda |
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Definition
| Establish Position of Strength and control meeting |
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Term
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Definition
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Term
| What are needs analysis or pre call plan questions? |
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Definition
| What, How, Who, When are you doing your payroll? |
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