Since the FUTA tax is a social security tax, it can be charged to the same expense
account as the other payroll taxes on the employer, the payroll taxes account.
Under the Consumer Credit Protection Act, disposable earnings are the earnings
remaining after any deductions for health insurance.
Under ERISA, vesting conveys to employees the right to share in a retirement fund in
the event they are terminated before the normal
retirement age.
Form 941 is due on or before the 15th day of the month following the close of the
calendar quarter for which the return is made.
Service charges that are passed on to the employee by the employer are not part of the
disposable earnings subject to garnishment.
Nondiscretionary bonuses are part of the determination of regular rate of pay.
For state income tax purposes, all states treat 401(k) plan payroll deductions as
nontaxable.
There are no states that allow employees to access their personnel files.
All states have set their minimum wage to be the same as the federal government.
When withheld union dues are turned over to the union by the employer, a journal entry
is made debiting the liability account and crediting the cash account.
If the accumulated employment taxes during a quarter are less than $2,500, no deposits
are required.
If a company is liable for a credit reduction (due to Title XII advance), this extra tax
must be paid along with each of the required deposits made during the year.
When you pay supplemental wages at the same time as regular wages, the method of
calculating the withholding is the same for vacation payments as for semiannual
bonuses.
The FLSA imposes no recordkeeping requirements on employers.
In the case of a 401(k) plan, employees age 50 or over can shelter an extra $10,000 of
their wages from federal income tax.
There is no limit to the amount that an employer can contribute in an employees
SIMPLE retirement account.