Acc444 Payroll Cycle

Front 1

human resource management/payroll cycle

Back 1

a set of activities associated with effectively managing the workforce

Front 2

6 tasks in hr/payroll cycle

Back 2

1. Recruiting and hiring new employees
2. training
3. job assignment
4. Compensating
5. Performance Evaluation
6. Discharge of employee

Front 3

Who manages HR?

Back 3

director of human resources

Front 4

WHo manages payroll?

Back 4

Controller

Front 5

7 steps in the payroll cycle

Back 5

1. Update the payroll master file of any changes that have been made (new employees, terminations, changes in discretionary withholdings, etc.)
2. Update tax rates and deductions when information received from government
3. Validate time and attendance data for each employee
4. Preparing Payroll
5. Disbursing Payroll
6. Calculate Employer Paid Benefits and Taxes
7. Disburse Payroll Taxes and other Miscellaneous deductions

Front 6

time card

Back 6

a document that records an employees arrival and departure on each day worked and it also includes the total hours worked

Front 7

payroll register

Back 7

a report that is printed that contains each employees gross pay, deductions, and net pay for the current period and year to date totals for each category as well.

Front 8

deduction register

Back 8

lists the miscellaneous voluntary deductions for each employee

Front 9

earnings statement

Back 9

included with an employees check. IT includes their gross pay, deductions, net pay for the current period as well as year to date totals

Front 10

cumulative earnings register

Back 10

cumulative year to date gross pay, net pay, and deductions for each employee

Front 11

workforce invenotry

Back 11

list of employees by department

Front 12

position control report

Back 12

list of each authorized position, job qualifications, budgeted salary, and position status

Front 13

skills inventory report

Back 13

list of current employees and current skills

Front 14

Form 941

Back 14

employers quarterly federal tax return

Front 15

form w-2

Back 15

report of wages and withholdings for each employee

Front 16

form w-3

Back 16

summary af all w-2 forms

Front 17

form 1099-misc.

Back 17

report of income paid to independent contractors

Front 18

payroll service bureau

Back 18

maintains the master payroll file for the company and performs all of the payroll functions during the payroll cycle

Front 19

Professional Employer Organization

Back 19

performs all payroll functions plus provides services like benefit design

Front 20

benefits of a payroll service bureau or a PEO

Back 20

reduced costs on payroll processing, wider range of benefits, freeing up of computer resources,

Front 21

Threats associated with employment Practices

Back 21

1. Hiring unqualified or larcenous employees
2. Violation of Employment Law

Front 22

Control Procedures for hiring unqualified or larcenous employees

Back 22

sound hiring procedures, requiring verification of applicants skills, past work references, employment history

Front 23

Control Procedures for Viloation of Employment Law

Back 23

thorough documentation of hiring and discharge procedures; training employees on current developments on employment law

Front 24

Threats during payroll processing

Back 24

3. Unauthorized changes to payroll master file
4. Innaccurate time data
5. inaccurate processing of payroll
6. theft or fraudulent distribution of paychecks

Front 25

Control Procedures for Unauthorized changes to payroll master file

Back 25

segregation of duties: HRM, payroll calculation, and paycheck distribution should all be separated; access controls; audit and review of all changes to the payroll master file