Deductions Overview
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Description
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A deduction is a monetary amount subtracted from an employee’s taxable income that reduces the amount paid on a pay statement.
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A deduction is a monetary amount subtracted from an employee’s taxable income that reduces the amount paid on a pay statement.
The Record of Employment (ROE) is the form employers process for employees receiving insurable earnings who stop working and experience an interruption of earnings.
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Identifying the scenarios that require a payroll adjustment is an important part of payroll processing. Common scenarios include payments issued in error or payments not received, or payments received but a correction is needed.
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Earnings identify different types of employee compensation for services provided. Earnings can also include specific parameters such as accounting rules, tax laws, and reporting requirements.
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A general ledger is a journal containing accounting transactions related to a company’s assets, liabilities, equity, revenue, and expenses.
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It’s the employer’s responsibility to submit and report payroll taxes and statutory deductions that have been calculated for every employee. This video reviews how businesses pay taxes and how they report those payroll taxes.
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The pay statement, also known as a pay stub, includes the details of the employee’s pay for that pay period. Pay statement details help employees understand their pay and check for inaccuracies.
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