Deductions Overview
2:49
Description
Related Videos
A deduction is a monetary amount subtracted from an employee’s taxable income that reduces the amount paid on a pay statement.
View More
View Less
2:49
A deduction is a monetary amount subtracted from an employee’s taxable income that reduces the amount paid on a pay statement.
After the proper amount of taxes are withheld for the employee and employer, it needs to be paid to the proper agencies. Federal income and insurance tax payments must be paid electronically through the electronic federal tax payment system.
1:24
Pay groups are assigned to a set of employees and define how they are paid. Pay groups determine pay frequency, pay schedule, and processing steps.
1:34
There are three categories of payroll taxes and statutory deductions: those that the employee and the employer pay, those that only the employee pays, and those that only the employer pays.
1:42
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.
1:18
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.
1:39
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.
2:26