Deductions Overview
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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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Concepts Video Gallery
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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 Pay Periods Profile defines the frequency for paying employees and drives the pay dates for payroll.
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Payroll is the cyclical process in which pay for employees is calculated, distributed, and reported.
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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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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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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.
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