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Deductions Overview
A deduction is a monetary amount subtracted from an employee’s taxable income that reduces the amount paid on a pay statement.
3:11
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Earnings Overview
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.
2:42
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Garnishments
An involuntary garnishment, sometimes called a wage attachment, is a legal process in which an amount is collected directly from an employee’s wages to satisfy an unpaid debt.
1:42
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General Ledger
A general ledger is a journal containing accounting transactions related to a company’s assets, liabilities, equity, revenue, and expenses.
2:33
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Pay Groups
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.
1:33
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Pay Statement Basics
A pay statement, also known as a pay stub, provides a detailed breakdown of an employee's pay for a specific pay period. It shows how gross earnings, deductions, and taxes are calculated to determine the employee's net pay.
1:19
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Payroll Adjustments
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
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Payroll Balancing
Payroll balancing confirms that wages, deductions, and taxes are accurate, complete, and consistent across payroll calculations, reports, tax deposits, and required filings.
1:42
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Payroll Taxes and Statutory Deductions (Canada)
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
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Record of Employment (ROE)
A record of employment or ROE, provides information about an employee's work and earnings.
2:01
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Tax Calculations (United States)
Payroll taxes are calculated based on the total compensation of each employee. Federal and State withholding taxes are based on the Form W-4 information for each employee.
2:35
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Tax Reporting (Canada)
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
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