MANAGEMENT TASK Essay Example
Setting up a working system for payroll streamlines the ability of the employer when it comes handling their regulatory and requirements of employer within the firm. It also reduces time and loss which occurs when incurring the consequences of the Internal Revenue Service. The first to do would get employer identification which is needed for taxation and registration of viable identities. This number is also necessary to report on information concerning the employees to the agencies as provided by the state. The next thing to do would be checking whether the usual IDs are required. Some state authorities need business to get these ID numbers to process taxation. One could have a manual procedure ready for it even though setting it up is determined according to the state law and most of them favor monthly or twice monthly considerations (US Small Business Administration 2016).
Apparently, the authorities also claim that one withholds the income taxation for this period. Payroll administration needs constant attention so it is worth researching on. Usually, the options of managing payroll would include in house (Hall 283). Regardless of the alternative chosen, one would be responsible considering the payment and report of linked taxes. The following payroll structure is selected for the employee force. The payment is recorded on an hourly basis at $18.5. Work days are from Monday to Friday and overtime is incorporated in the total amount for computation. This is a bimonthly calculation for Raymond Lubius.
Checking payroll register for discrepancies
Adequate internal controls are significant when it comes to achieving main initiatives . the utilization if the right controls can help in the streamlining of redundancies and unnecessary steps. Controls can prevent the loss of resources and capital assets, as well as proprietary information and cash. They may assist in making sure there is compliance with the laws and regulations as applied. If there is any inconsistent information pertaining to payroll activity and register reports would be because of these reports which source the information from different places (Australian Government 2015). While the activity concerning the payroll reports attains information from payment instructions, the register report attains this from the history section on the schedule. If there is a discrepancy on the payroll, then it would have occurred in the pay history department which has been manually adjusted. One may have already checked the payroll history, however, it needs to be rechecked to make sure the illustrated pay history for the field would match the period concerning the reports.
How to correct payroll
If there is an error in the remission of the deductions, one would proceed according to whether it is over or under remitted. Remitting every shortage as they happen is paramount either through electronic payment or another mode (Gov.UK 2016). It can even be done via a response which gives number for the account and payment schedules. If the remittance does not fall before the deadline, after which one may then apply for late penalty for remittance. If one has over remitted in 2016, they would be able to reduce it. If one has over remitted in 2015, they can ask for transfers or refunds when they use business platforms if one is an owner or represent a client. They may attach a better detailed note concerning a T4 summary which illustrates the reason that the overpayment took place in the first place and whether one would like to transfer it to another personal platform in the next period or refund to the original source (BizFilings 2013).
There are cases of misapplied payment. If one is the owner of a business and the payment are not considered to the account, then one could utilize the business account or represent the client in order to shift the payments within the different accounts. After receiving returns, one can do an earnings review on pension for affirmation they remitted the right data.
Meeting with Richard Swift
To: Richard Swift
From: Human Resources
Before I give you any details, you first have to issue a withholding declaration. A valid tax file number declaration is necessary before a worker can authorize varying of withholding by giving a withholding declaration. This is necessary so as to claim an entitlement to the taxation offsets through a reduced amount which is not given from the payments are done. This is also for the changes made to the taxation free threshold. The withholding declaration as given would also override earlier declarations. One does not have to send declarations for withholding but have the forms as completed within the employee records.
Even at the time that the employee gives the withholding declaration, the employee tax file number is assigned to your chosen super fund the next time that a payment is made to that fund. Upon receiving a TFN less than 14 days before being due for payment, they are given 24 days to give the TFN to this fund. Now when it comes to child support the standard allocation is $125. The reason for this is it has to do with your level of income as compared with that of the mother of the child. your net earnings on a bi-monthly basis is $1500. The deduction of $125 is cut every second week at the time of payroll correlating with the payment schedules at your place of business (Divorce Support 2016 p.1). You may also alter the conditions to send these payments every days end conveniently, per period as relates to what would be convenient for you. In the unfortunate event that your employment was terminated and the final wages were being paid, you would only be subtracted from the last payment schedule during employment. This is one of the basic deductions.
Overtime pay is earned on regular basis. It is added as payment even if the figure could be unknown for any period. If the overtime payment for a spouse is sporadic, then it would be advisable to see if there is an overtime budget. As such, it is a controversial subject which is why the company chooses not to allow it for divorced individuals because it could become a source of legal entanglement where a judge may decide to charge a percentage for spousal and/or child support which is unjust to you and which would affect your work significantly.
Divorce Support. Income as a Factor in Determining Support. 2016. Web. Retrieved online <
“Fix problems with running payroll”. Gov.UK. 1st July 2016. Web. Retrieved online <
Australian Government. Withholding declarations. Australian Taxation Office. 17th Jun 2015.
Web. Retrieved online <
BizFilings. Making Deductions from Employees’ Pay. January 30, 2013 Web. Retrieved online
US Small Business Administration. 10 Steps to Setting Up a Payroll System. 2016. Web.
Retrieved online <https://www.sba.gov/managing-business/running-business/managing-
Hall, James. Information Technology Auditing. 2016. Massachusetts; Cengage Learning. Press
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