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Chapter 10 - Payroll computations, records, and payment. After reading this chapter, you should be able to: Explain the major federal laws relating to employee earnings and withholding, compute gross earnings of employees, determine employee deductions for social security tax, determine employee deductions for Medicare tax,. | 1- McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Payroll Computations, Records, and Payment Section 1: Payroll Laws and Taxes Chapter 10 Section Objectives Explain the major federal laws relating to employee earnings and withholding. Also referred to as the Wage and Hour Law Applies only to firms engaged directly or indirectly in interstate commerce Sets a minimum hourly rate of pay and maximum hours of work per week to be performed at the regular rate of pay Employees who work beyond 40 hours a week are entitled to “time and a half” times the regular rate of pay for the extra hours. The Fair Labor Standards Act of 1938 Social Security Tax The rate (6.2 percent) has remained constant in recent years. The earnings base has increased each year. The tax provides for retirement, disability, and death benefits. It also provides survivor benefits for the worker’s minor dependent children and spouse if the worker dies. The amount of social . | 1- McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Payroll Computations, Records, and Payment Section 1: Payroll Laws and Taxes Chapter 10 Section Objectives Explain the major federal laws relating to employee earnings and withholding. Also referred to as the Wage and Hour Law Applies only to firms engaged directly or indirectly in interstate commerce Sets a minimum hourly rate of pay and maximum hours of work per week to be performed at the regular rate of pay Employees who work beyond 40 hours a week are entitled to “time and a half” times the regular rate of pay for the extra hours. The Fair Labor Standards Act of 1938 Social Security Tax The rate (6.2 percent) has remained constant in recent years. The earnings base has increased each year. The tax provides for retirement, disability, and death benefits. It also provides survivor benefits for the worker’s minor dependent children and spouse if the worker dies. The amount of social security tax is determined by: As of 2010 rate earnings up to a calendar year earnings base $ 106,800 6.2% The rate (1.45%) has remained constant in recent years. The Medicare tax does not have an earnings base limit. The amount of Medicare tax is determined by: rate earnings total earnings 1.45% Medicare Tax Most states, and many local governments, may require employers to withhold income taxes from employees’ earnings to prepay the employees’ state and local income taxes. The rules are generally almost identical to those governing federal income tax withholding. State and Local Taxes Employers withhold social security and Medicare taxes from employees’ earnings. In addition, employers pay social security and Medicare taxes on their employees’ earnings. Employers are also required to pay: Federal unemployment tax (FUTA) State unemployment tax (SUTA) Workers’ compensation insurance (Not a tax) The FUTA and SUTA tax rates are applied to a taxable earnings base. This text assumes that the
