Payroll Management 101


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  • 18
    Lessons
  • 24
    Exams &
    Assignments
  • 5,127
    Students
    have taken this course
  • 8
    Hours
    average time
  • 0.8
    CEUs
 
 
 

Course Description

There are many aspects that need to be covered when running a successful business. One of the most important aspects in any business is of course, payroll management. The members of the business involved in payroll management have unique responsibilities to ensure that the business operations can maintain momentum. In essence, the payroll management team is at the heart of any business.

While managing the payroll may seem easy enough, it is actually a complicated process involving finance and record keeping. Payroll Management 101 provides you with the information and guidance to become a key member of the payroll management team. The curriculum is designed to give an overview of all the core skills you will be required to attain in an easy to read manner. Most importantly, Payroll Management 101 provides you with the tools to quickly start using your new vocational skills in an operational environment.

By covering the topics contained in Payroll Management 101, you can be assured that you will have the necessary skills and abilities to tackle just about any payroll projects you are assigned. The course has been designed to assist not only people involved solely in payroll management, but also for small business owners, and business people looking to get the edge over their competitors. Written for both seasoned professionals and business newcomers Payroll Management 101 is sure to provide you with all you need to know.
 
 

The most important reason for any person to work is the "bottom line": being paid. For most workers, the simple fact of the matter is that, depending on their shift, they will turn up for work in the morning and leave in the evening; and, when the month is over, they will get their paycheck and their salary will go into their bank. It is perfectly simple. What few people give any thought to is that somebody puts the money in their bank account or cuts the check. There is, effectively, an invisible link between the work they do and the money they earn for it.

The truth is that that invisible link is actually one or more persons whose job is to ensure that a company's employees get their remuneration in full, on time, and without any need to request it themselves. It is far from automatic and actually requires quite a bit of work on the part of the people responsible for making the payments. These people are the payroll staff. Their job is, in some people's minds, an afterthought; but there is one simple fact that we need to keep in mind: If the payroll staff were not there, or did not do its job, then the very reason these workers are turning up in the morning would be thrown into question. If people did not get paid, there would be quite a lot of turmoil involved.

The payroll department does not exist in every company. In many cases where there are only a few staff members, the manager or senior worker will take care of payroll matters. However, in a larger company, where the number of workers ranges from double figures to the thousands, there is a real need for people to keep the wheels oiled and running smoothly. If a company stopped paying its employees, sooner or later they would stop turning up. So as straightforward as we may feel the link between work and payment is, the truth is that everything has to be done meticulously. Any difficulties must be fixed without the need for a long, drawn-out process. Even in these days of automation, when so much can be done with computers, there still needs to be a process in place to ensure that everything is done correctly and any problems fixed quickly and expertly. Safeguarding this process is the responsibility of payroll staff.

WHAT DOES THE PAYROLL DEPARTMENT DO?

The payroll staff is a vitally important part of any large company. Although the department name lends itself to a belief that its members are concerned solely with pay matters, the payroll department plays a major part in the human resources side of most companies. Often when a person is involved in some sort of scandal, his past employers get dragged into the media furor and respond to all questions by simply saying, "This individual is no longer on our payroll." The term "payroll," to a large extent, has become shorthand for the overall workforce of a company. In this respect, a company's payroll department has many responsibilities regarding the overall workforce. The department is not only important, it is essential. Not only does it have responsibility for seeing that the staff gets paid, it has a major administrative role in the company.

Aside from ensuring that payments are made on time, what are the responsibilities of a payroll department? Record-keeping is vital in a major company with lots of employees. The payroll department is among the few sections in a company that hold address and contact details for each employee. Should someone from outside a company wish to get in contact with one of the company's workers, the first people to contact are in the payroll department, where employees are trained in the privacy requirements of such requests.
 
OTHER REQUIREMENTS OF A PAYROLL DEPARTMENT 

The payroll department needs to hold a lot of additional information on staff members, though. With the large variation of benefits and deductions that are connected with an individual's salary, the payroll department needs to know from month to month what a person is owed in terms of these benefits and what that person must pay in terms of deductions. These deductions will include taxes but may also apply to healthcare packages, student loan repayments, pension plans, and savings accounts.

Collecting all of the above data and more for each employee is a massive undertaking; and if all the duties of a payroll department are to be sufficiently covered, the company will need a well-staffed and organized payroll department. To get the right people on board, the company cannot just stick a pin in a list of employees. The payroll department needs people who have strong arithmetic skills and attention to detail. If they have payroll experience with another company, so much the better. If they have formal qualifications in accounting or a comparable subject, that is better still. Larger companies have the most stringent requirements of all; not only do they have the capability to be picky, but they also have larger workforces and consequently more money to pay out, so they have the extra need to be careful. If you are looking for a payroll job with such a company, then you will be expected to have a degree in a related subject.
  • Completely Online
  • Self-Paced
  • Printable Lessons
  • Full HD Video  
  • 6 Months to Complete
  • 24/7 Availability
  • Start Anytime
  • PC & Mac Compatible
  • Android & iOS Friendly
  • Accredited CEUs
  • Universal Class is an IACET Accredited Provider
     
     

    Course Lessons

    Average Lesson Rating:
    4.4 / 5 Stars (Average Rating)
    "Extraordinarily Helpful"
    (6,376 votes)

    Lesson 1: Introduction to Payroll

    The payroll staff is a vitally important part of any large company. It has an important part to play in the record-keeping that is vital in a major company with lots of employees. 10 Total Points
    • Lesson 1 Video
    • Take Poll: Payroll Course
    • Take Survey: Reasons for Taking this Course
    • Complete: Lesson 1 Assignment
    • Complete: Lesson 1 Exam

    Lesson 2: Record-keeping

    The payroll department of each business is charged with the responsibility of keeping a vast range of records on the company's workforce. 15 Total Points
    • Lesson 2 Video
    • Complete: Lesson 2 Assignment
    • Complete: Lesson 2 Exam

    Lesson 3: Employee Records

    Every company needs to record information on its employees. The importance of keeping full, relevant information on its employees is essential for any company. 9 Total Points
    • Lesson 3 Video
    • Complete: Lesson 3 Exam

    Lesson 4: Salary Payments

    Paying employees has become a far more streamlined process in recent years, with the option for companies to transfer payments electronically to their workforce by means of automated payments. 10 Total Points
    • Lesson 4 Video
    • Complete: Lesson 4 Exam

    Lesson 5: Deductions

    There are certain standard deductions that will make their way onto all pay stubs, and as many again that appear on almost all of them. Non-mandatory deductions from a paycheck are more usually called "benefits." 8 Total Points
    • Lesson 5 Video
    • Complete: Lesson 5 Exam

    Lesson 6: Pay Stubs

    Pay stubs are a major part of the record-keeping process for any company with a payroll, and they should also be part of any employee's records. 10 Total Points
    • Lesson 6 Video
    • Complete: Lesson 6 Exam

    Lesson 7: Understanding All Parts of a Pay Stub

    How to read all parts of a pay stub, including all medical benefits/deductions, all 401K deductions, state, federal taxes, vacation, sick time, everything. In great detail. 9 Total Points
    • Lesson 7 Video
    • Complete Exam: Lesson 7: Understanding the Pay Stub

    Lesson 8: Tax Considerations

    There is a range of factors that govern how much tax each individual will pay. As a payroll professional, one of your responsibilities will be calculating how much tax employees must pay on their earnings. 13 Total Points
    • Lesson 8 Video
    • Complete: Lesson 8 Assignment
    • Complete: Lesson 8 Exam

    Lesson 9: How to Determine and Pay State and Federal Taxes

    How to determine and pay federal taxes. How to generically go about paying state payroll taxes and unemployment. How to file information electronically. 10 Total Points
    • Lesson 9 Video
    • Complete: Lesson 9 Exam: How to Determine Taxes

    Lesson 10: Dealing With Outside Contractors

    Because of the nature of consulting work, compensation for consultants is a great deal more flexible in terms of payments and governing rules than everyday salaried work, which must conform to a government standard. 10 Total Points
    • Lesson 10 Video
    • Review 2 Articles: Payroll Vs. Independent Contractors; The Great Debate: Employee vs Independent Contractor
    • Complete: Lesson 10 Exam

    Lesson 11: Sick and Maternity Leave

    Allowing workers to take some time away from their job to deal with the priorities of caring for their family, recovering from an illness, or having a baby is profitable for a company. 9 Total Points
    • Lesson 11 Video
    • Take Poll: Sick Leave
    • Complete: Lesson 11 Exam

    Lesson 12: Pensions

    The idea of a pension is to provide financial stability during retirement and, if workers have saved enough, to allow them to enjoy the years after they stop working for a living. 10 Total Points
    • Lesson 12 Video
    • Complete: Lesson 12 Exam

    Lesson 13: How 401K Contributions are Calculated and Deducted

    How 401k (including company matching), sick time, vacation time, pensions, health insurance, maternity leave, and other benefits are calculated and deducted from an employee's pay listing with specific examples. 9 Total Points
    • Lesson 13 Video
    • Complete: Lesson 13 Exam: How 401K Contributions are Calculated

    Lesson 14: Dealing with 401K Contributions

    An entire lesson on 401(k) contributions, the types of plans available, the tax implications for both employers and employees, how company matching works. 10 Total Points
    • Lesson 14 Video
    • Complete: Lesson 14 Exam: 401 Contributions

    Lesson 15: Preparing and Filing Form W2

    An entire lesson on the W2, what information is give on it, with actually specific examples that include 401K deductions/benefits, state/federal taxes, etc. 10 Total Points
    • Lesson 15 Video
    • Complete: Lesson 15 Exam: Preparing and Filing Form W2

    Lesson 16: Dealing with Errors

    Payroll departments are staffed by humans,just like any department of any business, and therefore errors will be made. 15 Total Points
    • Lesson 16 Video
    • Take Poll: Payroll Errors
    • Complete: Lesson 16 Assignment
    • Complete: Lesson 16 Exam

    Lesson 17: Payroll Software

    The main way that a payroll department can ease its human workload is to invest in a quality software package. 10 Total Points
    • Lesson 17 Video
    • Complete: Lesson 17 Exam

    Lesson 18: Employing Payroll Specialists

    A payroll department is only as good as the people who staff it. It is a business owner's decision how to address this need, and it is on the owner's instincts and preferences that he or she will base the decision. 110 Total Points
    • Lesson 18 Video
    • Review Article: Free Up Your Time
    • Take Poll: End of Course Poll
    • Take Survey: Program Evaluation Follow-up Survey (End of Course)
    • Complete: Lesson 18 Assignment
    • Complete: Lesson 18 Exam
    • Complete: The Final Exam
    287
    Total Course Points
     

    Learning Outcomes

    By successfully completing this course, students will be able to:
    • Define payroll management.
    • Describe the requirements for record keeping.
    • Describe the requirements for retaining employee records.
    • Summarize salary payments.
    • Summarize deductions.
    • Summarize payslips.
    • Define tax considerations.
    • Describe dealing with outside contractors.
    • Describe handling sick and maternity leave.
    • Describe handling pensions.
    • Describe dealing with errors, and
    • Demonstrate mastery of lesson content at levels of 70% or higher.
     

    Additional Course Information

    Online CEU Certificate
    • Document Your Lifelong Learning Achievements
    • Earn an Official Certificate Documenting Course Hours and CEUs
    • Verify Your Certificate with a Unique Serial Number Online
    • View and Share Your Certificate Online or Download/Print as PDF
    • Display Your Certificate on Your Resume and Promote Your Achievements Using Social Media
    Document Your CEUs on Your Resume
     
    Course Title: Payroll Management 101
    Course Number: 8900218
    Course Requirements: View Course Requirements
    Lessons Rating: 4.4 / 5 Stars (6,376 votes)
    Languages: English - United States, Canada and other English speaking countries
    Course Type: Professional Development (Self-Paced, Online Class)
    CEU Value: 0.8 IACET CEUs (Continuing Education Units)
    CE Accreditation: Universal Class, Inc. has been accredited as an Authorized Provider by the International Association for Continuing Education and Training (IACET).
    Grading Policy: Earn a final grade of 70% or higher to receive an online/downloadable CEU Certification documenting CEUs earned.
    Assessment Method: Lesson assignments and review exams
    Instructor: Linda Zavadil
    Syllabus: View Syllabus
    Duration: Continuous: Enroll anytime!
    Course Fee: $50.00 (no CEU Certification) || with Online CEU Certification: $75.00

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