/ Accounting for Payroll in .NET

Draw Quick Response Code in .NET / Accounting for Payroll
180 / Accounting for Payroll
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Most states also require that these unclaimed pay amounts be listed on an annual report that is filed with the state
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Summary
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The state-imposed limitations noted in the Frequency of Payment section are generally not a problem, since all states allow at least a one-week delay between the termination of a reporting period and required payments to employees It is much easier to run afoul of state laws in the area of termination payments, since many states require payments either immediately or within one day to employees who are involuntarily terminated Making sure that these payments are made in a timely manner requires tight coordination between the payroll and human resources departments State laws regarding the remittance of unclaimed wages are usually easy to follow, since this is a rare circumstance Of the options presented for paying employees, cash payments are the least recommended, since this option requires additional controls over increased levels of cash on hand, and is more labor intensive to process than other payment methods
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Unemployment Insurance
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Introduction
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Federal and state unemployment taxes were initiated in order to create unemployment funds, which give former employees some money to tide them over until they can find work again The laws supporting these actions were the Social Security Act and the Federal Unemployment Tax Act (see 14 for descriptions) Benefits are paid by the state-sponsored programs, which require a short waiting period (usually a week, plus the vacation, holiday, and severance pay portion of any final payment) before payments can be made to unemployed persons The amount paid is a percentage of a person s former pay, up to a low maximum level If an employee looks for work and proves it by reporting back to the state agency, then payments can continue for up to half a year The amount of benefits, their calculation, and the terms of payment vary by state program In this chapter,* we review several components of the unemployment tax program, including the calculation of both federal and state unemployment taxes, the calculation of the contribution rate, the reason for filing voluntary unemployment tax contributions, and how to fill out the 940 and 940-EZ forms
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The Federal Unemployment Tax
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The Federal Unemployment Tax (FUTA) is paid by employers only It is currently set at 62 percent of the first $7,000 of a person s wages earned in a year However, the actual amount paid to the federal government is substantially lower, since employers take a credit based on the amount of funds paid into their state unemployment programs (not including any FUTA payments deducted from employee pay, additional penalties paid as part of the state-assigned percentage, and any voluntary contributions to the state unemployment fund) Employers with a history of minimal layoffs can receive an extra credit above amounts paid into their state funds that brings their total credit against the federal tax to 54 percent When the maximum credit amount is applied to the federal tax rate, the effective
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* This chapter is derived with permission from 10 of Bragg, Essentials of Payroll (Hoboken, NJ: John Wiley and Sons, 2003)
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182 / Accounting for Payroll
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rate paid drops to 08 percent This maximum credit is based on 90 percent of the total federal rate If a state experiences a large amount of unemployment claims and uses up its funds, it can borrow money from the federal fund, which must be paid back by the end of the next calendar year If not, then the amount of the FUTA credit is reduced for employers within that state, which brings in enough additional funds to eventually pay back the loan According to government instructions accompanying the Form 940 (see the later section describing it), FUTA taxes are not payable in the following situations: When a household employer pays cash wages of less than $1,000 for all household employees in any calendar quarter for household work in a private home, local college club, or local chapter of a college fraternity or sorority When an agricultural employer pays cash wages of less than $20,000 to farm workers in any calendar quarter, or employs fewer than 10 farm workers during at least some part of a day during any 20 or more different weeks during the year When wages are paid to an H-2(A) visa worker When services are rendered to a federally-recognized Indian tribal government When the employer is a religious, educational, or charitable organization that qualifies as a 501(c)(3) entity under the federal tax laws The employer is a state or local government Also, wages are not subject to the tax if they are noncash payments, expense reimbursements, or various disability payments Also, there is no FUTA requirement for full-commission insurance agents, working inmates, work within a family, work by nonemployees (such as consultants), and several other limited situations An employer must calculate the amount of FUTA tax owed at the end of each calendar quarter, after which it must be deposited (see next section) If there are no new hires during the year, this usually results in nearly all FUTA taxes being paid in the first quarter, with the remainder falling into the second quarter If payroll is outsourced, the supplier makes money by withholding the FUTA tax in every pay period and retaining the funds in an interest-bearing account until they are due for payment to the government at the end of the quarter
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